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Latest Pensions News

Normal Minimum Pension Age Consultation—issues for pension scheme trustees to consider

The following Pensions news provides comprehensive and up to date legal information on Normal Minimum Pension Age Consultation—issues for pension scheme trustees to consider

Pensions weekly highlights—25 February 2021

The following Pensions news provides comprehensive and up to date legal information on Pensions weekly highlights—25 February 2021

Draft pre-pack regulations laid before Parliament

The following Banking & Finance news provides comprehensive and up to date legal information on Draft pre-pack regulations laid before Parliament

EU finance MoU won’t include equivalence, UK minister says

The following Banking & Finance news provides comprehensive and up to date legal information on EU finance MoU won’t include equivalence, UK minister says

Featured Pensions content

Retirement Annuity Contracts (RAC)—older types of personal pension schemes

Personal pension schemes—central role in private pensions sectorPersonal pension schemes, in their various forms, play a central and important role in...

Retirement schemes for executives—UURBS, FURBS and EFRBS

Just as executives tend to enjoy better salary packages than the ordinary workforce, so is it often the case that they receive better pension...

Auto-enrolment—the transitional period for DB and hybrid schemes [Archived]

ARCHIVED. This Practice Note has been archived and is not maintained.As well as the option to postpone auto-enrolment, employers which operate defined...

The pre A-day pensions tax regime

The pensions tax regime under the Finance Act 2004 came into effect on 6 April 2006, otherwise known as A-day. The pre A-day regime may still be of...

Practice notes

What does ‘contracting-out’ mean for pension lawyers?

Interaction with the additional State pensionBefore 6 April 2016, there were two levels of State pension provision:•the basic State pension—this was a...

9th Nov

Practice notes

Pension attachment orders

The power to make pension attachment orders (previously referred to as earmarking orders) arises from the insertion of sections 25B–25D of the...

Produced in partnership with Rebecca Dziobon of Penningtons Manches Cooper 12th Jan

Practice notes

The Electricity Supply Pension Scheme

The Electricity Supply Pension Scheme (‘ESPS’) is a trust-based scheme established by the Electricity Council by a resolution dated 20 January 1983 as...

Produced in partnership with Gary Delderfield of Eversheds Sutherland 12th Jan

Practice notes

Pension bulk transfers—beginners’ guide

This guide is primarily aimed at trainees, newly qualified lawyers and other persons who are new to or unfamiliar with pensions law.THIS PRACTICE NOTE...

Produced in partnership with Wyn Derbyshire of gunnercooke LLP 12th Jan

Practice notes

Introduction to retained EU law

This Practice Note provides an introduction to retained EU law, which is an entirely new legal concept introduced to UK domestic law in preparation...

9th Nov

Brexit

Practice notes

Bridging pensions

Bridging pensions—backgroundBridging pensions are a form of pension provided by some (but not all) defined benefit occupational pension schemes in...

Produced in partnership with Wyn Derbyshire of gunnercooke LLP 12th Jan

Practice notes

Beddoe applications

When trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe application is the best...

Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 12th Jan

Practice notes

How to deal with Beckmann liabilities on a business sale

THIS PRACTICE NOTE APPLIES IN RELATION TO OCCUPATIONAL PENSION SCHEMESThis Practice Note applies to business sales which are subject to the Transfer...

Produced in partnership with Ginevra Gatrell of gunnercooke LLP 12th Jan

Precedents

Execution clause—company—deed

Option 1—deed executed by a company under its common seal (model articles, where the authorised signatory is an...

9th Nov

In-house

Practice notes

How to deal with a section 75 debt—an introduction

THIS PRACTICE NOTE APPLIES IN RELATION TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMESThis Practice Note looks at the alternative methods available to...

9th Nov

Practice notes

Personal pension schemes—disclosure requirements before 6 April 2014 [Archived]

THIS PRACTICE NOTE APPLIES TO PERSONAL PENSION SCHEMES This Practice Note looks at the disclosure requirements that were applicable to trustees (or...

9th Nov

Practice notes

Calculating pension loss in employment tribunal claims

Pension loss will generally only arise in cases where an individual has lost their job and the pension provision that went with that job. An...

Produced in partnership with Keith Bryant QC of Outer Temple Chambers. 12th Jan

Precedents

Deed of substitution

Date: [insert date](1)[Name of Former Principal Employer](2)[Names of Trustees](3)[Name of the New Principal Employer]Deed of Substitution of...

Produced in partnership with Blake Morgan LLP 12th Jan

Precedents

Month definition

Month means a calendar month; Close This is a suggested definition for the term 'month', which...

9th Nov

Practice notes

Anti-franking

The conceptIt used to be the case that contracted-out salary-related (COSR) schemes could revalue a deferred member's guaranteed minimum pension (GMP)...

Produced in partnership with Peter White 12th Jan

Precedents

The employment contract—sample pensions clauses

The following pension clauses set out the pensions information to be included in an employment contract, depending on the type of...

Produced in partnership with Wyn Derbyshire of gunnercooke LLP 12th Jan

Most recent Members and benefits content

Practice notes

Overpayment of pension benefits

THIS PRACTICE NOTE APPLIES TO TRUST-BASED OCCUPATIONAL PENSION SCHEMESThis Practice Note focuses on overpayments of benefits to scheme members. For...

