Dependants' scheme pension meaning

The single tier State Pension (on and from 6 April 2016) On 6 April 2016, the Basic State Pension was overhauled and replaced by a single-tier, flat-rate pension, merging the Basic State Pension with the Second State Pension. From that date, men and women alike must have 35 qualifying years of National Insurance contributions to receive the full flat-rate amount. Marital status makes no difference to the level paid. Tax year Amount (per week) 2026/2027 £241.30 2025/2026 £230.25 2024/2025 £221.20 2023/2024 £203.85 2022/2023 £185.15 2021/2022 £179.60 2020/2021 £175.20 2019/2020 £168.60 2018/2019 £164.35 2017/2018 £159.55 2016/2017 £155.65 The Basic State Pension (before 6 April 2016) Before 6 April 2016, the Basic State Pension comprised the Basic State Pension and the Second State Pension. There was a third, minor, component known as the graduated pension that depended on graduated National Insurance contributions paid by employees while the graduated scheme ran from 1961 to...

THIS CHECKLIST APPLIES TO DEFINED BENEFIT SCHEMES ONLY Schemes which require a summary funding statement Trustees of a defined benefit arrangement must draw up and distribute a summary funding statement to the scheme’s members and beneficiaries where the scheme: is an occupational pension scheme that meets the requirements in Schedule 1, paragraph 1 of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734 (the Disclosure Regs 2013). For further details, see Disclosure requirements applicable to occupational and personal pension schemes after 5 April 2014—Scope of the 2013 Disclosure Regulations; and falls within the scope of Part 3 of the Pensions Act 2004...

TPR stated that its refreshed corporate plan for 2024 to 2027 will press ahead with policy measures aimed at safeguarding consumers’ funds and interests as the industry evolves. This involves bringing in new rules on pension scheme funding, trailed by the government in January 2023, intended to permit greater flexibility for investing in higher‑risk assets to help stimulate UK economic growth. The regulator added it will keep building the value‑for‑money framework, while making sure that new defined benefit (DB) consolidators, which combine smaller schemes, act to protect savers. The framework aims to move attention away from price and towards long‑term value for defined contribution (DC) pension savings. The government also intends to reshape the Pension Protection Fund as a public sector consolidator as the sector undergoes changes in the UK over 2024 to 2027 as well...

In this issue: Employment taxes Companies and corporation tax VAT Budgets and Finance Bills International Real estate tax Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Employment taxes Court of Appeal dismisses ‘discontinuous contract of employment’ while confirming need for causal link to carelessness for extension of assessment timeframe (Mainpay Ltd v HMRC) In Mainpay Ltd v HMRC [2025] EWCA Civ 1290, the Court of Appeal confirmed that extended assessment time limits apply where there is carelessness, and held that sporadic work under one contract is not continuous employment. HMRC was required to demonstrate a sufficient causal connection between taxpayer carelessness and the tax lost to justify using the longer time limits, and in this instance it satisfied that requirement. See News Analysis: Court of Appeal dismisses ‘discontinuous contract of employment’ while confirming need for causal link to carelessness for extension of assessment timeframe...

In this issue: The Pensions Regulator Funding, surplus and investment Members and benefits Daily and weekly news alerts Dates for your diary Trackers The Pensions Regulator TPR enhances oversight of the largest DC schemes to improve member outcomes The Pensions Regulator (TPR) has unveiled enhancements to its supervision of master trusts and defined contribution (DC) schemes after a 12‑month review. The redesigned model groups schemes into four supervisory segments with bespoke engagement to spot risks sooner and lift saver outcomes. These cover monoline, commercial and non‑commercial master trusts; collective DC schemes; and single plus connected employer DC schemes. TPR’s priorities are securing value for money for all savers and setting clear expectations on investments, data quality and at‑retirement innovation. Larger schemes will be supported by dedicated multi‑disciplinary teams to enable more targeted, expert‑level interactions. The change marks a tilt towards a more prudential regulatory stance, addressing scheme‑specific and market‑wide risks across the UK pensions landscape. TPR said...

