In the UK the overwhelming majority of pension schemes in the private sector, ie both occupational and personal pension schemes, are established under trust and are...
Government policy For many years as part of government policy the establishment in the UK of private pensions in addition to state pensions has been encouraged. This...
Brexit impact The UK has voted to leave the EU and is due to leave on exit day, as defined in section 20 of the European Union (Withdrawal) Act 2018. EU...
Defining life insurance trusts A life insurance trust usually involves either: • an assignment of an insurance policy together with a declaration of trust or • the...
THIS PRACTICE NOTE APPLIES ONLY TO REGISTERED FINAL SALARY OCCUPATIONAL PENSION SCHEMES Most pension schemes provide for benefits upon the death of the members. What...
FORTHCOMING DEVELOPMENT: The Office of Tax Simplification (OTS) has released a report outlining recommendations to make considerable aspects of the design of inheritance...
Overview of the types of death in service benefits and their tax treatment There are three types of death in service benefit: • the registered group life policy • the...
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 funds remaining in...
The EIS is designed to encourage investment in smaller, higher-risk trading companies by offering a range of tax reliefs to individual investors purchasing newly issued...
Individual savings accounts (ISAs) are tax-free funds in which UK residents can hold a range of different investments. Originally, these were cash or stocks and shares...
Overview of the use of life insurance in estate planning Life insurance can be an important tool in estate planning. This Practice Note summarises the main types of...
As a general rule, law firms are not permitted to engage directly in insurance distribution activities, unless they are licensed by the FCA. This Practice Note focuses on...
National Savings & Investments (NS&I) is an Executive Agency of the Chancellor of the Exchequer. According to its website, NS&I is one of the largest savings...
FORTHCOMING DEVELOPMENT: The Office of Tax Simplification (OTS) has released a report outlining recommendations to make considerable aspects of the design of inheritance...
Types of death benefits payable There are two types of scheme benefits payable on a member’s death: • pension death benefits, and • lump sum death benefits Until 5 April...
This Practice Note looks at the benefits which are payable where a member of an occupational or personal pension scheme dies before retirement without taking any...
