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Under the PA04, no consultation is required where: as a result of the consultation on a proposal for cessation of employer contributions there is a further proposal to reduce employer contributions; (occupational pension schemes) as a...
Clearance is relevant for those considering corporate transactions or scheme-related events which are materially detrimental to a DB pension scheme and its members (known as “type A events”). Clearance is the term used to describe the...
Career Average Revalued Earnings Schemes (known as CARE schemes) are a form of DB pension arrangement adopted by employers seeking greater costs control than may be achieved under a traditional final salary scheme. For an employer looking...
A “cash balance” scheme is a form of DB pension arrangement where the defined benefit is a lump sum expressed as a formula linked to the member’s final pensionable salary. The lump sum will be available at retirement to provide...
A GPP is a group personal pension – a personal pension available to an employer’s staff through a group arrangement. A personal pension will be a DC arrangement. Members are still subject to the LTA and AA and may take 25% as a tax...
Pre-Court proceedings Before the divorce hearings begin, the parties can obtain information from their respective pension arrangements as to benefits e.g. basic valuation, pension credit arrangements, charges etc Court...
The rights of early leavers depend on how long they have been a member of the scheme before leaving service. Early leavers with at least 2 years’ pensionable service Early leavers with at least two years’ pensionable service have a...
Under section 75 and section 75A of the PA95, where the value at the trigger time of a DB scheme’s assets is less than a scheme’s liabilities (both calculated on a prescribed basis), the amount equal to the difference is...
