Pensions

Pensions

This subtopic provides an overview of the UK pension system for the Private Client practitioner, including regulation, governance, taxation, lifetime planning, the treatment of pension funds on death and overseas aspects of pension schemes.

An introduction to the UK pension systems for the private client practitioner—how pension schemes are governed and the key regulatory bodies

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 therefore subject to trust law. The trustees appointed under the trust deed are required to act in accordance with the trust deed and rules and overriding legislation governing pension schemes. Probably the most important tenet of trust law is that the trustees must act in the best interests of the members of the pension scheme.

In the public sector, pension schemes are established mainly by statute and are subject to their scheme rules and overriding legislation, but some are established under trust and thus subject to trust law and are therefore required to act in accordance with the trust deed and rules as well as any overriding legislation.

For

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