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Jargon Buster

Unsecured Pension

A feature of the FA04 regime, in which payment of income withdrawals from a money purchase arrangement (or income paid from a short term annuity contract purchased from such an arrangement) is made to a member who is less than age 75.

Unauthorised Member Payment

With remarkable logic, HMRC tells us this is any payment which is not an authorised member payment or a payment which is deemed to be an unauthorised payment. There are unwelcome payments to HMRC triggered where unauthorised payments are made.

UEL

Upper Earnings Limit

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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