Continuation option meaning

Forthcoming change: Following the Government’s response to the Ministry of Justice and the Office of the Public Guardian (OPG) consultation Modernising Lasting Powers of Attorney, the Powers of Attorney Bill secured Royal Assent on 18 September 2023, becoming the Powers of Attorney Act 2023 (PAA 2023). PAA 2023 will amend the Mental Capacity Act 2005 (MCA 2005) to deliver a more modern lasting power of attorney (LPA) service. The changes will include: Introducing regulations so those involved in making an LPA can choose to sign the LPA digitally or on paper; Removing the option for attorneys to register an LPA, meaning only the donor will be allowed to register; Introducing regulations setting identification verification requirements for registration applications; Providing for a single route for registration objections to the OPG and widening who may object to include third parties, not only those named in the LPA; Making it the OPG’s responsibility, rather than the donor’s, to notify named persons that an LPA is...

Break clauses A break clause is a provision in a lease that allows the landlord or the tenant to bring the lease to an early end. The Practice Note: Break options in commercial leases in Scotland examines break clauses in depth and covers: who is entitled to exercise the break the timing for exercising the break clause any pre-conditions to using a break clause the implications for sub-leases For sample drafting, see Precedents: Break clause for commercial lease in Scotland—landlord option—style, Break clause for commercial lease in Scotland—tenant option—style, and Break clause for commercial lease in Scotland—mutual option—style. For practical guidance on exercising a break option, see: Break options—exercising break clauses in Scotland—checklist. Break notices Break options are operated by serving a break notice. The break clause often specifies the requirements for the notice, including its form, the date and method of service, and the correct parties to be served. These details may alternatively appear in a general...

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...