A pension which operates like a money box for an individual.

A defined contribution pension, owned by an individual, into which the individual and/or his employer make contributions.

A money purchase scheme provided by a bank, insurance provider, building society, unit trust group or independent financial adviser to which an employer does not have to contribute. Members can be employed or self-employed. Such schemes replaced self-employed retirement annuities from 1 July 1988.

A scheme of investment in accordance with section 630 of the Income and Corporation Taxes Act 1988 (repealed by the Finance Act 2004 s 326)

THIS PRACTICE NOTE APPLIES TO PERSONAL PENSION SCHEMES This Practice Note looks at the disclosure requirements that were applicable to trustees (or managers) of personal pension schemes before 6 April 2014 under the Personal Pension Schemes (Disclosure of Information) Regulations 1987, SI 1987/1110. Those regulations were repealed with effect from 6 April 2014 and are therefore no longer applicable. In this Practice Note, any reference to 'trustees' includes, in the context of a contract-based personal pension scheme, the managers of the scheme. For information on disclosure requirements applicable to occupational pension schemes before 6 April 2014 under the Occupational Pension Schemes (Disclosure of Information) Regulations 1996, SI 1996/1655, see Practice Note: Occupational pension schemes—disclosure requirements before 6 April 2014. With effect from 6 April 2014, the disclosure requirements applicable to occupational and personal pension schemes were consolidated and harmonised into one set of regulations, the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734. For information on the disclosure regime applicable from 6 April 2014, see Practice Note:

FORTHCOMING DEVELOPMENT: Section 10 of the Finance Act 2022 will increase the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028 (save for members of the firefighters, police and armed forces public service pension schemes). The Finance Act 2022 will also give members of registered pension schemes a right to take their benefits before age 57, if on or before 4 November 2021 they either had an ‘unqualified right’ to take benefits or were in the process of a substantive transfer to a scheme offering an unqualified right to a protected pension age of less than 57 on or before 4 November 2021. To benefit from this new 2028 protection, the rules of the pension scheme must have included (on 11 February 2021) an unqualified right to take the entitlement to scheme benefits before age 57. For further information, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact. Statutory development of personal pensions Retirement annuity contracts were the predecessor to personal pensions. They were introduced

Broadly, a life assurance policy, contract for a life annuity or capital redemption policy where the policyholder has the power to select the underlying investments.

Personal property (or personalty) comprises all the forms of property, movable or immovable, corporeal and incorporeal, other than the freehold estates and interests in land (which include chattels affixed to land) and its appurtenances.

All equipment, including clothing, intended to be worn which protects a person from risks to his health and safety.

Register of Inhibitions and Adjudications

A person who administers the estate of a deceased person. A personal representative appointed under a valid Will is called an executor. Where the deceased did not leave a valid Will, the personal representative has to be appointed by the court and is called an administrator.

In relation to a person who has died, this means (in the UK) persons responsible for administering the estate of the deceased.