<br />
UK Pensions Law Handbook<br />
An A to Z look at pensions<br />
<br />
2011/12<br />
“From my experience with<br />
Eversheds, I found them able<br />
to explain things in layman's<br />
terms, so that they made the<br />
complicated seem simple.<br />
They did a thorough job, they<br />
explored and went over and<br />
above what we asked.”<br />
<br />
<br />
Jill Davies<br />
Chief Executive, Westfield Health<br />
<br />
<br />
<br />
“I find the Eversheds Pensions<br />
Law Handbook an excellent,<br />
plain English guide to<br />
pensions terminology.”<br />
<br />
<br />
Arthur Walford<br />
Chair of Trustees, BUPA pension scheme<br />
UK Pensions Law Handbook<br />
An A to Z look at pensions<br />
<br />
<br />
<br />
&l<a title="UK Pensions Law Handbook - Eversheds LLP page 1" href="http://viewer.zmags.com/publication/cd4480b8?page=1">UK Pensions Law HandbookAn A to Z look at pensio</a> UK Pensions Law HandbookAn A to Z look at pensio<a title="UK Pensions Law Handbook - Eversheds LLP page 2" href="http://viewer.zmags.com/publication/cd4480b8?page=2">“From my experience withEversheds, I found them </a> “From my experience withEversheds, I found them <a title="UK Pensions Law Handbook - Eversheds LLP page 3" href="http://viewer.zmags.com/publication/cd4480b8?page=3">UK Pensions Law HandbookAn A to Z look at pensio</a> UK Pensions Law HandbookAn A to Z look at pensio<a title="UK Pensions Law Handbook - Eversheds LLP page 4" href="http://viewer.zmags.com/publication/cd4480b8?page=4">PrefaceSince we published our last edition of</a> PrefaceSince we published our last edition of<a title="UK Pensions Law Handbook - Eversheds LLP page 5" href="http://viewer.zmags.com/publication/cd4480b8?page=5">Areas of expertise· Setting-up and amending</a> Areas of expertise· Setting-up and amending<a title="UK Pensions Law Handbook - Eversheds LLP page 6" href="http://viewer.zmags.com/publication/cd4480b8?page=6">Pensions training fortrustees and employersYour</a> Pensions training fortrustees and employersYour<a title="UK Pensions Law Handbook - Eversheds LLP page 7" href="http://viewer.zmags.com/publication/cd4480b8?page=7">Order formInformation on trustee tr</a> Order formInformation on trustee tr<a title="UK Pensions Law Handbook - Eversheds LLP page 8" href="http://viewer.zmags.com/publication/cd4480b8?page=8">Business ReplyLicence NumberBM2661Ev</a> Business ReplyLicence NumberBM2661Ev<a title="UK Pensions Law Handbook - Eversheds LLP page 9" href="http://viewer.zmags.com/publication/cd4480b8?page=9">ContentsPensions acronyms </a> ContentsPensions acronyms <a title="UK Pensions Law Handbook - Eversheds LLP page 10" href="http://viewer.zmags.com/publication/cd4480b8?page=10">Pensions acronymsAAA Annual </a> Pensions acronymsAAA Annual <a title="UK Pensions Law Handbook - Eversheds LLP page 11" href="http://viewer.zmags.com/publication/cd4480b8?page=11">DRA Default retirement ageDWP </a> DRA Default retirement ageDWP <a title="UK Pensions Law Handbook - Eversheds LLP page 12" href="http://viewer.zmags.com/publication/cd4480b8?page=12">HHMRC Her Majesty's Revenue & Customs</a> HHMRC Her Majesty's Revenue & Customs<a title="UK Pensions Law Handbook - Eversheds LLP page 13" href="http://viewer.zmags.com/publication/cd4480b8?page=13">LLDI Liability driven investmentL</a> LLDI Liability driven investmentL<a title="UK Pensions Law Handbook - Eversheds LLP page 14" href="http://viewer.zmags.com/publication/cd4480b8?page=14">OOEIC Open ended investment companyO</a> OOEIC Open ended investment companyO<a title="UK Pensions Law Handbook - Eversheds LLP page 15" href="http://viewer.zmags.com/publication/cd4480b8?page=15">PSO Pension Schemes Office (succeeded </a> PSO Pension Schemes Office (succeeded <a title="UK Pensions Law Handbook - Eversheds LLP page 16" href="http://viewer.zmags.com/publication/cd4480b8?page=16">TTACT The Association of Corporate Tru</a> TTACT The Association of Corporate Tru<a title="UK Pensions Law Handbook - Eversheds LLP page 17" href="http://viewer.zmags.com/publication/cd4480b8?page=17">Tax, national insurance andpension compensation </a> Tax, national insurance andpension compensation <a title="UK Pensions Law Handbook - Eversheds LLP page 18" href="http://viewer.zmags.com/publication/cd4480b8?page=18">National insurance contributions£ per week (unl</a> National insurance contributions£ per week (unl<a title="UK Pensions Law Handbook - Eversheds LLP page 19" href="http://viewer.zmags.com/publication/cd4480b8?page=19">Pension Protection