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Jargon Buster

Grant of Probate

The official procedure whereby the court accepts the validity of the deceased’s will and the appointment of the Executors to administer the estate.

Group Personal Pension Scheme

A GPPS is often set up by an employer rather than an occupational pension scheme. Basically, it is simply a collection of individual personal pension schemes for employees, but with one pension provider and to which scheme only the employer will contribute rather than making fragmented contributions to personal pension schemes selected by individual employees.

GN

[Actuarial] Guidance Notes

GAD

Government Actuaries Department. www.gad.gov.uk

GPP

Group Personal Pension

GMP

Guaranteed Minimum Pension

Guaranteed Minimum Pension

The minimum level of pension a scheme must provide for pre April 1997 service if it was contracted out.

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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