The Financial Assistance Scheme—what are the available benefits?


Produced in partnership with Weil Gotshal & Manges and Joanne Etherton of Client Earth
Practice notes

The Financial Assistance Scheme—what are the available benefits?


Produced in partnership with Weil Gotshal & Manges and Joanne Etherton of Client Earth

Practice notes
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FORTHCOMING DEVELOPMENT: Section 10 of the Finance Act 2022 will increase the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028 (save for members of the firefighters, police and armed forces public service pension schemes). The Finance Act 2022 will also give members of registered pension schemes a right to take their benefits before age 57, if on or before 4 November 2021 they either had an ‘unqualified right’ to take benefits or were in the process of a substantive transfer to a scheme offering an unqualified right to a protected pension age of less than 57 on or before 4 November 2021. To benefit from this new 2028 protection, the rules of the pension scheme must have included (on 11 February 2021) an unqualified right to take the entitlement to scheme benefits before age 57. For further information, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact.

THIS PRACTICE NOTE APPLIES TO SCHEMES ENTERING THE FINANCIAL

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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Financial assistance definition
What does Financial assistance mean?

The term financial assistance refers to financial assistance given from a company to purchase its own shares; financial assistance is prohibited in many jurisdictions.

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