Occupational pension scheme Definition

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GLOSSARY

/ɒkjʊˈpeɪʃ(ə)n(ə)l/ /ˈpɛnʃ(ə)n/ /skiːm/

Published by a ��ɫ�� Pensions expert

What does Occupational pension scheme mean?

A workplace pension scheme, usually trust-based, established by an employer, or on behalf of a group of employers, to provide retirement benefits to employees.

Benefits are provided for or in respect of one or more employees on leaving pensionable service or on death or retirement.

Pensions

A workplace pension scheme, usually trust-based, established by an employer, or on behalf of a group of employers, to provide retirement benefits to employees.

Benefits are provided for or in respect of one or more employees on leaving pensionable service or on death or retirement.

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Basic scheme information before 6 April 2014—checklist [Archived]

Basic scheme information before 6 April 2014—checklist [Archived] THIS CHECKLIST APPLIED ONLY TO OCCUPATIONAL PENSION SCHEMES UP TO 5 APRIL 2014 For information on the requirement to provide basic scheme information after 5 April 2014, see Practice Note: Disclosure requirements applicable to occupational and personal pension schemes after 5 April 2014 — Basic scheme information and Checklist: Basic scheme information after 5 April 2014—checklist. Basic scheme information requirement Under the Occupational Pension Schemes (Disclosure of Information) Regulations 1996, SI 1996/1655 (the 1996 Disclosure Regulations), which are now repealed, basic scheme information had to be provided to prospective members (and in certain circumstances others) by trustees of the following occupational pension schemes: • registered schemes or schemes that were formerly tax approved (or in respect of which an application for tax approval has been made which has not been determined) • schemes with superannuation funds under the Income and Corporation Taxes Act 1988, s 615(6), and • public service pension schemes (as defined in the Pension Schemes Act 1993, s 1)...

Client Classification Checklist

Client Classification Checklist This checklist provides an overview of the Financial Conduct Authority’s (FCA) client classification requirements and may assist those seeking to classify clients as either retail clients, professional clients or eligible counterparties. • 1. Is the firm providing services relating to a child trust fund (CTF) (except for a personal recommendation relating to a contribution to a CTF) to the client? (COBS 3.4.2 R) If yes, the client is a Retail Client. If no, please see question 2. • 2. Is the firm providing any of the following services ('Eligible Counterparty Business') to the client? ◦ Dealing on own account, executing orders on behalf of clients or receiving and transmitting orders ◦ Carrying on any ancillary services directly related these services, or ◦ Arranging in relation to business that is not MiFID or equivalent third country business. (COBS 3.6.1(2) R) If yes, please see question 10. If no, please see question 3. • 3. Is the client an entity required to be authorised or regulated to operate in...

Discover our 22 Checklists on Occupational 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...

Employer duties to provide pensions to employees

Automatic enrolment dutiesThe auto-enrolment regime, established under Part 1 of the Pensions Act 2008 (PenA 2008), imposes three key enrolment duties on employers:•to enrol all of their ‘eligible jobholders’ automatically into an ‘automatic enrolment scheme’ (the auto-enrolment duty)•to enrol ‘non-eligible jobholders’ into an ‘automatic enrolment scheme’ if they choose to opt in•to enrol ‘entitled workers’ who request to join a scheme into a registered pension schemeThe duty was phased in from October 2012 starting with the largest employers first. New employers who first pay PAYE income in respect of any worker on or after 1 October 2017 have an immediate duty to apply automatic enrolment, as do new employers who become an employer on or after 2 April 2017 and do not have a PAYE scheme, irrespective of whether they pay PAYE income or not (ie the enrolment duties start to apply to the employer from the date the first worker begins to be employed by them).The minimum quality standards required of an automatic enrolment scheme depend on the nature...

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Register of conflicts of interest for advisers

Precedent Defined Benefit (DB) Transfer Form

Precedent Defined Benefit (DB) Transfer Form [ ] PENSION SCHEME REQUEST FOR TRANSFER OF BENEFITS Name:_______________________________________ Date of Birth: __________________________________ Membership Number:___________________________ National Insurance Number: _____________________ Company Name: ______________________________ Address:______________________________________ Date of Joining the Scheme: _______________________ Date of Leaving: ________________________________ To the Trustees of the [ ] Pension Scheme (the ‘Scheme’). I hold benefits in the Scheme and I wish to apply to transfer the value of those benefits from the Scheme as set out below. This includes any benefits which would be payable from the Scheme to my dependants or beneficiaries in the event of my death. I confirm that I have received a statement of entitlement in respect of my benefits in the Scheme which shows the cash equivalent transfer value (CETV) of my benefits as at my guarantee date. I wish to transfer my benefits to the following Receiving Arrangement(s): Name of Receiving Arrangement:___________________________________ Address of Receiving Arrangement:___________________________________ HMRC Registration Number:_______________________________________ DECLARATIONS Decision to transfer out • The decision I have made to...

Dive into our 44 Precedents related to Occupational 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,...

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 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...

See the 44 Q&As about Occupational pension scheme

The final and binding nature of Pension Ombudsman determinations and abuse of the process in litigating the same matters (Wilson v Port of Felixstowe Pension Trustee Ltd)

Pensions analysis: The court struck out as an abuse of process the claimant’s claim for a declaration as to the true construction of the rules (‘the Rules’) of the Port of Felixstowe Pension Plan (‘the Plan’) on the basis that the Pensions Ombudsman (‘the PO’) had already made a final and binding determination (‘the PO’s Determination’) against the complaint of the claimant, which he had not appealed, in respect of the same issues raised in the claim. Written by Oliver Hilton, barrister at Radcliffe Chambers, Lincoln’s Inn.

Member held unreasonable reliance on policy projections which were not legally binding (Mr R, CAS-71055-X2X7)

Pensions analysis: In the determination of Mr R CAS-71055-X2X7, the Pensions Ombudsman rejected a complaint that a scheme should honour projections given in a benefit statement. Martin Scott of gunnercooke LLP looks at the decision.

Read the latest 22 News articles on Occupational pension scheme

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