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Jargon Buster

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.

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.

FA

Finance Act(s) (esp FA 2004)

FRS

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.

FSAVC

Free-standing additional voluntary contributions

FURBS

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.

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.

Articles

Preparing for the upcoming age discrimination legislation

Although implementation of the age discrimination legislation may seem some way off, employers would do well to start preparing early, for example, by carrying out an audit of age related policies.

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