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Registered Pension Scheme

Schemes that were approved before A day became Registered Schemes on A Day (unless the opted out). New schemes applying to HMRC will (if they meet the requirements) be designated as Registered Pension Schemes.

Recovery Plan

The plan that trustees must prepare if their scheme fails the statutory funding objective. The plan sets out what steps are being taken to correct the shortfall in scheme funding.

RPSM

[HMRC] Registered Pension Schemes Manuals

ROPP

Rebate-only Personal Pension Plan

RST

Reference Scheme Test

RAC

Retirement Annuity Contract

Remittance basis

The special system of taxation for individuals who are resident but not ordinarily resident/domiciled in the UK, whereby offshore income and gains are only taxed if remitted (brought into) the UK. Individuals must now claim the remittance basis and may be subject to an additional annual charge.

Residence

The basis of taxation in the UK (with domicile), based on physical presence in the UK.

Residue

The balance of a deceased’s estate after payment of all debts, bequests and legacies.

Right of survivorship

The automatic entitlement of the last surviving joint owner to the whole asset. The other joint owner(s) cannot prevent this. Applies only to joint tenancy, not to tenancy in common.

Articles

AON Pension Trustees Ltd v MCP Pension Trustees Limited [2010] EWCA Civ 377

This case is important on two levels. From a practical perspective, it is a stark reminder to all trustees of the importance of keeping accurate and up-to-date records of their beneficiaries. Equally the case shows how vital it can be to take out insurance on the winding-up of a trust.

From a technical perspective, the case is important because it confirms, for the first time, that the protection afforded by section 27 of the Trustee Act 1925 can be extended to trustees of pension schemes. However, trustees cannot rely on the s27 protection when they have already had ‘notice’ of a claim. The judgment examines what constitutes notice for these purposes.

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