Pension transfer meaning

This checklist summarises the actions to undertake and the matters to weigh up when the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE 2006), SI 2006/246 are engaged on a business disposal or a change in service provision, where appropriate. It additionally flags up the pertinent Practice Notes and Precedent materials. It is not produced for clients, though it can be tailored for them if required. See also the following TUPE-related checklists: What transfers under TUPE, and who is liable—checklist Pension issues on a TUPE transfer—checklist Checklist—immigration-related requirements on a TUPE transfer Drafting a tripartite settlement agreement—checklist Legal background For a summary of TUPE 2006’s general effect and obligations, consult TUPE and asset purchases—overview. Obtain essential information Pin down exactly what is being transferred or contracted out (this could be a business, a business unit, or another economic activity) and how that will be described in the relevant operative documentation, as necessary. See Practice Notes:...

Planning of merger Secure an 'in principle' commitment from the trustees and employers of both the transferring and receiving schemes to proceed with the merger. Examine the governing provisions for each scheme to verify that the transfer of assets, liabilities and members can take place; amend those provisions where necessary and practical. Confirm whether the schemes' benefit structures align and are compatible. Assess if the contracted-out status of either scheme creates any issues. Review the funding positions of both schemes and obtain actuarial advice; determine whether an employer top-up contribution is required. ...

This flowchart explains the actions required from the issue of a pension sharing order, following the court’s final order/decree of divorce, dissolution or nullity, through to the execution of that pension sharing order in due course...

These Flowcharts These Flowcharts offer direction on the proper method for completing the parts of a stock transfer form that address consideration, stamp duty certification, and execution. They are included within an annotated stock transfer form, which clearly sets out instructions explaining how its sections should be properly filled in...

In this issue: Horizon scanning Status and worker categories Cross-border, international and jurisdictional issues Benefits Prohibited conduct (discrimination etc) TUPE and asset purchases Bribery, modern slavery, tax evasion and fraud Employment Tribunals Immigration IRLR Highlights—January 2025 Dates for your diary Trackers New Q&As Employment resources on Lexis+® Daily and weekly news alerts Employment Highlights 2024/2025 Horizon scanning Employment Law—looking back at 2024 and ahead to 2025: The Lexis+® Employment team provide a concise overview of the standout employment law changes across 2024 and signpost what to watch in 2025, including movement on the Employment Rights Bill, the forthcoming employer duty to prevent sexual harassment, the Equality (Race and Disability) Bill, plus other impending legislation and significant cases. See News Analysis: Employment Law—looking back at 2024 and ahead to 2025. Status and worker categories MoD loses application to rehear army reservists pension bias case: In Milroy v...

Financial services adviser Broadstone reported its review of the Financial Conduct Authority (FCA)’s most recent Financial Lives Survey, released on 16 May 2025, indicated that one in three savers who moved were dissatisfied with the result. Around 12% of members with a DB pension are thinking of moving to a DC arrangement, Broadstone added, citing the FCA figures, which drew on responses from 17,950 people questioned between February and June 2024...

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’)...

THIS PRACTICE NOTE APPLIES TO MONEY PURCHASE ARRANGEMENTS FROM 6 APRIL 2015 From 6 April 2015, new pension flexibilities expanded the retirement choices for DC members and others with ‘flexible benefits’ (in essence, money purchase and/or cash balance entitlements). As part of those reforms, drawdown became more broadly accessible. For background on the changes implemented on 6 April 2015, see Practice Note: Pension freedoms—an introduction [Archived]. This Practice Note concentrates on the legal framework for drawdown arrangements set up on and after 6 April 2015. It also addresses how pre-April 2015 drawdown is treated from that date. For the rules governing drawdown before 6 April 2015, see Practice Note: Drawdown between 6 April 2011 and 5 April 2015 [Archived]. What is drawdown? The label ‘drawdown pension’ (often called ‘flexible income’) replaced ‘unsecured pension’ and ‘alternatively secured pension’ used up to 5 April 2011. Drawdown pension describes the method of paying benefits that allows members to set their own yearly income from a pension arrangement...

