��˾����ҹ����

View the related checklists about Pension scheme

Maternity and other statutory family leave: the pension requirements—checklist

Maternity and other statutory family leave: the pension requirements—checklist Legislation protects the pension rights of members of occupational pension schemes and other employment-related benefit schemes (such as workplace personal pension schemes to which the employer contributes) who are absent from work due to a period of statutory family leave. Periods of statutory family leave include maternity leave, paternity leave, adoption leave, parental leave, shared parental leave, parental bereavement leave, and carer’s leave. Maternity leave • occupational pension schemes are deemed to contain a maternity equality rule which requires them to treat time when members are on maternity leave in the same way as time when they are not on maternity leave. The maternity equality rule applies to periods of paid and unpaid ordinary maternity leave (OML) and paid additional maternity leave (AML) • under the maternity equality rule, periods of OML and paid AML in a defined benefit (DB) scheme therefore count as pensionable service. More generally, while employers are required to continue paying contributions as normal during periods of...

DB to DC transfers—step-by-step guide for trustees

DB to DC transfers—step-by-step guide for trustees The table sets out the step-by-step process for trustees of occupational pension schemes to follow once they receive a request from a member to transfer defined benefits (DB benefits) or safeguarded-flexible benefits (ie DC benefits with a guaranteed or promised element) to a defined contribution (DC) pension scheme, ie once the member applies for a statement of entitlement (also known as a transfer quote). More specifically, it shows the interaction between the requirements of: • the Pension Schemes Act 1993, s 99(2) • the Occupational Pension Schemes (Transfer Values) Regulations 1996, SI 1996/1847, reg 6 • the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) Regulations 2015, SI 2015/742, regs 6, 8, and • the amendments to the Advice Regulations referred to immediately above introduced by the Pension Schemes Act 2015 (Transitional Provisions and Appropriate Independent Advice) (Amendment) Regulations 2017, SI 2017/717, reg 4, made with effect from 6 April 2018 • the Occupational and Personal Pension Schemes (Conditions for Transfers) Regulations 2021,...

View the related practice notes about Pension scheme

Types of pension arrangements for employees

Ways of accruing pension benefitsThere are a variety of possible pension arrangements for employees. The main options include:•occupational pension schemes•personal pension schemes•employer-financed retirement benefits schemes (EFRBS)•master trusts (including the National Employment Savings Trust (NEST) since October 2012)•the state pensionEmployees may be members of and contribute to more than one pension arrangement at the same time eg the employer's occupational pension scheme and the employee's own personal pension scheme.Occupational pension schemesFrom a legislative point of view, an occupational pension scheme:•is a scheme or other arrangements which provides benefits to or in respect of people:◦on retirement◦on having reached a particular age, or◦on termination of service in an employment•must have been established for the purpose of providing benefits to, or in respect of, people with service in employments of a particular description (and perhaps also for other people too)•must have been established by:◦an employer of people in employments of that description, or◦a person in an employment of that description, or◦a person representing interests which include those of such employers or persons in employmentThe...

The scheme-specific funding regime

The statutory framework The Pensions Act 2004 (PeA 2004) introduced a ‘scheme-specific’ funding regime applying to occupational pension schemes operating on a defined benefit (DB) basis. Certain schemes are exempt from this regime—for further information, see: Schemes exempt from the scheme-specific funding regime, below.The scheme-specific funding regime came into effect on 30 December 2005 and replaced the Minimum Funding Requirement (MFR), which proved to be unsuccessful as a test of individual schemes’ financial positions. It also introduced into UK law the scheme funding requirements of the IORP Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision (the 2003 IORP Directive, subsequently repealed and recast as Archived Directive (EU) 2016/2341, Archived IORP II). Note that neither the 2003 IORP Directive, nor Archived IORP II form part of UK domestic law, but the UK laws implementing them do.The relevant UK legislation is contained in:•PeA 2004, ss 221–233. Significant changes were made to these provisions through the Pension Schemes Act 2021, s 123, Sch 10. These changes came into...