Fund (PPF) compensation2011/1</a> Pension Protection Fund (PPF) compensation2011/1<a title="UK Pensions Law Handbook - Eversheds LLP page 20" href="http://viewer.zmags.com/publication/cd4480b8?page=20">Pension scheme levies 2011/12Pension Protection</a> Pension scheme levies 2011/12Pension Protection<a title="UK Pensions Law Handbook - Eversheds LLP page 21" href="http://viewer.zmags.com/publication/cd4480b8?page=21">Notes </a> Notes <a title="UK Pensions Law Handbook - Eversheds LLP page 22" href="http://viewer.zmags.com/publication/cd4480b8?page=22">PPF risk-based levy – key datesEvent 2011/12</a> PPF risk-based levy – key datesEvent 2011/12<a title="UK Pensions Law Handbook - Eversheds LLP page 23" href="http://viewer.zmags.com/publication/cd4480b8?page=23">Disclosure – summary of key requirements1Informa</a> Disclosure – summary of key requirements1Informa<a title="UK Pensions Law Handbook - Eversheds LLP page 24" href="http://viewer.zmags.com/publication/cd4480b8?page=24">Disclosure requirementsInformation To whom </a> Disclosure requirementsInformation To whom <a title="UK Pensions Law Handbook - Eversheds LLP page 25" href="http://viewer.zmags.com/publication/cd4480b8?page=25">Disclosure requirementsInformation To whom </a> Disclosure requirementsInformation To whom <a title="UK Pensions Law Handbook - Eversheds LLP page 26" href="http://viewer.zmags.com/publication/cd4480b8?page=26">Disclosure requirementsInformation To whom</a> Disclosure requirementsInformation To whom<a title="UK Pensions Law Handbook - Eversheds LLP page 27" href="http://viewer.zmags.com/publication/cd4480b8?page=27">A – Z of terms</a> A – Z of terms<a title="UK Pensions Law Handbook - Eversheds LLP page 28" href="http://viewer.zmags.com/publication/cd4480b8?page=28">26</a> 26<a title="UK Pensions Law Handbook - Eversheds LLP page 29" href="http://viewer.zmags.com/publication/cd4480b8?page=29">AA-day6 April 2006, the effective date of th</a> AA-day6 April 2006, the effective date of th<a title="UK Pensions Law Handbook - Eversheds LLP page 30" href="http://viewer.zmags.com/publication/cd4480b8?page=30">AActive memberA member of a scheme who is a</a> AActive memberA member of a scheme who is a<a title="UK Pensions Law Handbook - Eversheds LLP page 31" href="http://viewer.zmags.com/publication/cd4480b8?page=31">A· Actuarial equivalence statement: a stat</a> A· Actuarial equivalence statement: a stat<a title="UK Pensions Law Handbook - Eversheds LLP page 32" href="http://viewer.zmags.com/publication/cd4480b8?page=32">Aa number of statutory responsibilities conc</a> Aa number of statutory responsibilities conc<a title="UK Pensions Law Handbook - Eversheds LLP page 33" href="http://viewer.zmags.com/publication/cd4480b8?page=33">Ato the annual allowance and lifetimeallowa</a> Ato the annual allowance and lifetimeallowa<a title="UK Pensions Law Handbook - Eversheds LLP page 34" href="http://viewer.zmags.com/publication/cd4480b8?page=34">AAge discriminationSince 1 December 2006, i</a> AAge discriminationSince 1 December 2006, i<a title="UK Pensions Law Handbook - Eversheds LLP page 35" href="http://viewer.zmags.com/publication/cd4480b8?page=35">A6 April 2011. However, income withdrawalwi</a> A6 April 2011. However, income withdrawalwi<a title="UK Pensions Law Handbook - Eversheds LLP page 36" href="http://viewer.zmags.com/publication/cd4480b8?page=36">AAnnuitantAn individual to whom an annuity </a> AAnnuitantAn individual to whom an annuity <a title="UK Pensions Law Handbook - Eversheds LLP page 37" href="http://viewer.zmags.com/publication/cd4480b8?page=37">A immediately prior to the occurrence of</a> A immediately prior to the occurrence of<a title="UK Pensions Law Handbook - Eversheds LLP page 38" href="http://viewer.zmags.com/publication/cd4480b8?page=38">AApportionmentIn relation to a multi-employ</a> AApportionmentIn relation to a multi-employ<a title="UK Pensions Law Handbook - Eversheds LLP page 39" href="http://viewer.zmags.com/publication/cd4480b8?page=39">AApproved schemeA pension arrangement that </a> AApproved schemeA pension arrangement that <a title="UK Pensions Law Handbook - Eversheds LLP page 40" href="http://viewer.zmags.com/publication/cd4480b8?page=40">Aresponsibility for it. The PPF will seek to</a> Aresponsibility for it. The PPF will seek to<a title="UK Pensions Law Handbook - Eversheds LLP page 41" href="http://viewer.zmags.com/publication/cd4480b8?page=41">AAugmentationAn amount of additional benefi</a> AAugmentationAn amount of additional benefi<a title="UK