Produced in partnership with Wyn Derbyshire of gunnercooke LLP 16th Jan

Practice notes

Death benefits—final salary schemes

THIS PRACTICE NOTE APPLIES ONLY TO REGISTERED FINAL SALARY OCCUPATIONAL PENSION SCHEMESMost pension schemes provide for benefits upon the death of the...

Produced in partnership with Louise Howard of Universities Superannuation Scheme (Ltd) 16th Jan

Practice notes

Varying a DB contracting-out certificate before 6 April 2016 [Archived]

THIS PRACTICE NOTE APPLIES TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED (COSR) SCHEMES BEFORE 6 APRIL 2016For a scheme to contract out on a...

16th Jan

Practice notes

Drawdown and death benefits from 6 April 2015

Where a member of a registered pension scheme dies while in drawdown (whether in the form of income withdrawal or a short-term annuity), there may be...

16th Jan

Practice notes

Increasing pensions in payment

THIS PRACTICE NOTE APPLIES TO ALL OCCUPATIONAL PENSION SCHEMESFORTHCOMING DEVELOPMENT: On 25 November 2020 the government and the UK Statistics...

16th Jan

Practice notes

Ill-health early retirement—decision making and exercise of discretion

THIS PRACTICE NOTE APPLIES TO REGISTERED OCCUPATIONAL PENSION SCHEMESThe scheme rulesThe ill-health early retirement provisions of trust-based...

Produced in partnership with Wyn Derbyshire of gunnercooke LLP 16th Jan

Practice notes

When can pensions be reduced?

THIS PRACTICE NOTE LOOKS AT PENSIONS REDUCTION IN THE CONTEXT OF ONGOING REGISTERED DEFINED BENEFIT PENSION SCHEMESThe reduction of a person’s pension...

Produced in partnership with Wyn Derbyshire of gunnercooke LLP 16th Jan

Practice notes

Refunds of member contributions

THIS PRACTICE NOTE APPLIES ONLY IN RELATION TO REGISTERED PENSION SCHEMESThis Practice Note does not cover refunds of contributions paid on the death...

16th Jan

Practice notes

Surrender and forfeiture of pension benefits

THIS PRACTICE NOTE APPLIES TO OCCUPATIONAL PENSION SCHEMES ONLYThis Practice Note considers the extent to which accrued pension rights under...

Produced in partnership with Wyn Derbyshire of gunnercooke LLP 16th Jan

Practice notes

Pension bulk transfers—beginners’ guide

This guide is primarily aimed at trainees, newly qualified lawyers and other persons who are new to or unfamiliar with pensions law.THIS PRACTICE NOTE...

Produced in partnership with Wyn Derbyshire of gunnercooke LLP 16th Jan

Practice notes

Drawdown before 6 April 2011

THIS PRACTICE NOTE RELATES TO DRAWDOWN PENSIONS WHICH COMMENCED BEFORE 6 APRIL 2011This Practice Note looks at the legal regime applicable to drawdown...

Produced in partnership with Wyn Derbyshire of gunnercooke LLP 16th Jan

Practice notes

Considerations where scheme ceased to be a COSR scheme before 6 April 2016 [Archived]

THIS PRACTICE NOTE APPLIES IN RELATION TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED SCHEMES BEFORE 6 APRIL 2016Contracting-out on a...

16th Jan

Practice notes

Abolition of DB contracting-out—implementation issues

On 6 April 2016, contracting-out on a salary-related basis (also known as DB contracting-out) ceased to exist. Schemes that were contracted-out...

16th Jan

Practice notes

Relevant life and excepted group life policies—practical issues

Statute provides for two tax-efficient alternatives to a life assurance policy held within a registered occupational pension scheme:•the relevant life...

Produced in partnership with Kevin Gude of Gowling WLG 16th Jan

Practice notes

Protected rights before 6 April 2012 [Archived]

’Protected rights’ were the benefits which schemes contracted-out on a money purchase basis had to provide, before 6 April 2012, to contracted-out...

16th Jan

Practice notes

Early leavers—preservation

THIS PRACTICE NOTE APPLIES IN RELATION TO OCCUPATIONAL PENSION SCHEMESIn this Practice Note, references to the trustees of a scheme include a manager...

16th Jan

Practice notes

Pension freedoms—the framework

On 6 April 2015, pension freedoms were introduced enabling individuals entitled to flexible benefits (effectively, money purchase benefits or cash...

16th Jan

Practice notes

Abolition of DC contracting-out

Contracting-out on a money purchase basis before 6 April 2012Contracting-out was the mechanism whereby an individual (whether employed or...

Produced in partnership with Wyn Derbyshire of gunnercooke LLP 16th Jan

Practice notes

Considerations where member ceased to be in DB contracted-out employment before 6 April 2016 [Archived]

THIS PRACTICE NOTE APPLIES IN RELATION TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED SCHEMES BEFORE 6 APRIL 2016Contracting-out on a...

16th Jan

Practice notes

Registered life assurance arrangements

Employers frequently provide death benefits (also known as 'life assurance' or 'life cover' benefits) such as salary-related lump sums and survivors'...

Produced in partnership with Wyn Derbyshire of gunnercooke LLP 16th Jan