Past service benefit meaning

In this issue: Leasing property Property management Investigating title Transferring property Easements, rights and covenants Property insolvency Property taxes Property in Wales Additional property updates this week Daily and weekly news alerts Trackers New Q&As Leasing property Statutory standing for Code agreement renewals In On Tower UK Ltd v AP Wireless II (UK) Ltd [2026] EWCA Civ 43, the Court of Appeal decided that an operator does not have to be the party that originally entered into a Code agreement in order to invoke renewal rights under Part 5 of the Electronic Communications Code. Holding the benefit of the agreement is enough. Put differently, it is the practical enjoyment of Code rights that carries the statutory entitlement to renew, not the identity of the original signatories. The ruling settles who can start renewal proceedings under the Code and dispels doubt over whether assignees and transferees may rely on Part 5 protections....

ARCHIVED: This archived Practice Note summarises the Fee-Paid Judicial Pension Scheme (FPJPS), introduced by the Judicial Pensions (Fee-Paid Judges) Regulations 2017, SI 2017/522, arising from O’Brien v Ministry of Justice. It covers the statutory framework, governance, eligibility, contributions and benefit design. This note is not maintained... Statutory framework The Judicial Pension Scheme includes several arrangements: Judicial Pension Scheme 1981 (JPS 1981). Salaried judges appointed before 31 March 1995 will usually be members of this unfunded final salary scheme, created under JPA 1981. Judicial Pension Scheme 1993 (JPS 1993 or JUPRA). Salaried judges appointed between 31 March 1995 and 31 March 2015 will generally be members of this unfunded final salary scheme, established under JPRA 1993. Note that: There is an entitlement to elect to move from JPS 1981 to JUPRA at any point up to six months after retirement. For more information, see Eligibility, below. The Ministry of Justice began an options exercise in October 2023 to...

THIS PRACTICE NOTE APPLIES IN RELATION TO DEFINED BENEFIT LIABILITIES How defined benefit (DB) liabilities ought to be assessed depends on a number of factors, in particular: the valuation approach to be adopted. Common exercises undertaken comprise the following: scheme-specific funding valuations as required under Part 3 of the Pensions Act 2004 (PeA 2004) solvency (or buy-out) valuations as required by the Occupational Pension Scheme (Scheme Funding) Regulations 2005, SI 2005/337, reg 7 valuations required by the PeA 2004, ss 143 and 179 (often described respectively as s 143 valuations and s 179 valuations) neutral estimates to meet the requirements of Technical Actuarial Standard 300 (Pensions) cash equivalent transfer values (CETV) as specified under the Occupational Pension Schemes (Transfer Values) Regulations 1996, SI 1996/1847 IAS19 and UK GAAP valuations whether the liabilities under review concern past service or future service, as distinct categories This Practice Note sets...

THIS PRACTICE NOTE APPLIES IN RELATION TO OCCUPATIONAL PENSION SCHEMES The framework set out in sections 67–67I of the Pensions Act 1995 (PA 1995), often called the ‘subsisting rights provisions’ or simply the ‘section 67 regime’, places statutory limits on what changes can be made to occupational pension schemes. Broadly, section 67 is intended to stop adverse changes to members’ accrued (past service) benefits unless members agree. From 6 April 2006 (A‑day), section 262 of the Pensions Act 2004 revised the wording of the original section 67 (the ‘old s 67’). Following A‑day, the regime applies to ‘regulated modifications’ (see below), whereas the old s 67 covered any change that ‘would or might affect any entitlement, accrued right […] of any member acquired before’ the modification took effect. The old s 67 regime governed amendments made between 6 April 1997 and 5 April 2006. Prior to 6 April 1997, no section 67 regime existed and any protection against adverse alterations to scheme benefits (if any) derived solely from the...

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 template is prepared on the footing that the drafter acts for the buyer. The warranties below are framed for a transaction where the Buyer: chooses to mirror pension entitlements for transferring Employees within the same pension scheme by executing a deed of substitution to participate and take on responsibility for the scheme, or agrees to accept a transfer of Employees’ past service benefits from the Seller’s pension scheme into its own scheme. You are strongly advised to engage a pensions specialist at the earliest opportunity. 1 Interpretation and definitions For the purposes of paragraphs 2 to 7 (inclusive): [ Employee means [ define as required, either by class or by naming individuals ]; ] Pension Scheme [s] mean[s] [ [ insert name(s) of scheme(s) ] OR any arrangement or practice for the payment of, or contributions towards, an annuity, pension, lump sum, gratuity or comparable benefit provided on retirement, long-term ill-health or death, or under a...