Bulk transfer meaning

This Checklist outlines the principal actions to take when undertaking a bulk transfer of a group of members from one occupational pension scheme to another. Full details of the laws and regulations governing such transfers appear in Practice Note: Bulk transfers between occupational pension schemes—an introduction. Planning of bulk transfer Trustees of both the transferring and receiving schemes should be satisfied that the proposed form of bulk transfer is, in their own judgement, in the interests of their respective beneficiaries. Consider whether the bulk transfer could create adverse tax outcomes for transferring members (eg potential loss of tax protections). Obtain an in principle agreement between trustees and employers of both transferring and receiving schemes to proceed with the bulk transfer exercise. Review the governing provisions of both schemes to confirm that assets, liabilities and members can be transferred, amending them where necessary and feasible...

In this issue: The Pensions Regulator Pensions dashboards Taxation Members and benefits Funding, surplus and investment Public sector pensions Dates for your diary Trackers The Pensions Regulator TPR announces full benefits secured for Box Clever pension members after ITV case The Pensions Regulator (TPR) confirms it has secured full benefits for all 2,800 members of the Box Clever Group Pension Scheme, bringing its long-running case against ITV to a close. Individuals who had received payments at Pension Protection Fund (PPF) levels since 2014 have now moved to the ITV Pension Scheme and will receive full scheme entitlement plus back payments. TPR has also released a regulatory intervention report setting out how, for more than a decade, it pursued ITV, deploying its Financial Support Direction (FSD) powers to require the broadcaster to underpin the scheme following the 2011 collapse of Box Clever—a joint venture between Granada (now ITV) and Thorn (now Carmelite). After ITV’s legal challenges,...

Webster v HMRC [2024] EWHC 530 (KB) An individual with dual UK and US nationality challenged the passing of information about her financial affairs by her bank to the US tax authorities, said to have been carried out pursuant to the agreement between the UK and the USA that gives effect to the US Foreign Account Tax Compliance Act (FATCA). She contended that HMRC, in its role as data controller, acted unlawfully in making a bulk disclosure on two bases. First, she alleged that the transfer in question violated her data protection rights because appropriate safeguards were absent for such transfers, and that US law failed to secure a level of protection for data subjects that was adequate under data protection legislation...

From 7 October 2024, UK payment firms moved under a fresh regime that compels them to reimburse fraud victims. For consumers, it feels reassuring, but it also marks a material shift in responsibility for providers. It sounds like a tidy fix for customers fatigued by relentless would‑be scammers, yet what liability do banks and payment companies actually bear? In brief, they must repay the great bulk of people duped into transferring funds to criminals via Authorised Push Payment (APP) scams. In practice, that covers most instances where a person is coaxed into authorising a transfer to a fraudster. Banks and payment providers secured a notable win only weeks ago, persuading the Payment Systems Regulator (PSR) to cut the maximum reimbursement from £415,000. Under the PSR’s final framework, APP fraud victims can claim up to £85,000. The payer’s provider, which sent the funds, and the recipient’s provider, which received them, must divide the refund 50:50. Although the lower cap should limit payments firms’ exposure, risks persist even so. A wrinkle in...

Contracting-out on a salary-related basis (also known as defined benefit (DB) contracting-out) was abolished on 6 April 2016. Before abolition, members of contracted-out salary-related (COSR) schemes could have built up one of two forms of contracted-out entitlement. In this Practice Note, these are collectively described as ‘contracted-out salary-related rights’ or, in short, ‘COSR rights’. Guaranteed minimum pensions (GMPs), being contracted-out rights built up before 6 April 1997 Section 9(2B) rights (also called post-1997 contracted-out salary-related rights or post-1997 COSR rights), being contracted-out rights built up between 6 April 1997 and 5 April 2016 The framework for transferring COSR rights is prescribed by the Contracting-out (Transfer and Transfer Payment) Regulations 1996, SI 1996/1462 (the Contracting-out Transfer Regulations). HMRC has issued guidance on transferring COSR rights. This Practice Note addresses transfers carried out after the end of DB contracting-out, namely on and from 6 April 2016. For material on transfers of COSR rights made prior to the abolition of DB contracting-out, see Practice...

