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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

New UK residence rules

The UK Government plans to introduce a new residence test. The aim originally was to bring these new rules into effect from 6 April 2012, but this has now been postponed to 6 April 2013. This is a summary of the current proposals, as amended by the draft legislation that was published in December 2012. It is possible the rules could be changed again before they come into force.

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