Pensions Law Handbook - Eversheds LLP page 42" href="http://viewer.zmags.com/publication/cd4480b8?page=42">A· scheme administration member payments·</a> A· scheme administration member payments·<a title="UK Pensions Law Handbook - Eversheds LLP page 43" href="http://viewer.zmags.com/publication/cd4480b8?page=43">BBankruptcyWhere a bankruptcy order has been</a> BBankruptcyWhere a bankruptcy order has been<a title="UK Pensions Law Handbook - Eversheds LLP page 44" href="http://viewer.zmags.com/publication/cd4480b8?page=44">BBenefit crystallisation events include when</a> BBenefit crystallisation events include when<a title="UK Pensions Law Handbook - Eversheds LLP page 45" href="http://viewer.zmags.com/publication/cd4480b8?page=45">Bresponsibility for setting technical actuar</a> Bresponsibility for setting technical actuar<a title="UK Pensions Law Handbook - Eversheds LLP page 46" href="http://viewer.zmags.com/publication/cd4480b8?page=46">BBuy-backThe payment of a state scheme prem</a> BBuy-backThe payment of a state scheme prem<a title="UK Pensions Law Handbook - Eversheds LLP page 47" href="http://viewer.zmags.com/publication/cd4480b8?page=47">BBuy-out policyAn insurance policy purchase</a> BBuy-out policyAn insurance policy purchase<a title="UK Pensions Law Handbook - Eversheds LLP page 48" href="http://viewer.zmags.com/publication/cd4480b8?page=48">CCareer averageA defined benefit basis used </a> CCareer averageA defined benefit basis used <a title="UK Pensions Law Handbook - Eversheds LLP page 49" href="http://viewer.zmags.com/publication/cd4480b8?page=49">CCash equivalentThe amount a member of an o</a> CCash equivalentThe amount a member of an o<a title="UK Pensions Law Handbook - Eversheds LLP page 50" href="http://viewer.zmags.com/publication/cd4480b8?page=50">CChapter IVRefers to Chapter IV of Part XIV</a> CChapter IVRefers to Chapter IV of Part XIV<a title="UK Pensions Law Handbook - Eversheds LLP page 51" href="http://viewer.zmags.com/publication/cd4480b8?page=51">C· Class C members: members who joined </a> C· Class C members: members who joined <a title="UK Pensions Law Handbook - Eversheds LLP page 52" href="http://viewer.zmags.com/publication/cd4480b8?page=52">Cat those involved in running and providing</a> Cat those involved in running and providing<a title="UK Pensions Law Handbook - Eversheds LLP page 53" href="http://viewer.zmags.com/publication/cd4480b8?page=53">CCommingled fundUsed to describe a common i</a> CCommingled fundUsed to describe a common i<a title="UK Pensions Law Handbook - Eversheds LLP page 54" href="http://viewer.zmags.com/publication/cd4480b8?page=54">CAn individual company or a consolidated gro</a> CAn individual company or a consolidated gro<a title="UK Pensions Law Handbook - Eversheds LLP page 55" href="http://viewer.zmags.com/publication/cd4480b8?page=55">Cmade to an occupational pension scheme.Und</a> Cmade to an occupational pension scheme.Und<a title="UK Pensions Law Handbook - Eversheds LLP page 56" href="http://viewer.zmags.com/publication/cd4480b8?page=56">Cretail price index. An occupational pension</a> Cretail price index. An occupational pension<a title="UK Pensions Law Handbook - Eversheds LLP page 57" href="http://viewer.zmags.com/publication/cd4480b8?page=57">CContinuous serviceThe treatment by an occu</a> CContinuous serviceThe treatment by an occu<a title="UK Pensions Law Handbook - Eversheds LLP page 58" href="http://viewer.zmags.com/publication/cd4480b8?page=58">CContracted-out mixed benefit (COMB)The pro</a> CContracted-out mixed benefit (COMB)The pro<a title="UK Pensions Law Handbook - Eversheds LLP page 59" href="http://viewer.zmags.com/publication/cd4480b8?page=59">Ccontracted-out conditions. It confirms that</a> Ccontracted-out conditions. It confirms that<a title="UK Pensions Law Handbook - Eversheds LLP page 60" href="http://viewer.zmags.com/publication/cd4480b8?page=60">CContribution scheduleSee schedule of contr</a> CContribution scheduleSee schedule of contr<a title="UK Pensions Law Handbook - Eversheds LLP page 61" href="http://viewer.zmags.com/publication/cd4480b8?page=61">CCost-sharing mechanismThe mechanisms adopt</a> CCost-sharing mechanismThe mechanisms adopt<a title="UK Pensions Law Handbook - Eversheds LLP page 62" href="http://viewer.zmags.com/publication/cd4480b8?page=62">DData protectionThe principles regulating th</a> DData protectionThe principles regulating th<a title="UK Pensions Law Handbook - Eversheds LLP page 63" href="http://viewer.zmags.com/publication/cd4480b8?page=63">DDeed