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The percentage of accumulated pension benefits a member can take as a tax-free lump sum upon retirement.
The tax-free lump sum paid to a member of a pension scheme when their benefits come into payment.
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Drafting a building contract/schedule of amendments—checklist Once the procurement route and form of building contract has been selected (see Practice Note: Choosing the right procurement method—construction projects) the employer should consider the following matters and incorporate the appropriate drafting in the building contract particulars and schedule of amendments. This Checklist assumes that the parties are using a standard form of building contract, such as a JCT form, and that the employer is proposing the first draft including the completed contract particulars and a schedule of amendments, which amends the standard terms. This list is not exhaustive, however, and there may be other project specific matters/risks that need to be taken into account: Contractual matters • Carry out due diligence on the contractor The employer needs to carry out due diligence on the contractor at the outset to determine whether its financial position is acceptable. Confirm the contractor’s company number and name at Companies House. • Obtain consultants’ details Confirm the full details of the consultants engaged by the employer; some...
Pension freedoms: steps for DB trustees to take—checklist [ARCHIVED] THIS CHECKLIST APPLIES TO TRUSTEES OF PRIVATE SECTOR DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES This Checklist has been archived. It outlines the steps DB trustees had to take in the period leading to 6 April 2015 and thereafter to reflect the pension flexibilities (also known as pension freedoms) introduced on 6 April 2015. For more information on the nature of those changes, see Practice Note: Pension freedoms—an introduction. In this Checklist, the term 'DB trustees' refers to the trustees (or managers) of arrangements other than arrangements which offer flexible benefits, ie arrangements other than: • money purchase arrangements • cash balance arrangements • other arrangements which typically require an individual to purchase an annuity Note that the additional voluntary contribution (AVC) facilities of defined benefit schemes do effectively constitute arrangements which offer flexibilities. The issues set out in Pension flexibilities: steps for DC trustees to take—checklist [Archived] will therefore be relevant to the trustees of such schemes, but only insofar as the...
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This Practice Note looks at the benefits which are payable where a member of an occupational or personal pension scheme retires. It explores the opportunities to maximise the benefits and their flexibility. These benefits include tax-free cash lump sums, pensions and drawdown pensions together with flexible drawdown pensions. The Practice Note also explains the position of qualifying recognised overseas pension schemes (QROPS) and transfers of retirement benefits that may incur the overseas transfer charge applicable from 9 March 2017.Benefits on retirement—generalSince 6 April 2010, the payment of retirement benefits is generally only allowed from age 55 (the normal minimum pension age). There is no upper age limit by which retirement benefits must be taken. Individuals do not have to retire to receive benefits and not all of a member’s retirement benefits have to be vested at the same time, but may be taken in tranches (see below). From 6 April 2015, flexible drawdown has been available for members of defined contribution schemes to enable them to access as much as...
FORTHCOMING DEVELOPMENT: In the Autumn Budget 2024 of 30 October 2024, the Chancellor of the Exchequer made some key pensions announcements including bringing unused pension funds and death benefits payable from a pension into a person’s estate for inheritance tax (IHT) purposes from 6 April 2027. As part of these changes, pension scheme administrators will become liable for reporting and paying any IHT due on unused pension funds and death benefits. In tandem with the Budget announcement, HMRC launched a technical consultation on these changes which closes on 22 January 2025. For further information, see also Autumn Budget 2024, Law360: Industry says Treasury announcement shutting IHT loophole overdue, HMRC consultation: Inheritance Tax on pensions: liability, reporting and payment, PLSA comments on Budget impact on pensions and Autumn Budget 2024: Overview of tax legislation and rates (OOTLAR).THIS PRACTICE NOTE APPLIES ONLY TO REGISTERED FINAL SALARY OCCUPATIONAL PENSION SCHEMESMost pension schemes provide for benefits upon the death of the members. What those benefits will be depends on:•the type and...
