Pension Scheme Tax Reference meaning

The employer and its advisers ought to reflect on the following matters: Preparatory steps From the employer, gather: a copy of the departing employee’s latest employment contract and any other documents setting out contractual terms (note: these might sit within a staff handbook) particulars of the employee’s contractual benefits pertinent details about the employee’s pension entitlements information on any shares/share options held by the employee; review the Articles of Association, any relevant shareholder agreement, and share scheme documentation. See also Shares and share options below Status of negotiations Will discussions occur directly between the parties, or via their respective legal advisers? How robust is the employer’s bargaining position? How credible are the employee’s existing or potential claims? For any dismissal, is there a fair reason and has a fair procedure been followed? Is the employer in repudiatory breach? What is the employer initially...

The employee (and their adviser) should consider the following issues: Preparatory steps Gather: a copy of the employee’s most recent employment contract and any other documents setting out contractual terms (these might be found in a staff handbook) a P45 or the latest payslip details of the contractual benefits the employee receives relevant information about the employee’s pension benefits relevant details of any shares or share options held by the employee. Review the Articles of Association, any applicable shareholder agreement and share scheme documents. See also Shares and share options below copies of pertinent open correspondence and without prejudice communications between employer and employee Define the scope of the advice and reflect this in the client care letter/terms of business, i.e.: is the advice limited to the terms and effect of the settlement agreement (to satisfy the relevant condition regulating settlement agreements)? is...

Preparatory steps Secure the employee’s most recent employment contract, together with any variations, related correspondence forming part of the contract, and any company handbook considered contractual Verify the employee’s continuous service particulars, including the employment start date and the dates of any contract amendments during employment Gather pension details: whether the scheme is defined benefit or defined contribution, and whether all employer contributions are fully up to date Identify the basis for the settlement-e.g., in respect of a Workplace Relations Commission (WRC) claim, a redundancy payment, a personal injury claim, or another legal claim Where multiple claims are being resolved, ensure agreement with the employer on how the overall settlement is apportioned to each claim, and that both parties clearly understand the tax treatment of each amount Ascertain any shares or share option schemes held by the employee, paying close attention to any definitions relating to leaver status that apply...

In this issue: Budgets and Finance Bills Companies and corporation tax Real estate tax International VAT Taxes management and litigation Employment taxes 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 2024–25 published Finance Bill 2024–25 was issued on 7 November 2024. Also known as the Autumn Finance Bill 2024, it was presented in the House of Commons and received its first reading on 6 November 2024. We will release commentary on the Bill’s provisions together with a tracker following its journey through Parliament. See: Finance Bill 2024–25. Autumn Budget 2024 As noted in last week’s Tax weekly highlights, after the Autumn Budget on Wednesday 30 October, we delivered overnight coverage of the principal business tax measures in the Autumn Budget and Corporate Tax Roadmap, featuring perspectives from our Consulting Editorial Board...

In this issue: Probate Court of Protection HMRC Manuals updates Tax avoidance, evasion and non-compliance Regulatory compliance for Private Client Budgets and Finance Bills Insolvency—Private Client Contentious trusts and estates Pensions, insurance and tax efficient investments Scotland, Wales and Northern Ireland International Question of the week Daily and weekly news alerts LexTalk®Private Client: a Lexis+® community New and updated content Dates for your diary Trackers Latest Q&As Useful information Probate Bona Vacantia Division reinstates unclaimed estates list following fraud review Working with the Government Legal Department, the Bona Vacantia Division (BVD) has confirmed the restoration of the Bona Vacantia unclaimed estates list following a review of its release. Publication had been paused in July 2025 owing to allegations of fraud in the probate system. The review found no evidence that the unclaimed estates list was connected to fraudulent activity. Even so, BVD has judged...

In this issue: Brexit highlights Brexit SIs Post-Brexit transition guidance Equality and Human rights Constitutional and administrative law Public procurement Information law Subsidy control and State aid Management and strategic planning Other public law news Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Brexit highlights Administrative Court requests Court of Justice preliminary ruling under UK-EU Withdrawal Agreement in universal credit and domestic violence case—R (BZ) v Secretary of State for Work and Pensions The judgment focused on whether the Court should seek a preliminary ruling from the Court of Justice under Article 158(1) of the Agreement on the withdrawal of the United Kingdom of Great Britain and Northern Ireland from the EU and the European Atomic Energy Community. At paragraph [104], Mr Justice Chamberlain stated that the court’s competence to seek a ruling on the correct construction of Article 17(2)...

