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An introduction to the UK pension system for the private client practitioner—how pension schemes are governed and the key regulatory bodies

An introduction to the UK pension system for the private client practitioner—how pension schemes are governed and the key regulatory bodies In the UK most pension schemes in the private sector, ie both occupational and personal pension schemes, are established under trust and are therefore subject to trust law. The trustees appointed under the governing trust deed are required to act in accordance with the trust deed and rules and overriding legislation applicable to the relevant pension scheme. Probably the most important tenet of trust law is that the trustees must act in the best interests of the members of the pension scheme, subject to the governing provisions of the scheme in question and general applicable law. In the public sector, pension schemes are established mainly by Parliamentary statute and are subject to their scheme rules and overriding legislation, but some are established under trust and thus subject to trust law and are required to act in accordance with the trust deed and rules as well as any...

An introduction to UK pension systems—private pensions

An introduction to UK pension systems—private pensions Government policy For many years as part of government policy the establishment in the UK of private pensions in addition to state pensions has been encouraged. This commenced with occupational pension schemes established by employers for their employees and in more recent years with personal pensions established for individuals. The provision of private pensions has most notably been encouraged by the granting of tax reliefs to those establishing pension schemes and to their members in relation to contributions, pension fund income and pension benefits. It should be noted that neither the provision of private pensions in the UK nor the membership of a pension scheme has been compulsory until very recently and even now there are exceptions (see ‘Stakeholder pension schemes and ‘Automating enrolment and the National Employment Savings Trust (NEST)’ below). The general administration of private pension schemes is the responsibility of the Department for Work and Pensions (DWP) with the Pensions Regulator responsible for ensuring schemes are run in...

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Unpicking the Pensions Bill 2013

Pensions analysis: The Pensions Bill 2013’s headline measure is a new, single-tier, state pension. However, it also includes significant changes impacting on personal and workplace pensions. Andrew Patten, partner at Dentons, looks at the Bill’s key measures.