Pensioner Definition

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GLOSSARY

Published by a ��˾��ҹ�� Pensions expert

What does Pensioner mean?

Person who is currently receiving a pension from a scheme.

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Managing conflicts of interest in pensions

Managing conflicts of interest in pensions THIS PRACTICE NOTE APPLIES TO TRUST-BASED OCCUPATIONAL PENSION SCHEMES Legal requirements in relation to conflicts of interest Pension scheme trustees have a duty to act in the best interests of the scheme's beneficiaries. However, trustees may owe duties to other parties or have personal interests which conflict with that duty. It is a general principle of trust law that trustees should not put themselves in a position where their duty to act in the best interests of beneficiaries conflicts with duties that they owe to other parties or with their personal interests. If trustees make decisions while subject to a conflict of interest that has not been appropriately managed, there is a risk that those decisions may be challenged by scheme members or overturned by the courts. It is important that the members of a scheme should perceive a conflict or potential conflict as having been properly managed. The directors of a company that acts as a trustee of a...

Running a closed defined benefit scheme

Running a closed defined benefit scheme This Practice Note sets out some practical considerations for both trustees (and sponsoring employers) in operating a defined benefit (DB) pension scheme which has been closed to future accrual of benefits, ie has no 'active' members building up pensionable service in the scheme. This Practice Note does not cover the act of closure itself, nor the considerations leading up to a decision to operate a closed scheme rather than to wind it up. This Practice Note also does not cover the process of winding up a scheme or running a scheme in preparation for entry into the Pension Protection Fund (PPF). For further information on these areas, see Practice Notes: • Closing a pension scheme to future accrual—trustee considerations • Closing a pension scheme to future accrual—employer considerations • Trustee decisions and the Pension Protection Fund • Winding up a defined benefit (DB) occupational pension scheme The first step of closing a scheme is often (but not necessarily) to close to...

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Business sale agreement—pensions warranties (where buyer participates in seller’s scheme)

Business sale agreement—pensions warranties (where buyer participates in seller’s scheme) This precedent has been prepared on the basis that the drafter is acting for the buyer The following warranties have been drafted for a transaction where the Buyer: 1 decides to replicate pension benefits for transferring Employees in the same pension scheme by entering a deed of substitution to participate and assume responsibility for the scheme, or 2 agrees to accept a transfer of Employees’ past service benefits from the Seller’s pension scheme to its own scheme. You are strongly advised to involve a pensions specialist at the earliest opportunity. 1 Interpretation and definitions For the purposes of paragraphs 2 to 7 inclusive: [ Employee means [define as necessary either by class or named individuals];] Pension Scheme [s] mean[s] [[insert name(s) of scheme(s)] OR an arrangement or practice for the payment of, or contribution towards, an annuity, pension, lump sum, gratuity or similar benefit to be given on retirement, long-term ill-health or death, or pursuant to...

Member-nominated trustee arrangement

Member-nominated trustee arrangement To: the [Active AND/OR Deferred AND/OR Pensioner] Members (“[the Members]”) of the [insert name pension scheme] [“the Scheme”] From: The Trustees of the Scheme Date: [Insert date sent to members] Background Under the Pensions Act 2004 (PeA 2004), and the Pension Regulator’s General Code of Practice (“the General Code of Practice”) it is compulsory for occupational pension schemes to have arrangements in place that provide for at least one third of the trustees to be nominated by the members (unless the scheme is exempt under legislation). The General Code of Practice provides that the MNT arrangement should include provision for periodic review to establish whether the arrangement remains appropriate for the Scheme, and this should take place every three to five years. The General Code of Practice also provides that the arrangement should be reviewed when there is a material change to the Scheme’s circumstances and/or membership. In accordance with the PeA 2004 and the General Code of Practice, the trustees of the...

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