Group personal pension meaning

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This Practice Note sets out the principal steps for properly bringing to an end a defined contribution (DC) occupational pension scheme—also described as a money purchase occupational pension arrangement or a trust-based defined contribution plan. Throughout this Practice Note, this type of arrangement is termed a ‘DC scheme’. The guidance applies across a range of DC schemes, including trusts that sit outside the authorised master trust framework and small self-administered pension schemes (SSASs), although the latter may, in certain cases, be excluded from particular statutory obligations or requirements. This Practice Note does not cover the winding-up of any: an ‘authorised master trust’ under the Pension Schemes Act 2017 (PSA 2017)—for further detailed information, please see Practice Note: The authorisation and supervisory regime for master trusts, contract-based DC arrangements (eg group personal pension arrangements)—for further details and guidance, see Practice Note: Winding up of personal pension schemes Statute makes distinct and specific provision for hybrid schemes (combining defined benefit (DB) and DC...

Introduction to the FCA’s requirements on information about firms, adviser charging and consultancy charging This Practice Note outlines, in summary, the regulatory regime and guidance that dictates what information a firm must give to clients about its services and remuneration arrangements, and about adviser and consultancy charging when it undertakes designated investment business in this context. The Financial Conduct Authority (FCA) has set rules requiring a firm to disclose clearly to clients details about the firm and the services it offers. Many of these obligations originally arose from implementing provisions within the Markets in Financial Instruments Directive (Directive 2004/39/EC) (MiFID). The rules sit largely in the General Provisions Manual (GEN) and the Conduct of Business Sourcebook (COBS). MiFID was subsequently replaced by the recast Markets in Financial Instruments Directive (Directive 2014/65/EU) (MiFID II) and the EU Markets in Financial Instruments Regulation (Regulation (EU) 600/2014, OJ L 173, 12.6.2014) (MiFIR) (together, the EU MiFID II framework). Both MiFID II and EU MiFIR formally entered into force on 2 July 2014....

Personal pensions, brought in during 1987, were hailed as creating fresh options for both employees and the self-employed. It soon became clear the proposition could equally be promoted to employers, and the group personal pension (GPP) swiftly emerged to meet that demand. In essence, a GPP is a collection of individual personal pension policies housed within a single personal pension scheme and run by the provider for the workforce of one employer, or a group of employers. GPPs are therefore ‘workplace personal pension schemes’. Consequently, rules apply to GPPs that do not apply to personal pensions used outside the workplace. For example, they are overseen by independent governance committees (IGCs) (see —principal legal features below) and limits apply to charges borne by members. For more detail on workplace requirements for GPPs, see Practice Note: Personal pensions—an introduction—Features specific to workplace personal pension schemes. Where the individual arrangements inside a GPP are self-invested personal pensions (SIPPs), the GPP may be presented as a group SIPP arrangement... principal legal features...

This precedent is prepared on the footing that the drafter acts for the Seller. It is prepared on the basis that the target company (the Company) is a subsidiary of the Seller. It is strongly recommended that a pensions specialist is engaged at the earliest opportunity. 1 Definitions For the purposes of paragraphs 2 to 12 (inclusive), the following definitions set out below shall apply: Employee means any current or former employee, officer, or director of the Company [ or of any Group Company ] [ and any other individual involved in the management of the Company’s affairs ] ; Pension Scheme means any arrangement or practice providing for, or contributing towards, an annuity, pension, lump sum, gratuity, or similar benefit on retirement, long-term ill-health, or death, or pursuant to a pension sharing order, arising from the service or historic service of an Employee or any other person, or for the benefit of that individual’s dependants; and Pension Schemes shall be construed accordingly......

Dear [ Insert employee name ] Notice of change of employer From [ insert date of acquisition ] the [ insert name of the business being transferred in the reorganisation ] transferred to [ insert buyer name ]. Under the Transfer of Undertakings (Protection of Employment) Regulations 2006, you automatically became employed by [ insert buyer name ]. Your terms and conditions remain as with [ insert seller name ], and your rights [ apart from those relating to your occupational pension ] are unaffected. Your continuous service is preserved; only your employer’s name has changed. Your contract of employment and all information held about you by [ insert seller name ] transferred to [ insert buyer name ], including sensitive data like your sickness record. [ insert buyer name ] confirms it now holds your personal data to fulfil its obligations and exercise its rights as your employer. [ A statement of any changes to your employment terms is enclosed. ] Please acknowledge this change...

This precedent has been produced on the footing that the drafter is acting for the buyer. It proceeds on the understanding that the target company (the Company) is a subsidiary of the Seller. It is strongly recommended that a pensions specialist is engaged at the earliest opportunity. 1 Definitions For the purposes of paragraphs 2 to 7 (inclusive): Employee denotes any current or former employee, officer, or director of the Company [ or of any Group Company ] [ as well as any other individual involved in the management of the affairs of the Company ]; Pension Scheme refers to any arrangement or practice for the payment of, or contribution towards, an annuity, pension, lump sum, gratuity, or comparable benefit to be provided on retirement, ill-health, death, or change in service status, or under a pension sharing order, in relation to the service or historic service of an Employee or any other person, or for the benefit of that individual’s dependants; and references to...