FORTHCOMING CHANGE 1 : Section 10 of the Finance Act 2022 will raise the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028, except for members of the firefighters, police and armed forces public service pension schemes. This increase applies broadly across registered schemes, subject to the stated exemptions. The same Act will also permit members of registered pension schemes to access benefits before 57 where, on or before 4 November 2021, they either held an ‘unqualified right’ to draw benefits, or were already engaged in a substantive transfer to a scheme providing an unqualified right to a protected pension age below 57 on or before 4 November 2021. To rely on this new protection applying in 2028, the scheme’s rules must, as at 11 February 2021, have contained an unqualified right to take entitlement to scheme benefits before age 57. For more detail, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact. FORTHCOMING CHANGE 2 : The Pension...

This practice note applies to registered occupational pension schemes in wind-up (excluding those entering the Pension Protection Fund) A central feature of the winding‑up of occupational pension schemes is ensuring that, so far as practicable, the process enables the trustees of the scheme to be released from ongoing responsibility for the scheme, its assets and its liabilities. There are several actions trustees can take to facilitate this. These steps assist trustees in concluding their role once winding‑up is completed. and reduce residual exposure where practicable. For guidance on measures to protect trustees from liability in a continuing scheme, see Practice Note: Trustee liability and protection in pensions. Statutory discharge Where a pension scheme is being wound up and falls within s 73 of the Pensions Act 1995 (PA 1995) (eg a registered defined benefit occupational scheme), a statutory discharge may be available to the trustees under PA 1995, s 74 and the Occupational Pension Schemes (Winding Up) Regulations 1996, SI 1996/3126 (the Winding‑Up Regulations). Specifically, PA 1995,...

What is the Teachers’ Pension Scheme? The Teachers’ Pension Scheme (TPS) is a statutory public service pension scheme for members of the teaching profession in England and Wales. Since 1 April 2015, the TPS has consisted of two distinct schemes: the reformed TPS (often described in TPS literature as the ‘2015 Scheme’), introduced on 1 April 2015 under the Public Service Pensions Act 2013 (PSPA 2013) as a career average revalued earnings (CARE) scheme for those joining on or after 1 April 2015. For further information, see Practice Note: The reformed Teachers' Pension Scheme the legacy TPS, set up under the Superannuation Act 1972 (SA 1972) as a final salary scheme for members who joined before 1 April 2015. This scheme is the subject of this Practice Note Be aware there are separate schemes in Scotland and Northern Ireland, which are not covered by this Practice Note...

This precedent has been produced on the basis that the drafter is acting for the buyer. The following warranties have been prepared for a transaction where: The Buyer will provide pension benefits through its own arrangement or via an appointed provider; and Employees’ past service benefits will not be transferred to the Buyer’s arrangement. You are strongly advised to involve a pensions specialist at the earliest opportunity. 1 Definitions For the purposes of paragraphs 2 to 7 inclusive: Employee means [ [specify as necessary, either by category or by named individuals ]; Pension Scheme [ s ] mean [ s ] [ [ name(s) of scheme(s) ] OR an arrangement or practice for the payment of, or contribution towards, an annuity, pension, lump sum, gratuity or similar benefit to be given on retirement, long-term ill-health or death, or pursuant to a pension sharing order, in relation to the service or historic service of an Employee or any other person, or...

This Agreement is dated [ insert day and month ] 20[ insert year ] Parties [ insert name of selling corporate entity ], a company registered in [ England and Wales OR [ insert country of incorporation ] ], with number [ insert company number ], whose registered office is at [ insert address ] (Seller) [ insert name of purchasing corporate entity ], a company registered in [ England and Wales OR [ insert country of incorporation ] ], with number [ insert company number ], whose registered office is at [ insert address ] (Buyer) [ Insert name of guarantor entity ], incorporated in [ England and Wales OR [ insert country of incorporation ] ], with number [ insert company number ], whose registered office is at [ insert address ] (Guarantor) [ Each of the Seller, the Buyer and the Guarantor is a Party and, collectively, the Seller, the Buyer and the Guarantor are the Parties. ]...

What is an SAYE share option scheme? ...