The legislative framework The Pension Schemes Act 2017 The Pension Schemes Act 2017 (PSA 2017) is designed to strengthen safeguards for members of master trusts by tightening oversight of master trusts and addressing risk areas inherent in the master trust model when set beside other occupational pension schemes (such as profit-driven objectives, large cohorts of disengaged savers, and the potential jeopardy to pension pots if a master trust collapses). In summary, from 1 October 2018: master trusts must secure authorisation from the Pensions Regulator to operate as a master trust (with existing master trusts given until 31 March 2019 to submit an authorisation application, subject to any extension of the deadline granted by the Pensions Regulator). Five conditions must be met before the Pensions Regulator will grant authorisation—see: Authorisation criteria, below the Pensions Regulator has responsibility for the ongoing supervision of master trusts—see: Ongoing supervision and The Pensions Regulator’s proposed approach to supervision and enforcement, below master trusts must identify and manage ‘triggering...

FORTHCOMING CHANGE 1 : Section 10 of the Finance Act 2022 will raise the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028, except for members of the firefighters, police and armed forces public service pension schemes. This increase applies broadly across registered schemes, subject to the stated exemptions. The same Act will also permit members of registered pension schemes to access benefits before 57 where, on or before 4 November 2021, they either held an ‘unqualified right’ to draw benefits, or were already engaged in a substantive transfer to a scheme providing an unqualified right to a protected pension age below 57 on or before 4 November 2021. To rely on this new protection applying in 2028, the scheme’s rules must, as at 11 February 2021, have contained an unqualified right to take entitlement to scheme benefits before age 57. For more detail, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact. FORTHCOMING CHANGE 2 : The Pension...

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...

Notice to employees of change of employer—private M&A—asset purchase With effect from [ insert date of acquisition ], the [ part of the ] [ insert name of the business being acquired ] business you work in transferred as a going concern to [ insert buyer name ]. Under the Transfer of Undertakings (Protection of Employment) Regulations 2006, you automatically became an employee of [ insert buyer name ]. Your terms and conditions remain those you had with [ insert seller name ], and your rights [ other than those relating to your occupational pension ] are unaffected. Your continuity of service is preserved; only your employer’s name has changed. [ The employee information held by [ insert seller name ] has also transferred to [ insert buyer name ]. ] Please sign and return the enclosed duplicate to acknowledge receipt. Queries: contact [ insert name and details of the person to be contacted ]. Yours sincerely,_________for and on behalf of [ insert buyer name...

This Deed of Merger is entered into on the [ insert day ] day of [ insert date ]. Parties [ TRUSTEE OF TRANSFERRING SCHEME ] (Company No. [ ]), with its registered office at [ address ] (the 'Transferring Trustee'); [ PRINCIPAL EMPLOYER OF TRANSFERRING SCHEME ] (Company No. [ ]), whose registered office is at [ address ] ('Transferring Scheme Employer'); [ TRUSTEE OF RECEIVING SCHEME ] (Company No. [ ]), whose registered office is at [ address ] (the 'Receiving Trustee'); [ PRINCIPAL EMPLOYER OF RECEIVING SCHEME ] (Company No. [ ]), whose registered office is at [ address ] ('Receiving Scheme Employer'). BACKGROUND The Transferring Trustee acts as trustee of the [ Name of Transferring Scheme ] (the 'Transferring Scheme'). The Receiving Trustee serves as trustee of the [ Name of Receiving Scheme ] (the 'Receiving Scheme'). The Receiving Scheme Employer is the Principal Employer of the Receiving Scheme, and the...

Practice Note: TUPE—what pension benefits should the transferee provide? The Pensions Regulator, in its auto-enrolment guidance 2, indicates that when a TUPE transfer occurs, employees who move across are regarded as new joiners of the incoming employer (the transferee)...

Put simply, financial provision orders do not come into force until the decree is made absolute. This is set out expressly for lump sum and periodical payments orders in section 23(5) of the Matrimonial Causes Act 1973 (MCA 1973). As regards property transfer orders or settlements, the requirement appears in MCA 1973, s 24(3). See Practice Note: Implications of the death of a party...