of admissionSee deed of participation</a> DDeed of admissionSee deed of participation<a title="UK Pensions Law Handbook - Eversheds LLP page 64" href="http://viewer.zmags.com/publication/cd4480b8?page=64">DDeemed registrationOn A-day, a scheme that</a> DDeemed registrationOn A-day, a scheme that<a title="UK Pensions Law Handbook - Eversheds LLP page 65" href="http://viewer.zmags.com/publication/cd4480b8?page=65">DDeferred pensionerSee deferred member.D</a> DDeferred pensionerSee deferred member.D<a title="UK Pensions Law Handbook - Eversheds LLP page 66" href="http://viewer.zmags.com/publication/cd4480b8?page=66">DDefinitive trust deed and rulesA document </a> DDefinitive trust deed and rulesA document <a title="UK Pensions Law Handbook - Eversheds LLP page 67" href="http://viewer.zmags.com/publication/cd4480b8?page=67">DDetrimental modificationAny modification t</a> DDetrimental modificationAny modification t<a title="UK Pensions Law Handbook - Eversheds LLP page 68" href="http://viewer.zmags.com/publication/cd4480b8?page=68">Ddiscrimination by legislation. In somecirc</a> Ddiscrimination by legislation. In somecirc<a title="UK Pensions Law Handbook - Eversheds LLP page 69" href="http://viewer.zmags.com/publication/cd4480b8?page=69">DDivorce/dissolution of a civil partnership</a> DDivorce/dissolution of a civil partnership<a title="UK Pensions Law Handbook - Eversheds LLP page 70" href="http://viewer.zmags.com/publication/cd4480b8?page=70">DDrawdown pensionThe proposal in the Financ</a> DDrawdown pensionThe proposal in the Financ<a title="UK Pensions Law Handbook - Eversheds LLP page 71" href="http://viewer.zmags.com/publication/cd4480b8?page=71">EEarly leaverA person who ceases to be an ac</a> EEarly leaverA person who ceases to be an ac<a title="UK Pensions Law Handbook - Eversheds LLP page 72" href="http://viewer.zmags.com/publication/cd4480b8?page=72">EHowever, it may continue to apply to member</a> EHowever, it may continue to apply to member<a title="UK Pensions Law Handbook - Eversheds LLP page 73" href="http://viewer.zmags.com/publication/cd4480b8?page=73">Eoccurs. A member must have registered with</a> Eoccurs. A member must have registered with<a title="UK Pensions Law Handbook - Eversheds LLP page 74" href="http://viewer.zmags.com/publication/cd4480b8?page=74">EEquivalent pension benefit (EPB)A benefit </a> EEquivalent pension benefit (EPB)A benefit <a title="UK Pensions Law Handbook - Eversheds LLP page 75" href="http://viewer.zmags.com/publication/cd4480b8?page=75">EExecutive schemeAn arrangement for the pro</a> EExecutive schemeAn arrangement for the pro<a title="UK Pensions Law Handbook - Eversheds LLP page 76" href="http://viewer.zmags.com/publication/cd4480b8?page=76">FFair dealThe non-statutory guidance issued </a> FFair dealThe non-statutory guidance issued <a title="UK Pensions Law Handbook - Eversheds LLP page 77" href="http://viewer.zmags.com/publication/cd4480b8?page=77">FFinal remunerationRefers to the mandatory </a> FFinal remunerationRefers to the mandatory <a title="UK Pensions Law Handbook - Eversheds LLP page 78" href="http://viewer.zmags.com/publication/cd4480b8?page=78">FFinancial Reporting Standard 17 (FRS 17)Th</a> FFinancial Reporting Standard 17 (FRS 17)Th<a title="UK Pensions Law Handbook - Eversheds LLP page 79" href="http://viewer.zmags.com/publication/cd4480b8?page=79">Fprotection to protect against the reducedl</a> Fprotection to protect against the reducedl<a title="UK Pensions Law Handbook - Eversheds LLP page 80" href="http://viewer.zmags.com/publication/cd4480b8?page=80">FForfeitureTermination or suspension of all</a> FForfeitureTermination or suspension of all<a title="UK Pensions Law Handbook - Eversheds LLP page 81" href="http://viewer.zmags.com/publication/cd4480b8?page=81">FFree standing additional voluntarycontribu</a> FFree standing additional voluntarycontribu<a title="UK Pensions Law Handbook - Eversheds LLP page 82" href="http://viewer.zmags.com/publication/cd4480b8?page=82">FFully insured schemeA scheme where the tru</a> FFully insured schemeA scheme where the tru<a title="UK Pensions Law Handbook - Eversheds LLP page 83" href="http://viewer.zmags.com/publication/cd4480b8?page=83">GGAD certificate or passportThe certificate </a> GGAD certificate or passportThe certificate <a title="UK Pensions Law Handbook - Eversheds LLP page 84" href="http://viewer.zmags.com/publication/cd4480b8?page=84">GGraduated pension schemeThe state earnings</a> GGraduated pension schemeThe state earnings<a title="UK