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Jargon Buster

Beneficiaries

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

Bequest

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

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.

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..

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.

BSP

Basic State Pension

BCE

Benefit Crystallisation Event

Benefit Cystallisation Event

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

Basic State Pension

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

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.

Articles

The effects of Shari’a law on will drafting & estate planning

More and more families in the UK have some connection to Shari’a law. For the practitioner, the impact of Shari’a law raises certain challenges. First, advisers need to know that the wills they are drafting are valid. Second, Shari’a law can have an impact on standard UK estate planning.

This article summarises the conflict of law rules, to show how Shari’a law can be relevant, and then gives a very brief overview of the Shari’a laws of succession. Practical examples are included to show the issues that practitioners need to look out for.

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