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...

ARCHIVED: This Practice Note is archived, not maintained, and provided solely for background reference. It addresses the ‘flexible furloughing’ version of the Coronavirus Job Retention Scheme (CJRS) that operated from 1 July to 31 October 2020. The content reflects the position under the revised CJRS during that timeframe. For more detail on: the extended CJRS running between 1 May and 30 September 2021, see Practice Note: Coronavirus Job Retention Scheme (extended version 1 May to 30 September 2021) [Archived] the extended CJRS in force from 1 November 2020 to 30 April 2021, see Practice Note: Coronavirus Job Retention Scheme (extended version 1 November 2020 to 30 April 2021) [Archived] the original CJRS applying from 1 March to 30 June 2020, see Practice Note: Coronavirus Job Retention Scheme (original version to 30 June 2020) [Archived] For a template letter documenting flexible furlough arrangements under the extended CJRS, see Precedent: Letter—from employer to employee regarding flexible furlough arrangements (extended CJRS 1 May...

ARCHIVED This archived Practice Note is not being maintained and is supplied for background purposes only. It covers the original Coronavirus (COVID-19) Job Retention Scheme (CJRS), first unveiled by the government on 20 March 2020, which applied from 1 March to 30 June 2020. For information on: the extended CJRS operating between 1 May and 30 September 2021, see Practice Note: Coronavirus Job Retention Scheme (extended version 1 May to 30 September 2021) [Archived] the extended CJRS in effect from 1 November 2020 to 30 April 2021, see Practice Note: Coronavirus Job Retention Scheme (extended version 1 November 2020 to 30 April 2021) [Archived] the revised CJRS running from 1 July to 31 October 2020, see Practice Note: Coronavirus Job Retention Scheme (extended version 1 July to 31 October 2020) [Archived] The CJRS was a temporary initiative, originally intended to run for three months from 1 March 2020. On 17 April 2020, HM Treasury announced an extension to 30 June,...

This Agreement is made on [ insert date ] Parties [ Insert Employer’s name ], whose registered office is at [ insert Employer’s address ], company registration number [ insert Employer’s company number ] (Employer); [ Insert Employee’s name ] of [ insert Employee’s address ] (you). The parties agree: Termination of employment 1.1 Your employment with the Employer [ will terminate OR terminated ] owing to [ insert reason for termination ] on [ insert date ] (Termination Date). 1.2 For the period up to and including the Termination Date, you [ will be OR have been ] paid your accrued basic salary (less deductions for income tax and primary class 1 (employee) National Insurance contributions ( PAYE Deductions )) and [ will have OR have ] received your contractual benefits [ , including a payment of £[ insert amount ] in respect of [ insert number ] days’ accrued but untaken holiday entitlement ] [...

FORTHCOMING CHANGE: On 26 November 2025, within Budget 2025, it was confirmed that, from April 2029, only the first £2,000 each year of pension savings made under a salary sacrifice arrangement will escape National Insurance contributions (NICs). Any amount an employee sacrifices above £2,000 per annum will attract both employer and employee NICs, meaning the surplus over £2,000 will, for NICs, be handled in the same manner as other staff workplace pension contributions. Employer-paid contributions are not altered by this measure, and income tax relief continues as before, as announced in Budget 2025 officially...

This Agreement is entered into on [ insert date or leave date blank ] [ year ]. Parties [ Insert Employer’s name ], whose registered office is at [ insert Employer’s address ], company registration number [ insert Employer’s company number ] (Employer); and [ Insert Employee’s name ] of [ insert Employee’s address ] (you). The parties agree as follows: 1 Termination of employment 1.1 Your employment with the Employer [ will terminate OR terminated ] due to [ insert reason for termination ] on [ insert date ] ( Termination Date ). 1.2 You [ will be OR have been ] paid the accrued basic salary (less deductions for income tax and primary class 1 (employee) National Insurance contributions ( PAYE Deductions )) and [ will have OR have ] received your contractual benefits [ , including a payment of £[ insert amount ] in respect of [ insert number ] days’ accrued but untaken holiday entitlement...