Pensions Law Handbook - Eversheds LLP page 85" href="http://viewer.zmags.com/publication/cd4480b8?page=85">GGuaranteed annuityAn annuity payable for l</a> GGuaranteed annuityAn annuity payable for l<a title="UK Pensions Law Handbook - Eversheds LLP page 86" href="http://viewer.zmags.com/publication/cd4480b8?page=86">GGuidance from the Pensions RegulatorThe Pe</a> GGuidance from the Pensions RegulatorThe Pe<a title="UK Pensions Law Handbook - Eversheds LLP page 87" href="http://viewer.zmags.com/publication/cd4480b8?page=87">HHMRCHer Majesty's Revenue and Customs (for</a> HHMRCHer Majesty's Revenue and Customs (for<a title="UK Pensions Law Handbook - Eversheds LLP page 88" href="http://viewer.zmags.com/publication/cd4480b8?page=88">IIFRIC 14IFRIC (International Financial Repo</a> IIFRIC 14IFRIC (International Financial Repo<a title="UK Pensions Law Handbook - Eversheds LLP page 89" href="http://viewer.zmags.com/publication/cd4480b8?page=89">Icertain actions in order to remedy or preve</a> Icertain actions in order to remedy or preve<a title="UK Pensions Law Handbook - Eversheds LLP page 90" href="http://viewer.zmags.com/publication/cd4480b8?page=90">I6 April 2011 members aged 75 and over will </a> I6 April 2011 members aged 75 and over will <a title="UK Pensions Law Handbook - Eversheds LLP page 91" href="http://viewer.zmags.com/publication/cd4480b8?page=91">It's a complex time for pensionsThat's why you n</a> It's a complex time for pensionsThat's why you n<a title="UK Pensions Law Handbook - Eversheds LLP page 92" href="http://viewer.zmags.com/publication/cd4480b8?page=92">IIndependent trusteeAn individual trustee o</a> IIndependent trusteeAn individual trustee o<a title="UK Pensions Law Handbook - Eversheds LLP page 93" href="http://viewer.zmags.com/publication/cd4480b8?page=93">IInland Revenue limitsThe restrictions on t</a> IInland Revenue limitsThe restrictions on t<a title="UK Pensions Law Handbook - Eversheds LLP page 94" href="http://viewer.zmags.com/publication/cd4480b8?page=94">IInsured schemeA scheme where all the incom</a> IInsured schemeA scheme where all the incom<a title="UK Pensions Law Handbook - Eversheds LLP page 95" href="http://viewer.zmags.com/publication/cd4480b8?page=95">IInvestment Governance Group (IGG)Following</a> IInvestment Governance Group (IGG)Following<a title="UK Pensions Law Handbook - Eversheds LLP page 96" href="http://viewer.zmags.com/publication/cd4480b8?page=96">JJobholderFor the purposes of auto-enrolment</a> JJobholderFor the purposes of auto-enrolment<a title="UK Pensions Law Handbook - Eversheds LLP page 97" href="http://viewer.zmags.com/publication/cd4480b8?page=97">K401kA type of defined contribution scheme i</a> K401kA type of defined contribution scheme i<a title="UK Pensions Law Handbook - Eversheds LLP page 98" href="http://viewer.zmags.com/publication/cd4480b8?page=98">LLevyVarious annual levies, including the Pe</a> LLevyVarious annual levies, including the Pe<a title="UK Pensions Law Handbook - Eversheds LLP page 99" href="http://viewer.zmags.com/publication/cd4480b8?page=99">LLifetime allowance chargeIf a member's ben</a> LLifetime allowance chargeIf a member's ben<a title="UK Pensions Law Handbook - Eversheds LLP page 100" href="http://viewer.zmags.com/publication/cd4480b8?page=100">LLimited price indexation (LPI)The requirem</a> LLimited price indexation (LPI)The requirem<a title="UK Pensions Law Handbook - Eversheds LLP page 101" href="http://viewer.zmags.com/publication/cd4480b8?page=101">LLocal Government Pension Scheme (LGPS)The </a> LLocal Government Pension Scheme (LGPS)The <a title="UK Pensions Law Handbook - Eversheds LLP page 102" href="http://viewer.zmags.com/publication/cd4480b8?page=102">LLow earnings thresholdThe minimum level of</a> LLow earnings thresholdThe minimum level of<a title="UK Pensions Law Handbook - Eversheds LLP page 103" href="http://viewer.zmags.com/publication/cd4480b8?page=103">MMarket valueThe price at which an asset mig</a> MMarket valueThe price at which an asset mig<a title="UK Pensions Law Handbook - Eversheds LLP page 104" href="http://viewer.zmags.com/publication/cd4480b8?page=104">M· the individual's relevant UK earnings w</a> M· the individual's relevant UK earnings w<a title="UK Pensions Law Handbook - Eversheds LLP page 105" href="http://viewer.zmags.com/publication/cd4480b8?page=105">MMember-nominated trustee (MNT)A trustee se</a> MMember-nominated trustee (MNT)A trustee se<a title="UK Pensions Law Handbook - Eversheds LLP page 