Personal pensions

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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 This Practice Note has been archived and is not maintained.As well as the option to postpone auto-enrolment, employers which operate defined...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 9th Nov

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 9th Nov

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 9th Nov

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 9th Nov

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 Jovana Nedeljkov of Bankside Chambers 9th Nov

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...

9th Nov

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. 9th Nov

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 9th Nov

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 9th Nov

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 9th Nov

Most recent Personal pensions content

Practice notes

Independent governance committees (IGCs) and pensions

FORTHCOMING DEVELOPMENT: On 24 June 2020 the Financial Conduct Authority (FCA) published consultation paper CP20/9, which contains proposals that aim...

27th Sep

Practice notes

Buying property from a SIPP or SSAS

This Practice Note set out some of the key issues to be considered when acting on the purchase of a property from a Self-Invested Personal Pension...

26th Sep

Practice notes

Stakeholder pension schemes—the legal requirements

The obligation on employers to designate and facilitate access to a stakeholder pension scheme (as set out in section 3 of the Welfare Reform and...

26th Sep

Practice notes

Section 32 buy-out policies

What is a section 32 buy-out policy?A term which may be often heard within the pensions arena is that of the ‘section 32 buy-out policy’—also...

26th Sep

Practice notes

Winding up of personal pension schemes

This Practice Note looks at legal and practical issues that arise on the winding up of a personal pension scheme by its provider, scheme administrator...

26th Sep

Practice notes

Retirement risk warnings—requirements for FCA-regulated pension providers

CORONAVIRUS (COVID-19) UPDATE: To enable providers to give effective retirement risk warnings, the FCA has produced a table suggesting questions...

26th Sep

Practice notes

Advising on DB to DC transfers

CORONAVIRUS (COVID-19) UPDATE: Until 30 June 2020, the Pensions Regulator (TPR) allowed trustees of DB schemes to suspend cash equivalent transfer...

26th Sep

Practice notes

Requirement for appropriate independent advice on DB to DC transfers

FORTHCOMING DEVELOPMENT: In July 2019 the Pensions Administration Standards Association (PASA) DB Transfers Working Group released ‘Defined Benefit...

26th Sep

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...

26th Sep

Practice notes

Stakeholder pension schemes before 1 October 2012 [Archived]

ARCHIVED: This Practice Note has been archived and is not maintained.With effect from 8 October 2001, the Welfare Reform and Pensions Act 1999 (WRPA...

26th Sep

Practice notes

Event-specific disclosure requirements for occupational and personal pension schemes

THIS PRACTICE NOTE APPLIES TO OCCUPATIONAL AND PERSONAL PENSION SCHEMESThe Occupational and Personal Pension Schemes (Disclosure of Information)...

25th Sep

Practice notes

Investments for personal pensions

Before 6 April 2006, personal pension schemes were specifically required to provide retirement benefits on a money purchase basis in order to be HMRC...

25th Sep

Practice notes

Dealing with pension scheme members who are insistent clients

What is an insistent client?The term ‘insistent client’ is commonly used to describe an individual who has received advice (ie a personal...

25th Sep

Practice notes

Disclosure requirements for occupational and personal pension schemes—the 2013 disclosure regulations

CORONAVIRUS (COVID-19) UPDATE: In light of the coronavirus pandemic, the Pensions Regulator (TPR) issued guidance setting out reporting easements...

25th Sep

In-house

Practice notes

Transfers and personal pensions

FORTHCOMING DEVELOPMENT: Following a period of consultation, the government decided to restrict the statutory right to transfer (contained in...

25th Sep

Practice notes

The Financial Services Compensation Scheme (FSCS) and pensions

This Practice Note looks at the Financial Services Compensation Scheme (FSCS) in the context of pensions. For further information and detail on the...

25th Sep

Practice notes

The governance of DC workplace pension schemes

CORONAVIRUS (COVID-19) UPDATE: As a result of the coronavirus pandemic, the Pensions Regulator (TPR) issued various guidance documents, including DC...

25th Sep

Practice notes

Self-invested personal pensions (SIPPs)

FORTHCOMING DEVELOPMENT: Following the publication of a discussion paper (DP18/1)on the effectiveness of competition in non-workplace pensions...

25th Sep

Practice notes

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...

25th Sep

Practice notes

Group personal pensions

The introduction of personal pensions in 1987 was heralded as offering new choices for self-employed and employed individuals.However, it soon became...

25th Sep