View the related precedents about Pension scheme

Register of conflicts of interest for advisers

Register of conflicts of interest for advisers Name of Adviser Details of interest or conflict (actual,

Pensions warranties—defined contribution scheme—share purchase agreement

Pensions warranties—defined contribution scheme—share purchase agreement Replace Schedule 4, paragraph 19 of Precedent: Share purchase agreement—pro-buyer—corporate seller—conditional—long form with the following: 1 Pensions 1.1 Except as provided for by the Pension Scheme, the Company is not and has never participated in an arrangement or agreement to provide pensions, annuities, lump sums, gratuities or similar benefits on retirement, long-term ill-health or death, or pursuant to a pension sharing order, in relation to the service or historic service of a present or former employee of the Company or any other person, or for the benefit of that individual’s dependents. 1.2 All benefits under the Pension Scheme are provided on a money purchase basis. No assurance, guarantee or promise has been made to any employee of the Company as to the amount of benefits to be provided under the Pension Scheme. 1.3 Copies of the following documents have been Fairly Disclosed to the Buyer: 1.3.1 the governing documentation of the Pension Scheme including the trust deed and rules and all ancillary and...

View the related q&as about Pension scheme

Can an employer pay its staff different rates of employer pension contributions, increasing with age?

Can an employer pay its staff different rates of employer pension contributions, increasing with age? General rules relating to direct age discrimination Under section 13 of the Equality Act 2010 (EqA 2010) a person directly discriminates against another person where: • he treats him less favourably than he treats or would treat others, and • he does so because of a protected characteristic Where the protected characteristic in issue is age, an employer can defend a claim of direct discrimination if he can show that the treatment is justified as a proportionate means of achieving a legitimate aim. Under EqA 2010, s 61, a ‘non-discrimination rule’ applies in respect of occupational pension schemes, whereby a responsible person (which can include an employer whose employees are, or may be, members of the scheme) must not, amongst other things, in carrying out his functions in relation to the scheme, discriminate against another person. Special exceptions relating to pension schemes There are, however, various exceptions with regard to the non-discrimination rule,...

Is shareholder approval needed to increase the pension contribution rate for a listed company’s directors?

Is shareholder approval needed to increase the pension contribution rate for a listed company’s directors? Section 439A of the Companies Act 2006 (CA 2006) gives shareholders of a listed company a binding vote, by way of ordinary resolution, on the directors’ remuneration policy. The remuneration policy must be put to shareholders whenever a new policy, or an amendment to the existing policy, is proposed and in any event at least every three years. Once the remuneration policy has been approved by shareholders, all payments or other benefits made to a person in their capacity as a director of the company (remuneration payments) must fall within the scope of that policy (CA 2006, ss 226A and 226B). Remuneration payments which are not consistent with the most recently

View the related News about Pension scheme

TPR allows refund of trapped winding-up surplus (Littlewoods Pensions Scheme)

Pensions analysis: The Pensions Regulator (TPR) has overridden the rules of a pension scheme to enable surplus on winding-up to be paid to the employer. This is a timely development alongside the government’s proposals to free up surplus ‘extraction’ while schemes are ongoing. Modification orders like this are rare–the only other one was 15 years ago. Such a payment is generally seen as a ‘refund’ or ‘repayment’ where the employer has paid the balance of cost in a defined benefit scheme. However, pension schemes set up before 1970 did not allow a refund of surplus and may still have restrictions that prevent amendment to allow it. TPR has power to intervene in limited circumstances. The scheme must have a buyout surplus after any augmentation of benefits, and no power to pay it to the employer. The published Determination Notice sets out the conditions to be met and the process followed. Written by Anna Rogers, senior partner at Arc Pensions Law LLP.

Pension plan to double £25 billion+ megafunds, boost investment and improve returns for savers

Pensions analysis: The Pensions Investment Review was launched in July 2024 and issued its Phase One Final Report in May 2025. It is supported by the responses to two consultations, which were launched alongside the Interim Report in November 2024: ‘Unlocking the UK pensions market for growth’ and ‘LGPS: Fit for the future’. Written by John Morrison, senior associate in the Pensions team at CMS.

View the latest UK Parliament Acts documents on Pension scheme

675 Meaning of “pension scheme”

(1)     In this Chapter “pension scheme” means a scheme for the provision of benefits consisting of or including relevant benefits for or in respect of employees or former employees.(2)     In subsection (1) “relevant benefits” means any pension, lump sum, gratuity or other like benefit given or to be given on retirement or on death or in anticipation of retirement or, in connection with past service, after retirement or death.