Relevant benefits 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...

This checklist helps practitioners grasp and consistently apply the FCA’s Consumer Duty requirements for evidencing fair value effectively. It should be considered alongside other relevant practical Consumer Duty materials and references: for information on the main elements of the Consumer Duty with general application, see Practice Note: The FCA Consumer Duty—essentials; also for a suite of sectoral guidance and checklists see: Consumer protection and FCA Consumer Duty—overview for key developments relating to the FCA’s Consumer Duty, see: The FCA Consumer Duty—timeline Background Under the Consumer Duty, four outcomes cover the central and key aspects of the firm–customer relationship. The second outcome is the Price and Value Outcome, which is concerned with an overarching obligation that products must deliver ‘fair value’ to customers. Under PRIN 2A.4: value is the relationship between the amount paid by a retail customer for the product and the benefits they can reasonably expect to receive from the product; and a product provides fair value...

THIS CHECKLIST APPLIES TO TRUSTEES OF PRIVATE SECTOR DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES This Checklist has been archived. It summarises the actions DB trustees needed to take in the run-up to 6 April 2015, and afterwards, to accommodate the pension flexibilities (also called pension freedoms) introduced on 6 April 2015. For more about the nature of those reforms, see Practice Note: Pension freedoms—an introduction [Archived]. In this Checklist, ‘DB trustees’ denotes the trustees (or managers) of arrangements other than those providing flexible benefits, i.e. excluding: money purchase arrangements cash balance arrangements other arrangements that typically require an individual to buy an annuity Note that the additional voluntary contribution (AVC) facilities of defined benefit schemes do, in effect, amount to arrangements offering flexibilities. The issues set out in Pension flexibilities: steps for DC trustees to take—checklist [Archived] are therefore relevant to trustees of such schemes, but only to the extent that the AVC facilities are concerned. Preliminary steps ...

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...

Original news Mr T (CAS-64304-R5R1)—14 April 2025 Summary The Pensions Ombudsman dismissed a complaint concerning the distribution of death benefits from a pension scheme. It concluded the scheme administrator’s decision was reasonable, neither irrational nor perverse. The complainant was not named in a supposed will—which was invalid as it lacked witnesses—and was the sole beneficiary of the late member’s estate. Before deciding, the administrator carried out extensive enquiries. This outcome serves as a reminder that trustees and administrators of pension schemes should undertake appropriate enquiries when determining death benefit payments. What were the facts? Mr S was a member of the AJ Bell You Invest Self invested Personal Pension Plan (the Scheme). Following his death, he was survived by, among others, Mr T. Mr T had entered into a civil partnership with Mr S...

In this issue: Funding and investment Members and benefits Types of workplace pension schemes The Pensions Regulator Pensions dashboards Daily and weekly news alerts Dates for your diary Trackers Funding and investment TPR calls for endgame strategy shift as it publishes Annual Funding Statement 2025 The Pensions Regulator (TPR) issued its Annual Funding Statement (AFS) on 29 April 2025 for trustees and sponsoring employers of occupational defined benefit (DB) pension schemes, the first to sit under the new DB funding code introduced in November 2024. The statement sets out TPR’s expectations for the reformed regime and is most relevant to schemes with valuation dates from 22 September 2024 to 21 September 2025, now described as Tranche 24/25 (T24/25) to align with the calendar year, having previously been intended as Tranche 20 (T20). In appendix 1, TPR provides further clarification on its December 2024 guidance on assessing the employer covenant, and appendix 2 explains how trustees...

Statutory paid holiday In Great Britain, workers have a legal entitlement to 5.6 weeks’ paid annual leave under the Working Time Regulations 1998 (WTR 1998), SI 1998/1833. It should be recognised from the start that this is made up of two components: a core entitlement of four weeks’ paid annual leave (often called ‘Euro leave’) (WTR 1998, SI 1998/1833, reg 13), and an extra 1.6 weeks’ paid annual leave (WTR 1998, SI 1998/1833, reg 13A) Different rules apply to irregular hours and part-year workers for holiday years beginning on or after 1 April 2024. For further details, see Practice Note: Statutory paid holiday—irregular hours workers and part-year workers. For the position in Northern Ireland, which has its own Working Time Regulations (Northern Ireland) 2016, SI 2016/49, see Practice Note: Employment law in Northern Ireland—Working Time Regulations and holidays. The basic four-week entitlement reflects the UK’s implementation of the EU minimum in Article 7 of Directive 2003/88/EC (the Working Time Directive),...

