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Finance Act(s) (esp FA 2004)

FA 2006

Finance Act 2006, contained some of the most wide-ranging changes to the taxation of trusts for decades. Most had immediate effect but there was also a transitional period for certain changes.

Final Pensionable Salary

In a defined benefits scheme, the pensionable salary used to calculate benefits. FPS may, for example, be calculated as an average of the member's pensionable salaries over a period of years prior to leaving, retirement or death.

Financial Assistance Scheme

A special scheme covering members who have lost pensions where the employer has become insolvent but who are not covered by the Pension Protection Fund.


Financial Reporting Standard (17)

FRS 17

Financial standard requiring scheme valuation on a fair value basis and recognition and disclosure in the reporting company accounts.


Free-standing additional voluntary contributions


Funded Unapproved Retirement Benefits Schemes - a scheme not approved (under the Pre A Day regime). They were effectively replaced by Employer Financed Retirement Benefits Schemes (EFRBS) from April 2006.


The View From Down Under

Jo Summers reviews Australian case law on beneficiaries' rights to view trust documents.

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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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