Overseas pension scheme meaning

This Checklist sets out, in chronological order, the actions required to implement a pension sharing order from the standpoint of trustees of an occupational pension scheme. It does not cover pension attachment orders, which are uncommon; see Practice Note: Pension attachment orders. In particular, the Checklist outlines the process where the application for a pension sharing order is made on Form A, rather than via Form D50F for financial relief following an overseas divorce (a rarer route), though the sequence is broadly comparable in that case. For guidance on implementation challenges that trustees may encounter in this context, refer to Practice Note: Pensions on divorce—issues for pension trustees. Action step Comment Source Trustees are sent a copy of Form A (Notice of intention to proceed with a financial application to which the standard procedure applies) that includes an application for a pension sharing order. Strictly, this should occur when Form A is issued. In reality, the applicant spouse may, at that stage, lack the information needed to satisfy...

Original news Mr R (CAS-63400-N0T9) – 21 October 2024. Summary The Deputy Pensions Ombudsman dismissed a grievance concerning a transfer into a pension liberation arrangement. It was considered inappropriate to assess the decision through the lens of hindsight. The 2013 ‘Scorpion’ guidance post-dated the transfer by two years and therefore did not apply anyway. The Scheme undertook suitable, robust and proportionate due diligence consistent with industry practice at the time. This outcome confirms the Pensions Ombudsman does not make retrospective judgements in such circumstances. What were the facts? Mr R held deferred status as a member in the Armed Forces Pension Scheme (the ‘Scheme’)...

In this issue: Pensions allowances Mansion House speech Types of pension arrangements Daily and weekly news alerts Dates for your diary Trackers Pensions allowances Coming into force of two tax regulations making corrections to the lifetime allowance abolition provisions As anticipated, two regulations commenced on 18 November 2024, applying retrospectively from 6 April 2024, to fix provisions relating to the abolition of the lifetime allowance. The first is the Pensions (Abolition of Lifetime Allowance Charge etc) (No. 2) Regulations 2024, SI 2024/1012. Among other measures, they: require members to give all pension scheme administrators a copy of their transitional tax-free amount certificate (TTFAC) and to notify them if it is cancelled permit members to transfer pension savings while keeping any lump sum protection available under their enhanced protection adjust the transitional rules for the overseas transfer allowance so funds crystallised into drawdown before 6 April 2024 are not counted twice if moved...

In this issue: Budgets and Finance Bills Taxes management and litigation Employment taxes VAT Funds Energy International Current issues LexTalk®Tax: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Budgets and Finance Bills Finance Bill 2025 substantively enacted On Monday, 3 March, the Finance Bill 2025 cleared report stage and its third reading successfully in the House of Commons, with the government’s report-stage amendments duly agreed. For IFRS and UK GAAP, the Bill is now regarded as ‘substantively enacted’. The text transmitted from the Commons had its first reading in the House of Lords on Tuesday, 4 March. The Lords’ second reading, committee stage, report stage, and third reading are all firmly set for Wednesday, 19 March. To follow ongoing amendments to the Finance Bill as it moves through Parliament, see: Tax—Finance Bill 2025 tracker. CIOT issues Finance...

This page gathers pensions resources that cover key topics concerning EU law matters specifically. For general EU law information, consult EU structure, EU legislative process, EU judicial system, and EU rights and policies; these are found in the EU Law topic within the Public Law practice area for reference as well. Brexit Brexit and IP completion day—the implications for pensions [Archived] Business sales / TUPE transfers TUPE—an overview for pensions lawyers TUPE and Beckmann—the pensions exception How to deal with Beckmann liabilities on a...

Statutory framework At present, four principal pension schemes operate in England and Wales for members of the armed forces. These are: Armed Forces Pension Scheme 1975 (AFPS 1975) — formerly open only to the regular forces; closed to new members from 6 April 2006 and stopped future accrual from 1 April 2022 Armed Forces Pension Scheme 2005 (AFPS 2005) — likewise for the regular forces only; also closed to future accrual from 1 April 2022 Reserve Forces Pension Scheme 2005 (RFPS 2005) — open to full time reservists; again closed to future accrual from 1 April 2022 Armed Forces Pension Scheme 2015 (AFPS 2015) — open to the regular forces and all reservists; effective from 1 April 2015 There are also several other schemes, run by the same manager, that provide pension or other occupational benefits to armed forces personnel. This Practice Note focuses on AFPS 2015. The AFPS 2015 was established under section...

This Practice Note outlines and critiques the restrictions that arise when advice is provided to an individual who wishes to move from a defined benefit (DB) occupational pension scheme to a manner of defined contribution (DC) arrangement. It concentrates on what amounts to suitable independent advice, identifies which persons are authorised to deliver advice, and explains the Financial Conduct Authority (FCA) requirements placed upon those persons. The need to take advice Since 6 April 2015, members holding safeguarded benefits—broadly, DB entitlements—valued at £30,000 or more must obtain advice from a professional, independent financial adviser (described by the FCA as a Pension Transfer Specialist) if they intend to surrender safeguarded benefits in favour of flexible benefits—broadly, DC entitlements—whether by transferring them to a flexible benefit scheme, converting benefits into flexible benefits, or receiving them as an uncrystallised funds pension lump sum. This duty to seek advice, which this Practice Note terms the ‘appropriate independent advice requirement’, is considered in Practice Note: Requirement for appropriate independent advice on DB to...