This document is archived and will no longer be updated. For information on EU EMIR, please see Practice Note: EU MiFID II and MiFIR—essentials and the EU Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR)—timeline. Introduction to the MiFIR level 1 roadmap The recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II), together with the Markets in Financial Instruments Regulation (Regulation (EU) 600/2014) (MiFIR), was published in the Official Journal of the European Union on 12 June 2014 and came into force on 2 July 2014. Taken as a package, MiFID II and MiFIR substantially revised and enlarged the regulatory framework first created by the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID I). As amended, the bulk of the new Directive and Regulation applied from 3 January 2018. EU Member States were given until 3 July 2017 to transpose MiFID II into national legislation, while MiFIR has direct effect across Member States...

A pension transfer A pension transfer takes place when an individual’s rights under one pension scheme are moved to another. The ceding scheme passes the relevant assets to the receiving scheme, which then assumes responsibility for providing the benefits for the person concerned. Members of all UK registered pension schemes that are personal pension schemes have an overriding statutory entitlement to transfer the cash equivalent of their benefits to another pension arrangement, subject to meeting certain prescribed conditions. Many personal pension schemes also allow transfers out in wider situations than those giving rise to the statutory right, for example: partial transfers transfers of benefits that are in drawdown transfers of particular assets in non-cash form In practice, it is crucial that transfers paid from personal pension schemes constitute a recognised transfer for HMRC purposes and do not inadvertently forfeit any tax-related protections or statuses the member may hold. Personal pension schemes can also receive transfers from other pension...

This Deed of Merger is entered into on the [ insert day ] day of [ insert date ]. Parties [ TRUSTEE OF TRANSFERRING SCHEME ] (Company No. [ ]), with its registered office at [ address ] (the 'Transferring Trustee'); [ PRINCIPAL EMPLOYER OF TRANSFERRING SCHEME ] (Company No. [ ]), whose registered office is at [ address ] ('Transferring Scheme Employer'); [ TRUSTEE OF RECEIVING SCHEME ] (Company No. [ ]), whose registered office is at [ address ] (the 'Receiving Trustee'); [ PRINCIPAL EMPLOYER OF RECEIVING SCHEME ] (Company No. [ ]), whose registered office is at [ address ] ('Receiving Scheme Employer'). BACKGROUND The Transferring Trustee acts as trustee of the [ Name of Transferring Scheme ] (the 'Transferring Scheme'). The Receiving Trustee serves as trustee of the [ Name of Receiving Scheme ] (the 'Receiving Scheme'). The Receiving Scheme Employer is the Principal Employer of the Receiving Scheme, and the...

1 Interpretation 1.1 In this Schedule, the definitions and interpretative rules below shall apply: Broadly Comparable Pension Scheme – a pension arrangement officially certified by the Government Actuary’s Department as broadly comparable with the relevant Public Sector Pension Scheme Customer’s Scheme – the Public Sector Pension Scheme presently operated by the Customer for the Relevant Employees Fair Deal Guidance – HM Treasury Fair Deal for staff pensions—staff transfer from central government (October 2013) Onward Transfer Date – the date on which Onward Transferring Employees of the Supplier transfer under TUPE 2006 upon expiry (or earlier termination) of this [ Outsourcing Contract ] Onward Transferring Employees – employees of the Supplier who, at expiry (or earlier termination) of the [ Outsourcing Contract ], automatically transfer under TUPE 2006 to the Customer or another employer for provision of the Services Public Sector Pension Scheme – the [ Principal Civil Service Pension Scheme (Classic, Classic Plus, Premium or Nuvos, as relevant)/National Health Service Pension...

STOP PRESS: On 19 June 2025, the Data (Use and Access) Bill obtained Royal Assent, thereby becoming the Data (Use and Access) Act 2025 (DUAA 2025) and taking partial effect on that day. A number of DUAA 2025 provisions, covering issues such as handling data subject access requests and granting powers to make additional regulations, commenced immediately on 19 June 2025. Further provisions, dealing with notices issued by the Information Commissioner and particular facets of law enforcement processing, started on 19 August 2025 (two months after Royal Assent). The bulk of DUAA 2025, however, will only commence once further regulations are made, in the form of statutory instruments. Parts 5 and 6 of DUAA 2025 operate to amend elements of UK data protection and ePrivacy law, including the United Kingdom General Data Protection Regulation, Assimilated Regulation (EU) 2016/679 (UK GDPR), the Data Protection Act 2018, and the Privacy and Electronic Communications (EC Directive) Regulations 2003, SI 2003/2426...