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Issues to consider when drafting a settlement agreement—checklist (employer)

Issues to consider when drafting a settlement agreement—checklist (employer) The employer (and its advisers) should consider the following issues: Preparatory steps • Obtain from the employer: ◦ a copy of the departing employee's latest contract of employment/other relevant documents containing contractual terms (NB these may be in a staff handbook) ◦ details of the contractual benefits enjoyed by the employee ◦ relevant information regarding the employee's pension benefits ◦ relevant information regarding any shares/share options, etc held by the employee? Consider the Articles of Association/any relevant shareholder agreement, share scheme documentation, etc. See also Shares and share options below Status of negotiations • Will negotiations take place between the parties directly, or between their respective legal advisers? • How strong is the employer's negotiating position? How strong are the employee's claims or potential claims? In the case of dismissal, is there a fair reason and has the employer carried out a fair procedure? Is the employer in repudiatory breach? What is the employer prepared to offer initially, and is that...

FCA consultation paper tracker—2017 [Archived]

FCA consultation paper tracker—2017 [Archived] This tracker sets out the consultation papers published by Financial Conduct Authority (FCA) in 2017, along with the publication of any subsequent rules and guidance. For details of FCA consultation papers from other years, see: FCA consultation paper tracker. For details of Prudential Regulation authority (PRA) and Financial Services Authority (FSA) consultation papers, see: • PRA consultation paper tracker • FSA consultation paper tracker [Archived] Topic area Consultation Paper Description Publication date End of consultation period Policy Statement/ Handbook Notice Payment systems and services CP17/44: PSR regulatory fees The Payment Systems Regulator (PSR) and the FCA published a consultation and decision paper setting out their policy decision on the way they will collect PSR regulatory fees in 2018/19 and in subsequent years, and consulting further on the proposed fees allocation method. 15 December 2017 26 January 2018 Handbook Notice 53 (23 March 2018)CP18/8 (23 March 2018) Consumer credit, mortgage and home finance CP17/43: Credit card market study: Persistent debt...

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2020–21—Budget and Finance Bill—overview [Archived]

2020–21—Budget and Finance Bill—overview [Archived] ARCHIVED: This Overview has been archived and is not maintained. This subtopic draws together content on the fiscal events throughout the tax year 2020–21 starting with the Summer economic statement on 8 July 2020, through release of draft provisions for Finance Bill 2020–21 to the expected passage through parliament of the Finance Act 2021 (FA 2021). For more information on the annual Budget and Finance Bill process, see Practice Note: The Budget and Finance Bill process. Autumn Budget 2020 The Autumn Budget for 2020 was cancelled in an announcement HM Treasury on 23 September 2020 due to the coronavirus (COVID-19). On 24 September 2020, the Chancellor of the Exchequer, Rishi Sunak, unveiled his Winter Economy Plan. This set out the targeted measures that the government will introduce in response to the uncertain economic climate with the aim of helping businesses to protect jobs and manage their finances. All the analysis produced in this topic will be collected in Practice Note: 2020–21—Budget and Finance...

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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

FORTHCOMING DEVELOPMENT: TPR is working on updating its guidance on assessing and monitoring the employer covenant. According to TPR’s updated guidance on climate change (published at the end of September 2022), this was expected to be published in late 2022, however this not occur.This updating work had previously been referred to in TPR’s Annual Funding Statement 2022, with TPR stating that the updated guidance would be published as part of its second consultation on the draft DB funding code. Despite the publication of the second consultation in December 2022, the updated employer covenant guidance continues to be awaited.However, in its first response to the first defined benefit funding code of practice consultation also published in December 2022 (alongside the second consultation on the on draft DB funding code), TPR did note that it would consult on the updated guidance on assessing and monitoring the employer covenant in 2023. However, this also did not occur. Among other things, the updated employer covenant guidance would include a section on how trustees and...

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Policy—time off for pension scheme trustees

Policy—time off for pension scheme trustees 1 Time off for pension scheme trustees 1.1 As a pension scheme trustee, you have the right to take time off work in order to: 1.1.1 perform your duties[, including time to prepare for and attend trustee meetings, time to work on specific projects that may be assigned to you and time to properly assess and respond to any unpredictable events]; and 1.1.2 attend relevant training. 1.2 A reasonable amount of time off will be granted. When considering how much time

Register of conflicts of interest for trustees

Register of conflicts of interest for trustees Name of Trustee Details of interest or conflict (actual,

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In relation to the Teachers' Pension Scheme (TPS), is it correct that employees who work full-time will automatically join the TPS unless they complete a form to opt out of the TPS, however employees who work part-time will be required to complete a form to join the TPS?

In relation to the Teachers' Pension Scheme (TPS), is it correct that employees who work full-time will automatically join the TPS unless they complete a form to opt out of the TPS, however employees who work part-time will be required to complete a form to join the TPS? As explained in Practice Note: The reformed Teachers' Pension Scheme, the Teacher's Pension Scheme (TPS) is open to all teachers, both full-time and part-time. Teachers can only join the TPS if they are in pensionable employment. The regulations currently governing the TPS, the Teachers' Pension Scheme Regulations 2014 (the TPS Regs 2014), SI 2014/512, include strict provisions regarding what employments are pensionable. The TPS Regs 2014, SI 2014/512 make a distinction between two types of pensionable employment (as set out in the TPS Regs 2014, SI 2014/512, Sch 1, Pt 2 to the TPS Regs 2014, SI 2014/512, Sch 1, Pt 4): • employments pensionable on election, and • employments pensionable without

Can a right to a Guaranteed Minimum Pension (GMP) under a Section 32 buy-out policy (where the transfer came from a defined benefit occupational pension scheme) be claimed as an asset by the Official Receiver?

Can a right to a Guaranteed Minimum Pension (GMP) under a Section 32 buy-out policy (where the transfer came from a defined benefit occupational pension scheme) be claimed as an asset by the Official Receiver? A section 32 buy-out policy is a deferred annuity contract. Where the transfer value paid to the section 32 policy is in respect of benefits which include rights to Guaranteed Minimum Pension (GMP), the insurer undertakes to pay the GMP to the policyholder from GMP payment age (age 65 for a man and 60 for a woman) or to pay the spouse’s GMP to the member’s widow or widower on the member’s death. Section 11 of the Welfare Reform and Pensions Act 1999 provides that rights under approved pension arrangements are excluded from a bankrupt’s estate. 'Approved pension arrangements' include registered pension schemes and annuities purchased for the purpose of giving effect to rights under a registered pension scheme including an annuity in payment before 6 April 2006 giving effect to schemes which were approved...

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MoD loses application to redo army reservists pension bias case

Law360: A Scottish tribunal has declined to reconsider a ruling that the Ministry of Defence's (MoD) refusal to let a retired army reserve officer join the armed forces’ pension scheme left him worse off than full-time military personnel.

Tax weekly highlights—12 December 2024

This week's edition of Tax weekly highlights includes: (1) key announcements from the draft Welsh Budget 2025–26, (2) analysis of the Court of Appeal’s decision in Axa Sun Life plc v HMRC, and (3) the UT’s decision in HMRC v Colchester Institute Corporation.

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.