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Jargon Buster

Barber

The key decision in the ECJ on pensions as part of pay, and triggering the often complex matter of equalisation between males and females.

Basic State Pension

The flat rate of state pension a person will receive if the minimum amounts of National Insurance have been paid.

BCE

Benefit Crystallisation Event

Beneficiaries

The person or persons who will benefit from the trust, either now or at some future date.

Benefit Cystallisation Event

The events arising out of the FA04 which then trigger a test against the member's lifetime allowance.

Bequest

A gift (usually of an asset) in a person’s will or testament.

Block (or Bulk) Transfer

A transfer in a single transaction of all or part of the assets and liabilities of a scheme to another scheme or arrangement.

Bridging Pension

A special type of pension paid between the date a member retires and the date when the member reaches state pension age. Usually it stops when the state pension starts..

BSP

Basic State Pension

Business property relief

A relief (either partial or complete) from IHT for certain qualifying types of business interest or assets used in a business.

Buy Out

A means by which trustees secure payment of benefits (for one or more members) by purchasing a policy from an insurer. Sometimes the policy is in the name of the trustees, other times it may be assigned to the member. May also be used where (more recently) companies specifically set up for the purpose take on certain liabilities of a scheme.

Articles

New UK residence rules

The UK Government plans to introduce a new residence test. The aim originally was to bring these new rules into effect from 6 April 2012, but this has now been postponed to 6 April 2013. This is a summary of the current proposals, as amended by the draft legislation that was published in December 2012. It is possible the rules could be changed again before they come into force.

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Latest News

COVID-19 Update

At PWT Advice LLP we are closely monitoring the global impact of the current COVID-19 pandemic and following the advice of the Government. The health and welfare of our staff team, clients, and their families is our number one priority.

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