106" href="http://viewer.zmags.com/publication/cd4480b8?page=106">MMoney purchaseSee defined contribution ben</a> MMoney purchaseSee defined contribution ben<a title="UK Pensions Law Handbook - Eversheds LLP page 107" href="http://viewer.zmags.com/publication/cd4480b8?page=107">NNESTNEST (National Employment Savings Trust</a> NNESTNEST (National Employment Savings Trust<a title="UK Pensions Law Handbook - Eversheds LLP page 108" href="http://viewer.zmags.com/publication/cd4480b8?page=108">Nage 55 (age 50 prior to 6 April 2010). Howe</a> Nage 55 (age 50 prior to 6 April 2010). Howe<a title="UK Pensions Law Handbook - Eversheds LLP page 109" href="http://viewer.zmags.com/publication/cd4480b8?page=109">NNotification of preliminary conclusionsA d</a> NNotification of preliminary conclusionsA d<a title="UK Pensions Law Handbook - Eversheds LLP page 110" href="http://viewer.zmags.com/publication/cd4480b8?page=110">OOccupational pension schemeIn broad terms, </a> OOccupational pension schemeIn broad terms, <a title="UK Pensions Law Handbook - Eversheds LLP page 111" href="http://viewer.zmags.com/publication/cd4480b8?page=111">OOPRASee Occupational Pensions RegulatoryA</a> OOPRASee Occupational Pensions RegulatoryA<a title="UK Pensions Law Handbook - Eversheds LLP page 112" href="http://viewer.zmags.com/publication/cd4480b8?page=112">PPaid up schemeA closed scheme where no furt</a> PPaid up schemeA closed scheme where no furt<a title="UK Pensions Law Handbook - Eversheds LLP page 113" href="http://viewer.zmags.com/publication/cd4480b8?page=113">PPast serviceService in respect of a member</a> PPast serviceService in respect of a member<a title="UK Pensions Law Handbook - Eversheds LLP page 114" href="http://viewer.zmags.com/publication/cd4480b8?page=114">Pother conditions are met. Unlike a trivial</a> Pother conditions are met. Unlike a trivial<a title="UK Pensions Law Handbook - Eversheds LLP page 115" href="http://viewer.zmags.com/publication/cd4480b8?page=115">PPension fund withdrawalSee income withdraw</a> PPension fund withdrawalSee income withdraw<a title="UK Pensions Law Handbook - Eversheds LLP page 116" href="http://viewer.zmags.com/publication/cd4480b8?page=116">PPension Protection Fund (PPF)A fund establ</a> PPension Protection Fund (PPF)A fund establ<a title="UK Pensions Law Handbook - Eversheds LLP page 117" href="http://viewer.zmags.com/publication/cd4480b8?page=117">PPension Schemes RegistryThe Pensions Regul</a> PPension Schemes RegistryThe Pensions Regul<a title="UK Pensions Law Handbook - Eversheds LLP page 118" href="http://viewer.zmags.com/publication/cd4480b8?page=118">P· annual bonus· car allowance· earn</a> P· annual bonus· car allowance· earn<a title="UK Pensions Law Handbook - Eversheds LLP page 119" href="http://viewer.zmags.com/publication/cd4480b8?page=119">PPensions RegulatorThe Pensions Regulator w</a> PPensions RegulatorThe Pensions Regulator w<a title="UK Pensions Law Handbook - Eversheds LLP page 120" href="http://viewer.zmags.com/publication/cd4480b8?page=120">PPersonal accountsSee NEST.Personal pensi</a> PPersonal accountsSee NEST.Personal pensi<a title="UK Pensions Law Handbook - Eversheds LLP page 121" href="http://viewer.zmags.com/publication/cd4480b8?page=121">PPrimary protectionUnder transitional arran</a> PPrimary protectionUnder transitional arran<a title="UK Pensions Law Handbook - Eversheds LLP page 122" href="http://viewer.zmags.com/publication/cd4480b8?page=122">PPriority liabilitiesBenefits and other lia</a> PPriority liabilitiesBenefits and other lia<a title="UK Pensions Law Handbook - Eversheds LLP page 123" href="http://viewer.zmags.com/publication/cd4480b8?page=123">PProtected modificationA modification that </a> PProtected modificationA modification that <a title="UK Pensions Law Handbook - Eversheds LLP page 124" href="http://viewer.zmags.com/publication/cd4480b8?page=124">PSee also anti-forestalling; special annual</a> PSee also anti-forestalling; special annual<a title="UK Pensions Law Handbook - Eversheds LLP page 125" href="http://viewer.zmags.com/publication/cd4480b8?page=125">QQualifying Recognised Overseas PensionSchem</a> QQualifying Recognised Overseas PensionSchem<a title="UK Pensions Law Handbook - Eversheds LLP page 126" href="http://viewer.zmags.com/publication/cd4480b8?page=126">RRecognised overseas pension schemeA pension</a> RRecognised overseas pension schemeA pension<a title="UK Pensions Law Handbook - Eversheds LLP page 127" href="http://viewer.zmags.com/publication/cd4480b8?page=127">RReference scheme testThe test carried