Cash equivalent (CE) meaning

This Practice Note outlines the varieties of state pension, the eligibility rules, the ramifications in divorce, dissolution, nullity or separation cases, how to obtain information and make disclosure, and the orders a family court may impose. It takes account of state pension reforms and explains their impact within family law. This Practice Note provides guidance on: the old state pension scheme for those who reached state pension age before 6 April 2016, and the new state pension scheme for those reaching state pension age on or after 6 April 2016 State pension entitlements are often missed on divorce, dissolution, nullity or (judicial) separation, either because they are seen as of limited worth or because their structure and the options available to address the parties’ financial needs are not fully understood. Comprehensive details of state pension rights should be gathered during financial disclosure by using Form BR19 (to request a state pension forecast) and Form BR20 (to obtain a cash equivalent (CE)...

A-day 'A-day' is the widely used term for the broad pension tax 'simplification' reforms that began on 6 April 2006. The changes covered: how much pension contribution was allowed, the kinds of schemes an individual could invest in, the sums that could be taken (and when), and the choices available for any remaining fund. A-day also introduced the annual allowance and the (now abolished) lifetime allowance. See: Annual allowance and Lifetime allowance. AFPS AFPS: Armed forces pension scheme; see Practice Note: Public sector pensions and family proceedings. Accrual rate The speed at which pension benefits build as pensionable service is completed in a final salary scheme, eg 1/60 for each year of pensionable service. Accrued benefits The benefits earned in respect of service up to a specified date. Added years Extra pension provided by adding further years of pensionable service in a salary-related scheme. Such additional years are secured via transfer payments or through additional voluntary contributions/augmentation...

Accrual rate The speed at which pension entitlement builds as pensionable service is completed within a final salary arrangement, e.g. 1/60 for each year of pensionable service. Accrued benefits Benefits relating to service built up to a given date, measured with reference to current earnings or projected future pay. A-day ‘A-day’ is the widely used term for the broad pension tax ‘simplification’ reforms that came into force on 6 April 2006. These changes followed a 2004 government policy to rationalise the British tax system as it applied to pension schemes. The objective was to cut the volume of legislation accumulated under successive administrations, folding the previous eight tax regimes into a single regime for all personal and occupational pensions. Key areas covered included: how much pension contribution was allowed; the range of schemes an individual could invest in; how much an individual could withdraw (and when); and what could be done with the remaining fund. A-Day...

To: Newcastle Pension Centre, Futures GroupThe Pension Service9 Post Handling Site AWolverhamptonWV98 1AFUK Date: [ insert date ] Dear Pension Service Our client: [ insert client’s name ] Date of birth: [ insert dd/mm/yyyy ] National Insurance number: [ insert NI number ] We represent [ insert client’s name ] in connection with divorce and financial proceedings. Please find enclosed: a letter of authority executed by our client permitting you to disclose information to us concerning their state pension [ a completed Form BR19 ] [ a completed Form BR20 ] We would be grateful if you would provide us with a [ state pension statement AND/OR cash equivalent (CE) valuation of any additional state pension ]. We look forward to hearing from you. Yours faithfully [ firm name ] Enc [ Form BR19 ] [ Form BR20 ]...