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Spousal and civil partner maintenance—client guide This document provides general guidance regarding an application to the court for maintenance on divorce or dissolution of a civil partnership. Your family lawyer will be able to provide specific advice based on your circumstances. Who can apply for maintenance? Either spouse or civil partner may make an application to the court for a spousal or civil partner maintenance order, also known as a periodical payments order. The person making the application is the applicant and the other person is the respondent. A potential applicant must, except in certain specified circumstances, consider with a mediator whether the dispute may be capable of being resolved through non-court dispute resolution. The court will expect all applicants to have complied with these requirements before commencing proceedings and will expect any respondent to have attended a mediation information and assessment meeting (MIAM). For details of the requirement to attend a MIAM see Practice Note: Non-court dispute resolution—mediation information and assessment meetings (MIAMs). What happens...
Claim against a driver for a collision caused by misleading signals IN THE COUNTY COURT AT [insert] Claim No: Parties 1 A B Claimant and 2 X Y Defendant _____________________________________________________________________________ PARTICULARS OF CLAIM _____________________________________________________________________________ 1 At all material times, the Claimant was the owner and driver of a [insert make and model of vehicle] registration number [insert registration number]. The Defendant was the owner and driver of a [insert make and model of vehicle] registration number [insert registration number]. 2 On [insert date], the Claimant was lawfully waiting at the intersection of [insert street name] and [insert street name, town, county]. The Claimant was stationary and preparing to turn left. As she waited, the Defendant’s vehicle approached from the Claimant’s right. The Defendant’s vehicle slowed and signalled to turn left into the Claimant’s street. In reliance on the Defendant’s signal, the Claimant commenced her left turn. The Defendant failed to turn left and proceeded across the junction, colliding with the Claimant’s vehicle. 3 The accident was caused...
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In the context of reg 11 of the Registered Pension Scheme (Authorised Payments) Regulations 2009, SI 2009/1171, does the term ‘related scheme’ include a former scheme operated by the same employer which has had a bulk transfer to the scheme wanting to make a small lump sum payment or can the term be interpreted to mean only schemes that are running concurrently? In answering this Q&A, we have assumed you are referring to regulation 11 of the Registered Pension Scheme (Authorised Payments) Regulations 2009, SI 2009/1171 (SI 2009/1171, reg 11), which—unlike its de minimis counterpart in SI 2009/1171, reg 12 (which applies to large occupational pension schemes)—does not expressly caveat bulk transfers from a ‘related scheme’ to the receiving scheme from the conditions that need to be satisfied for a small lump sum payment. The absence of such a caveat could prevent the payment of a small pot lump sum from the receiving scheme under SI 2009/1171, reg 11, since SI 2009/1171, reg 11(1)(f) prohibits recognised transfers...
The parties have agreed to sell their family business, which is jointly owned with no third party interests. Does the court have the power to make an order for the sale of the business or is an agreement for the sale of a business expressed as a recital or undertaking? An order for sale under section 24A of the Matrimonial Causes Act 1973 (MCA 1973) may only be made if there has been a legal services payment order, a secured periodical payments order, a lump sum order or a property adjustment order. Orders for sale are most commonly made as an adjunct to a lump sum order or a property adjustment order. ‘Property’ for the purposes of MCA 1973, s 24 (property adjustment orders) and MCA 1973, s 24A includes real property, tenancies, interests in insurance policies and shares in limited companies (as opposed to property held by a company). ‘Property’ may include
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This week's edition of Family weekly highlights includes details of the latest Online Procedure Rule Committee meeting minutes and the evidence given at the annual session of the Lords Constitution Committee. Recent judgments on the duty to accommodate a child, foreign adoption and child maintenance are considered. A new flowchart on the threshold criteria in public children proceedings is also set out.
This week's edition of Construction weekly highlights includes a case in which the Technology and Construction Court (TCC) considered the scope of recoverable loss in respect of claims under the Defective Premises Act 1972 (DPA 1972) (Wilson v HB (SWA)), introduction of the Scottish Building Safety Levy (Scotland) Bill, an announcement by the Joint Contracts Tribunal (JCT) of the release date of its Target Cost Contract 2024, upcoming amendments to the Building Regulations mandating solar panel installations on new build homes, a case in which the TCC considered whether an After the Event (ATE) policy was sufficient in a security for costs application against a claimant in administration (Lloyds v Accor), and an announcement by HM Treasury (HMT) of a £14.2bn investment for the construction of the Sizewell C nuclear power plant.
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