Variation of Will or intestacy after death—Q&As An instrument of variation can be used to alter how a deceased person’s estate is distributed under a Will or on intestacy. It is commonly executed by deed. To secure effectiveness—typically to obtain favourable inheritance tax (IHT) and capital gains tax (CGT) treatment under section 142 of the Inheritance Tax Act 1984 (IHTA 1984) and section 62(6) of the Taxation of Chargeable Gains Act 1992 (TCGA 1992)—certain formalities must be met. These include that the deed is in writing, contains the requisite statement applying the statutory provisions, is not made for any extraneous consideration, and is signed by all relevant parties, including the deceased’s personal representatives (PRs) where additional tax would otherwise arise. For guidance on deeds of variation, see Practice Note: Variation of Will or intestacy after death. See also Practice Note: Post-death rearrangements. Compliance with these requirements will usually deliver the intended IHT and CGT position. The formalities for execution of variation should be followed accordingly. Precedent deed of variation...

What does this Practice Note cover? This Practice Note summarises the successor provisions in the 2014 ISDA Credit Derivatives Definitions (the 2014 Definitions). It sets out how a successor is identified, including what counts as relevant obligations, the role and actions of the calculation agent and the ISDA Determinations Committee (DC), and which documents must be reviewed to confirm a successor. What are successors? ‘Reference entity’ is defined in Section 2.1 of the 2014 Definitions as the entity stated in the confirmation together with any successor. A reference entity is fundamental to the value of a credit derivative transaction (see What are credit derivatives?—What is a credit derivative? for an explanation of a reference entity) and, therefore, if that entity changes (through merger, acquisition, or similar event), the value of the transaction may alter because the credit standing of the new reference entity might not match that of the original reference entity. If the new reference entity is weaker, the buyer of the transaction benefits, and if...

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 ] [...

1 Introduction 1.1 We regard corporate social responsibility (CSR) as central to the way we run our company. By CSR we recognise that, as a business, we owe duties to our customers, staff, suppliers and other stakeholders, alongside the wider society in which we operate. Through our organisation’s policies and practices, we set out to create value for our staff and customers, lessen our environmental footprint, and enhance the wellbeing of the local community. 2 Our strategy 2.1 We believe that a well-defined and focused CSR plan, with clear aims and objectives, delivers real benefits for our organisation, since clarity and focus strengthen those benefits. These benefits flow from clear aims and objectives clearly. 2.2 We depend on a healthy, diverse and talented workforce, and we strive to attract and keep the best people. We must also ensure we are recognised for delivering a high standard of service to our customers. Accordingly, we want our business to reflect the environmental and social priorities...

Parties Participant Name: [ insert name of participant ] Residential Address: [ insert address of participant ] Payroll Reference: [ insert payroll number of participant ] Company Name: [ insert name of company ] Registered Address: [ insert registered address of company ] Registered Number: [ insert registered number of company ] Trustee Name: [ insert name of trustee ] Registered Address: [ insert registered address of trustee ] Registered Number: [ insert registered number of trustee company ] This agreement outlines the conditions under which the Participant commits to purchase Partnership Shares [and receive Matching Shares] in line with the Plan. The definitions set out in the Plan Rules shall apply to this agreement. Should any inconsistency arise between this agreement and the Rules, the...

Under WTR 1998, workers get 5.6 weeks’ annual leave each year: a basic entitlement of four weeks’ leave (20 days for a standard full‑time worker) implementing article 7 of the Working Time Directive (WTD) an additional 1.6 weeks’ leave (eight days for a standard full‑time worker) created by domestic law only Understanding this distinction is important because: European Court of Justice case law concerns the WTD alone, so it applies only to the basic four weeks’ paid leave holiday pay is calculated differently for: the basic four weeks, and the additional 1.6 weeks The general rules as to the right to carry forward accrued holiday entitlement are that: the basic four weeks must be taken in the leave year earned and cannot be carried over (though an employer may choose to allow it) a relevant agreement may allow the additional 1.6...

IR35 The off-payroll IR35 framework applies where: from 6 April 2017, the engager is a public authority; and from 6 April 2020, a private sector organisation (other than one that is ‘small’) hires a worker via an intermediary, for example a personal service company (PSC). The legislation takes effect in respect of payments made on or after those dates, even where such payments relate to services delivered before those dates. This applies without regard to precisely when the work was performed. In essence, and in practical terms, the off-payroll IR35 rules move the task of deciding whether IR35 applies from the PSC to the end client in relevant cases and, where IR35 does apply, they place the duty to deduct income tax and National Insurance contributions (NICs) on the party nearest to the PSC in the contractual chain (whether that is the end client contracting directly with the PSC, or another intermediary within more complicated contractual structures). IR35 is engaged...

The approach an employer should take to confirm whether the sums it pays a worker comply with the national minimum wage requirements is explained, in particular, within the relevant section of the Practice Note: National minimum wage entitled National minimum wage — Checking pay against the minimum...