Protected pension age meaning

FORTHCOMING DEVELOPMENT: 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 public service pension schemes for firefighters, police and the armed forces. The Finance Act 2022 will also permit members of registered pension schemes to take benefits before 57 if, on or before 4 November 2021, they met certain conditions: they already had an ‘unqualified right’ to take benefits; or they were in the course of a substantive transfer to a scheme providing an unqualified right to a protected pension age below 57 on or before that date. To rely on this new 2028 protection, the scheme’s rules must have included, as at 11 February 2021, an unqualified right to access scheme benefits before age 57. For further information, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact...

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What is an assessment period? When a qualifying insolvency event affects the sponsoring employer of an eligible scheme, the scheme moves into a Pension Protection Fund (PPF) assessment period as a result of that event. This arises on the occurrence of that event. The day on which that period starts is known as the ‘assessment date’ for the scheme. Since 3 January 2012, the assessment period is no longer required to last for at least 12 months. Throughout the assessment period, the PPF considers whether the scheme satisfies the requirements for entry into the PPF. In particular, the PPF will appoint an actuary to carry out a valuation of the scheme as at the assessment date, in order to determine whether the scheme’s assets are less than the protected liabilities—broadly, the benefits the PPF would pay to members if the scheme were to enter the PPF...

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 Practice Note outlines the available resources concerning safeguards and liabilities arising from acts or failures to act that constitute sexual orientation discrimination, or other forms of prohibited conduct linked to sexual orientation. The detail here is intentionally limited, as the principal aim is to point subscribers towards comprehensive materials contained in additional Practice Notes that explore each element in depth. Consequently, treat this Practice Note as an entry point for research; full coverage is provided only in the places signposted below. Its role is to point you forward, not to replace the comprehensive Practice Notes that address each strand of the topic at length, and the links below are where complete information is intended to be consulted and used. The characteristics protected The Equality Act 2010 (EqA 2010) affords protection against discrimination and other prohibited conduct connected to particular listed characteristics a person may have. Some protections apply solely to one such characteristic. Others operate uniformly across all of them, which together are described as ‘the protected...

This document outlines the Trustees’ approach to equality, diversity and inclusion (EDI). In developing this approach, the Trustees have taken account of [ employer ]’s EDI policy and The Pensions Regulator’s EDI guidance. The Trustees' EDI beliefs The Trustees understand EDI to encompass: Equality: providing fair access to opportunities for everyone, recognising that some individuals may begin from a position of disadvantage. Diversity: recognising and valuing differences between people, whether linked to legally protected characteristics or otherwise. Protected characteristics include age, disability, sex, sexual orientation, gender reassignment, race, and religion or belief. Other relevant characteristics include neurodiversity, socio-economic background, educational history, life experiences and family responsibilities. Inclusion: enabling the full and effective participation of all relevant people, drawing on their varied characteristics for the common good. The Trustees believe that by advancing EDI they can help secure the best possible experiences and outcomes for members of the Scheme...

The Finance Act 2004 (FA 2004) sets conditions for pensions and lump sums to be authorised payments. Under FA 2004, a member’s pension from a registered pension scheme must not begin before they reach the normal minimum pension age, unless the ill-health condition is met. In the same way, most lump sums are not payable before that age. The normal minimum pension age was 50 when FA 2004 took effect on 6 April 2006, rose to 55 from 6 April 2010, and will increase to 57 from 6 April 2028, excluding uniformed services pension schemes (army, navy, air force, police and firefighters). Transitional provisions preserve members’ subsisting rights to draw scheme benefits before age 55; this is referred to as a protection pension age. The Pensions Tax Manual confirms that, to hold a protected pension age, the member must have an unqualified right to receive benefits before the normal minimum pension age, i.e. not dependent on another person’s consent (PTM062210)...