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 As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an...
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...
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...
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...
Membership of an occupational or personal pension scheme affords the opportunity to utilise the tax reliefs available during working life to save for a pension on...
This Practice Note looks at the benefits which are payable where a member of an occupational or personal pension scheme retires. It explores the opportunities to maximise...
Accrual rate The rate at which pension benefit increases as pensionable service is completed in a final salary scheme, eg 1/60 for each year of pensionable service....
Public sector pensions are occupational schemes for employees of central or local government, a nationalised industry or other statutory bodies. They include pension...
Why use a QROPS? In practice, many Qualifying Recognised Overseas Pension Schemes (QROPSs) are personal pension schemes or retirement annuities that are marketed for...
Broadly speaking, tax applies to UK registered pension schemes in three different areas: • tax treatment of member and employer contributions (including refunds of member...
Factors which led to the creation of the Lifetime ISA Successive UK governments have long proclaimed the importance of encouraging long-term savings both within and...
Pension rights may be transferred from one scheme to another. To avoid any adverse tax consequences under the Finance Act 2004 (FA 2004), a transfer from a UK-registered...
There are different categories of overseas pension schemes, with various layers of requirements. These include: • Overseas Pension Schemes (OPS) • Qualifying Non-UK...