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The percentage of accumulated pension benefits a member can take as a tax-free lump sum upon retirement.
The tax-free lump sum paid to a member of a pension scheme when their benefits come into payment.
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Issues to consider when drafting a settlement agreement—checklist (employer) The employer (and its advisers) should consider the following issues: Preparatory steps • Obtain from the employer: ◦ a copy of the departing employee's latest contract of employment/other relevant documents containing contractual terms (NB these may be in a staff handbook) ◦ details of the contractual benefits enjoyed by the employee ◦ relevant information regarding the employee's pension benefits ◦ relevant information regarding any shares/share options, etc held by the employee? Consider the Articles of Association/any relevant shareholder agreement, share scheme documentation, etc. See also Shares and share options below Status of negotiations • Will negotiations take place between the parties directly, or between their respective legal advisers? • How strong is the employer's negotiating position? How strong are the employee's claims or potential claims? In the case of dismissal, is there a fair reason and has the employer carried out a fair procedure? Is the employer in repudiatory breach? What is the employer prepared to offer initially, and is that...
Basic scheme information from 6 April 2014—checklist THIS CHECKLIST APPLIES TO OCCUPATIONAL PENSION SCHEMES ON AND FROM 6 APRIL 2014 For information on the requirement to provide basic scheme information before 6 April 2014, see Practice Note: Occupational pension schemes—disclosure requirements before 6 April 2014—Basic scheme information (ARCHIVED) and Checklist: Basic scheme information before 6 April 2014—checklist [Archived]. Basic scheme information requirement Under the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734 (the 2013 Disclosure Regulations), trustees of occupational pension schemes must provide basic scheme information to: • prospective members, and • members who have not already received such information within one month of the scheme receiving their jobholder information or, if no such information has been received, within two months of them joining the scheme. Basic scheme information must also be given at the request of any of the following persons: • a member or prospective member • their spouse or civil partner • a scheme beneficiary, or • a recognised trade union (ie a...
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This Practice Note looks at the benefits which are payable where a member of an occupational or personal pension scheme retires. It explores the opportunities to maximise the benefits and their flexibility. These benefits include tax-free cash lump sums, pensions and drawdown pensions together with flexible drawdown pensions. The Practice Note also explains the position of qualifying recognised overseas pension schemes (QROPS) and transfers of retirement benefits that may incur the overseas transfer charge applicable from 9 March 2017.Benefits on retirement—generalSince 6 April 2010, the payment of retirement benefits is generally only allowed from age 55 (the normal minimum pension age). There is no upper age limit by which retirement benefits must be taken. Individuals do not have to retire to receive benefits and not all of a member’s retirement benefits have to be vested at the same time, but may be taken in tranches (see below). From 6 April 2015, flexible drawdown has been available for members of defined contribution schemes to enable them to access as much as...
FORTHCOMING DEVELOPMENT: In the Autumn Budget 2024 of 30 October 2024, the Chancellor of the Exchequer made some key pensions announcements including bringing unused pension funds and death benefits payable from a pension into a person’s estate for inheritance tax (IHT) purposes from 6 April 2027. As part of these changes, pension scheme administrators will become liable for reporting and paying any IHT due on unused pension funds and death benefits. In tandem with the Budget announcement, HMRC launched a technical consultation on these changes which closes on 22 January 2025. For further information, see also Autumn Budget 2024, Law360: Industry says Treasury announcement shutting IHT loophole overdue, HMRC consultation: Inheritance Tax on pensions: liability, reporting and payment, PLSA comments on Budget impact on pensions and Autumn Budget 2024: Overview of tax legislation and rates (OOTLAR).THIS PRACTICE NOTE APPLIES ONLY TO REGISTERED FINAL SALARY OCCUPATIONAL PENSION SCHEMESMost pension schemes provide for benefits upon the death of the members. What those benefits will be depends on:•the type and...
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Short form of consultant’s appointment This Agreement is made on the [insert date] day of [insert month and year] Parties 1 [Insert Employer name] (Company Registration No. [insert number] whose registered office is at [insert office]) (the 'Employer' which term shall include all permitted assignees or other transferees under this Agreement); and 2 [Insert Consultant name] (Company Registration No. [insert number] whose registered office is at [insert office]) (the 'Consultant') Whereas (A) The Employer has entered into or proposes to enter into a contract with [insert name of contractor] of [insert contractor's address] for the [design and] construction of a [insert brief description of the project] (the ‘Project’) at [insert location of site] (the 'Building Contract'). (B) The Employer wishes to appoint the Consultant to perform the services set out in Schedule 1 (the 'Services') in accordance with the Agreement It is hereby agreed as follows 1 Definitions and Interpretation 1.1 In this Agreement the following expressions shall have the following meanings: [Beneficiaries • any and all...
Policy—adoption leave 1 Introduction 1.1 This adoption policy sets out the rights and responsibilities of employees who intend to adopt a child under 18. It is designed to be as comprehensive as possible and mirrors, as far as possible, our [maternity leave policy]. The main difference is that adoption leave is not just available to women (although where a couple adopt a child, only one parent will be allowed to take adoption leave). If you are adopting a child from overseas, the procedures are slightly different—please contact [enter details, eg the HR department] for further information. Certain other employees may also be entitled to adoption leave and pay, namely (a) foster parents who have children placed with them with a view to adoption, and (b) those who have entered a surrogacy arrangement with a woman, and have been granted, or intend to apply for, a parental order in relation to the child that she has—please contact [enter details, eg the HR department] for further details. 1.2 This policy ...
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Can interest be claimed in relation to maintenance arrears payable under a periodical payments order? It would appear that interest is not payable on arrears due under orders for periodical payments made, or registered, in the Family Court. The County Courts (Interest on Judgment Debts) Order 1991, SI 1991/1184 (as applied to the Family Court by the Crime and Courts Act 2013 (County Court and Family Court: Consequential Provision) Order 2014, SI 2014/1773, art 2) applies only to sums of £5,000 or more due under a lump sum order. However, there seems to be no such restriction on interest accruing on such arrears of periodical payments under orders made, or registered, in the High Court. The position was described by Mostyn J as ‘legally complex’, ‘murky’ and ‘difficult territory’ in Re TW and TM (Minors) (Child Maintenance: Jurisdiction and Departure from Formula) (at paras [17]–[19]). The answer may, therefore, be to transfer the order for enforcement purposes to the High Court subject to the requirements of Family Procedure Rules 2010...
On an application for the termination of a periodical payments order, can the court take into account shares owned by the paying party? If so, can the court make an order that the shares (or income from the shares) be transferred/paid to the receiving party, where the paying party does not have sufficient income from employment or savings to continue paying the maintenance, in order to capitalise the periodical payments order? Where a court has made a financial remedies order pursuant to the Matrimonial Causes Act 1973 (MCA 1973) (or the equivalent provisions of the Civil Partnership Act 2004), a party can make an application to vary or discharge orders for periodical payments, among other things. Where the court discharges a periodical payments order (PPO), or varies it so that the payments are required to be made only for such further period as is determined by the court, the court has the power to order the capitalisation of that maintenance obligation by the payment of a...
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Law360: The government must consider a separate inheritance tax regime for pension assets, the Association of Consulting Actuaries (ACA) has said, warning that proposed reforms were unworkable as currently drafted.
A round-up of EU competition law developments, including (amongst other things): (i) a Court of Justice judgment fining Estonia for failing to implement the ENC+ Directive, and (ii) a Court of Justice judgment setting aside and referring back a General Court judgment regarding a Commission decision approving an Italian compensation scheme for airlines in the context of COVID-19.
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