out </a> RReference scheme testThe test carried out <a title="UK Pensions Law Handbook - Eversheds LLP page 128" href="http://viewer.zmags.com/publication/cd4480b8?page=128">Rthat the register of pension schemes is acc</a> Rthat the register of pension schemes is acc<a title="UK Pensions Law Handbook - Eversheds LLP page 129" href="http://viewer.zmags.com/publication/cd4480b8?page=129">RSee also apportionment; approvedwithdrawal</a> RSee also apportionment; approvedwithdrawal<a title="UK Pensions Law Handbook - Eversheds LLP page 130" href="http://viewer.zmags.com/publication/cd4480b8?page=130">RRelevant statutory schemeA statutory schem</a> RRelevant statutory schemeA statutory schem<a title="UK Pensions Law Handbook - Eversheds LLP page 131" href="http://viewer.zmags.com/publication/cd4480b8?page=131">RThe purpose of a restoration order is to re</a> RThe purpose of a restoration order is to re<a title="UK Pensions Law Handbook - Eversheds LLP page 132" href="http://viewer.zmags.com/publication/cd4480b8?page=132">Rhas been based on the retail price index.F</a> Rhas been based on the retail price index.F<a title="UK Pensions Law Handbook - Eversheds LLP page 133" href="http://viewer.zmags.com/publication/cd4480b8?page=133">SSafeguarded rightsThe part of a pension cre</a> SSafeguarded rightsThe part of a pension cre<a title="UK Pensions Law Handbook - Eversheds LLP page 134" href="http://viewer.zmags.com/publication/cd4480b8?page=134">Semployer or is subject to consultation with</a> Semployer or is subject to consultation with<a title="UK Pensions Law Handbook - Eversheds LLP page 135" href="http://viewer.zmags.com/publication/cd4480b8?page=135">S· certifying the basis for transfer value</a> S· certifying the basis for transfer value<a title="UK Pensions Law Handbook - Eversheds LLP page 136" href="http://viewer.zmags.com/publication/cd4480b8?page=136">SScheme auditorAn auditor appointed by the </a> SScheme auditorAn auditor appointed by the <a title="UK Pensions Law Handbook - Eversheds LLP page 137" href="http://viewer.zmags.com/publication/cd4480b8?page=137">Sa limited period in another European Econom</a> Sa limited period in another European Econom<a title="UK Pensions Law Handbook - Eversheds LLP page 138" href="http://viewer.zmags.com/publication/cd4480b8?page=138">Have you heard the news?Our Speedbriefs keep you</a> Have you heard the news?Our Speedbriefs keep you<a title="UK Pensions Law Handbook - Eversheds LLP page 139" href="http://viewer.zmags.com/publication/cd4480b8?page=139">Sthat certain advisers are formally appointe</a> Sthat certain advisers are formally appointe<a title="UK Pensions Law Handbook - Eversheds LLP page 140" href="http://viewer.zmags.com/publication/cd4480b8?page=140">SSection 75 debtThe statutory debt due (und</a> SSection 75 debtThe statutory debt due (und<a title="UK Pensions Law Handbook - Eversheds LLP page 141" href="http://viewer.zmags.com/publication/cd4480b8?page=141">SSection 179The valuation (or valuation bas</a> SSection 179The valuation (or valuation bas<a title="UK Pensions Law Handbook - Eversheds LLP page 142" href="http://viewer.zmags.com/publication/cd4480b8?page=142">SSelf-administered schemeAn occupational pe</a> SSelf-administered schemeAn occupational pe<a title="UK Pensions Law Handbook - Eversheds LLP page 143" href="http://viewer.zmags.com/publication/cd4480b8?page=143">SShort service benefitUnder the preservatio</a> SShort service benefitUnder the preservatio<a title="UK Pensions Law Handbook - Eversheds LLP page 144" href="http://viewer.zmags.com/publication/cd4480b8?page=144">SFollowing A-day, HMRC relaxed some of ther</a> SFollowing A-day, HMRC relaxed some of ther<a title="UK Pensions Law Handbook - Eversheds LLP page 145" href="http://viewer.zmags.com/publication/cd4480b8?page=145">SSponsoring employerIn relation to an occup</a> SSponsoring employerIn relation to an occup<a title="UK Pensions Law Handbook - Eversheds LLP page 146" href="http://viewer.zmags.com/publication/cd4480b8?page=146">SStandard lifetime allowanceThe lifetime al</a> SStandard lifetime allowanceThe lifetime al<a title="UK Pensions Law Handbook - Eversheds LLP page 147" href="http://viewer.zmags.com/publication/cd4480b8?page=147">Sthen due to increase to age 66 by 2020 and</a> Sthen due to increase to age 66 by 2020 and<a title="UK Pensions Law Handbook - Eversheds LLP page 148" href="http://viewer.zmags.com/publication/cd4480b8?page=148">Semployer. The SIP must be reviewed at least</a> Semployer. The SIP must be reviewed