Trustees must (having taken suitable advice and consulted the employer) prepare and maintain a written statement setting out their principles regarding the scheme's investments.
A type of scheme set up pre A Day often for family company directors, which scheme has fewer than twelve active members where at least one member was connected with another member, a trustee or a participating employer.
An arrangement which may have certain tax/NI benefits between an employer and employee where an employee sacrifices part of his earnings in return for a contribution to the member's pension scheme.
Concerns protection for members benefits where modifications to the scheme are being made. Originally introduced by the Pensions Act 1995, and since heavily amended by the Pensions Act 2004.
Defined benefit schemes must have assets to cover their technical liabilities, which is part of the new scheme funding regime and is the actuarially calculated amount the scheme needs to provide for the scheme's liabilities.
Introduced from April 2001, basically a simple registered defined contribution arrangement which meets certain standards and is registered with the Pensions Regulator. Unless exempt, employers must offer access to a stakeholder scheme to their employees, but there is currently no obligation on an employer to contribute.
Part of the new scheme funding regime, a statement by the trustees of their policy as to how they expect the scheme's statutory funding objective will be met and how any deficit will be paid off.
Scheme contracted out number
Self-invested Personal Pension Plan
Short Service Benefit
Simplified defined contribution scheme
Small Self Administered Pension Scheme
Social Security Contributions & Benefits Act 1992
Stakeholder Pension Plan
State Earnings Related Pension Scheme
State Pension Age
State Second Pension
Statement of Funding Principles
The actuary appointed by the trustees of a scheme.
The additional (to the basic state pension) component of state pension, now replaced by the State Second Pension (S2P) in April 2002.
The contracted out part of a pension credit [pension sharing on divorce].
The date on which state pensions come into payment. Now female SPA is being raised to age 65 in stages between 2010 and 2020.
The person or persons who created the trust or added funds/assets to it. Can be named in the trust deed but anyone who adds cash or assets to the trust will be taxed as the settlor, even if not named.
The action of changing from joint tenancy to tenancy in common, to prevent the right of survivorship applying. Can be done by one joint owner unilaterally or by all the joint owners together.
A refresher on the rule in Lassence v Tierney [1849].
At PWT Advice LLP we are closely monitoring the global impact of the current COVID-19 pandemic and following the advice of the Government. The health and welfare of our staff team, clients, and their families is our number one priority.