Pension splitting meaning

Pension Schemes Act 2015 The Pension Schemes Act 2015 (PSA 2015) covers three principal areas: the new ‘defined ambition’ pensions the provision of the ‘guidance guarantee’ amendments to the cash equivalent transfer provisions of the Pension Schemes Act 1993 (PSA 1993) Defined ambition arrangements can be created to set targets for benefits, yet an individual’s right extends only to the funds in their pot. This model permits the sharing of risk and return between members of the scheme, whilst keeping such arrangements outside most of the defined benefit requirements found elsewhere in pensions legislation. The guidance guarantee is free-of-charge pensions ‘guidance’ offered at retirement to all members of a defined contribution pension scheme, effectively to explain the choices available for decumulation, particularly following the changes announced in the 2014 Budget and taking effect from 6 April 2015 under the Taxation of Pensions Act 2014 (TPA 2014). The Financial Conduct Authority regulates the provision of this guidance, and there is an...

Joint venture The expression ‘joint venture’ has no fixed legal definition in UK law. It denotes a commercial arrangement in which two or more parties agree to combine their resources to deliver a proposed project (or other business activity) and to share the resulting gains. The term spans many scenarios, from structural arrangements that create or modify economic control of a legal entity—such as joint venture companies or partnerships—to non-structural set-ups including contractual joint projects and informal, undocumented collaborations. A joint venture can be established for a single project, a defined period, or as a continuing business relationship... they may not have the requisite knowledge, expertise, technology, resources and/or funding by splitting funding obligations, they can reduce financial risk they may gain access to new markets they can keep running their own businesses whilst also pursuing the project/business through the joint venture, subject to agreed limits, for example not to compete Joint ventures are used in a variety of sectors...