at least<a title="UK Pensions Law Handbook - Eversheds LLP page 149" href="http://viewer.zmags.com/publication/cd4480b8?page=149">SSubsisting rightsA member's entitlements (</a> SSubsisting rightsA member's entitlements (<a title="UK Pensions Law Handbook - Eversheds LLP page 150" href="http://viewer.zmags.com/publication/cd4480b8?page=150">SSurchargeable unauthorised memberpaymentT</a> SSurchargeable unauthorised memberpaymentT<a title="UK Pensions Law Handbook - Eversheds LLP page 151" href="http://viewer.zmags.com/publication/cd4480b8?page=151">TTax yearThe period starting on 6 April and </a> TTax yearThe period starting on 6 April and <a title="UK Pensions Law Handbook - Eversheds LLP page 152" href="http://viewer.zmags.com/publication/cd4480b8?page=152">TThird party noticeA notice issued by the P</a> TThird party noticeA notice issued by the P<a title="UK Pensions Law Handbook - Eversheds LLP page 153" href="http://viewer.zmags.com/publication/cd4480b8?page=153">Tperiod. The pension input amounts under eac</a> Tperiod. The pension input amounts under eac<a title="UK Pensions Law Handbook - Eversheds LLP page 154" href="http://viewer.zmags.com/publication/cd4480b8?page=154">Tto participate in the Local GovernmentPens</a> Tto participate in the Local GovernmentPens<a title="UK Pensions Law Handbook - Eversheds LLP page 155" href="http://viewer.zmags.com/publication/cd4480b8?page=155">Tregistered pension schemes deemed trivialw</a> Tregistered pension schemes deemed trivialw<a title="UK Pensions Law Handbook - Eversheds LLP page 156" href="http://viewer.zmags.com/publication/cd4480b8?page=156">TTrusteeAn individual or company appointed </a> TTrusteeAn individual or company appointed <a title="UK Pensions Law Handbook - Eversheds LLP page 157" href="http://viewer.zmags.com/publication/cd4480b8?page=157">TTrustee toolkitAn online learning system(</a> TTrustee toolkitAn online learning system(<a title="UK Pensions Law Handbook - Eversheds LLP page 158" href="http://viewer.zmags.com/publication/cd4480b8?page=158">T· the transferee makes or offers to make </a> T· the transferee makes or offers to make <a title="UK Pensions Law Handbook - Eversheds LLP page 159" href="http://viewer.zmags.com/publication/cd4480b8?page=159">UUnauthorised employer paymentAny payment fr</a> UUnauthorised employer paymentAny payment fr<a title="UK Pensions Law Handbook - Eversheds LLP page 160" href="http://viewer.zmags.com/publication/cd4480b8?page=160">Uscheme. The rate of the charge is 15 per ce</a> Uscheme. The rate of the charge is 15 per ce<a title="UK Pensions Law Handbook - Eversheds LLP page 161" href="http://viewer.zmags.com/publication/cd4480b8?page=161">Uapproves the GIPS for globalised funds, so</a> Uapproves the GIPS for globalised funds, so<a title="UK Pensions Law Handbook - Eversheds LLP page 162" href="http://viewer.zmags.com/publication/cd4480b8?page=162">UUpper band earningsEarnings between the lo</a> UUpper band earningsEarnings between the lo<a title="UK Pensions Law Handbook - Eversheds LLP page 163" href="http://viewer.zmags.com/publication/cd4480b8?page=163">VVestingSee preservation.Vested rightsIn </a> VVestingSee preservation.Vested rightsIn <a title="UK Pensions Law Handbook - Eversheds LLP page 164" href="http://viewer.zmags.com/publication/cd4480b8?page=164">WWhistleblowingSection 70 of the Pensions Ac</a> WWhistleblowingSection 70 of the Pensions Ac<a title="UK Pensions Law Handbook - Eversheds LLP page 165" href="http://viewer.zmags.com/publication/cd4480b8?page=165">WWinding-up lump sumAn authorised lump sum </a> WWinding-up lump sumAn authorised lump sum <a title="UK Pensions Law Handbook - Eversheds LLP page 166" href="http://viewer.zmags.com/publication/cd4480b8?page=166">Useful contactsAcas (Advisory, Conciliation and</a> Useful contactsAcas (Advisory, Conciliation and<a title="UK Pensions Law Handbook - Eversheds LLP page 167" href="http://viewer.zmags.com/publication/cd4480b8?page=167">Industry body contactsThe Pensions Ombudsman</a> Industry body contactsThe Pensions Ombudsman<a title="UK Pensions Law Handbook - Eversheds LLP page 168" href="http://viewer.zmags.com/publication/cd4480b8?page=168">Notes</a> Notes<a title="UK Pensions Law Handbook - Eversheds LLP page 169" href="http://viewer.zmags.com/publication/cd4480b8?page=169"></a> <a title="UK Pensions Law Handbook - Eversheds LLP page 170" href="http://viewer.zmags.com/publication/cd4480b8?page=170">Eversheds has become one of the world's la</a> Eversheds has become one of the world's la