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A buy-out is the bulk purchase of annuities in respect of some (partial) or all (full) of the members of a pension scheme. The difference between a buy-out and a buy-in is that, in the former, the annuities are purchased in the names of...
When a member of a DB pension scheme leaves, having completed at least 2 years’ pensionable service, they become entitled to a preserved (or deferred) pension in respect of their accrued benefits. Legislation currently requires such...
Under a salary sacrifice arrangement the scheme becomes effectively “non contributory” with the employee “sacrificing” an equivalent amount of salary. In return for this, their employer will make a contribution to the scheme on...
The trustees of an occupational DB pension scheme are required to prepare, and from time to time review and if necessary revise, a schedule of contributions. The schedule sets out the rates of the contributions payable to the scheme and...
The scheme funding provisions contained in the PA04 require trustees to prepare a statement of funding principles (SFP) for ensuring, amongst other things, that the statutory funding objective (SFO) is met. The SFO requires a DB scheme to...
Under section 270 of the FA04, the scheme administrator is responsible for the tax affairs of the scheme and for ensuring that it complies with its tax obligations. To be appointed as a scheme administrator, a person or persons must be...
The UK implemented the age discrimination aspects of the EU Equal Treatment Directive with effect from 1 December 2006 in relation to pensions. The relevant provisions are now set out in the Equality Act 2010. The default retirement...
The default retirement age (DRA) of 65 was abolished from 1 October 2011. Introduced to tie in with the abolition of the DRA, the Employment Equality (Repeal of Retirement Age Provisions) Regulations 2011 allow employers to withdraw or...
The Pensions Act 2008 enhanced TPR’s anti-avoidance powers by enabling it to impose a contribution notice, in certain circumstances, where an act or failure to act has a materially detrimental effect on the likelihood of members’...
