Stakeholder pension scheme meaning

In this issue: Companies and corporation tax Stamp taxes VAT Individuals and income tax Taxes management and litigation Employment taxes Budget and Finance Bills Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Companies and corporation tax Court of Appeal decides interest on intra-group loans not restricted under transfer pricing rules but debits disallowed under unallowable purpose rule (BlackRock Holdco 5, LLC v HMRC) BlackRock Holdco 5, LLC v HMRC [2024] EWCA Civ 330 considers whether, for UK tax purposes, interest on intra‑group borrowing put in place to help fund a commercial acquisition is deductible. Two principal points were before the Court of Appeal: the transfer pricing analysis and the loan relationships unallowable purpose question. On the transfer pricing limb, the Court of Appeal allowed the taxpayer’s appeal. As a result, deductions for interest on the intra‑group loans were not curtailed by the transfer...

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In this issue: Budgets and Finance Bills Taxes management and litigation Employment taxes VAT Funds Energy International Current issues 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 2025 substantively enacted On Monday, 3 March, the Finance Bill 2025 cleared report stage and its third reading successfully in the House of Commons, with the government’s report-stage amendments duly agreed. For IFRS and UK GAAP, the Bill is now regarded as ‘substantively enacted’. The text transmitted from the Commons had its first reading in the House of Lords on Tuesday, 4 March. The Lords’ second reading, committee stage, report stage, and third reading are all firmly set for Wednesday, 19 March. To follow ongoing amendments to the Finance Bill as it moves through Parliament, see: Tax—Finance Bill 2025 tracker. CIOT issues Finance...

This Practice Note addresses the disclosure duties applying from 6 April 2014 to occupational and personal pension schemes under the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734 (the 2013 Disclosure Regulations). For information on disclosure requirements that apply outside the 2013 Disclosure Regulations, see Practice Note: Event-specific disclosure requirements for occupational and personal pension schemes. For details of the disclosure requirements that applied before 6 April 2014 to occupational and personal pension schemes, see Practice Notes: Occupational pension schemes—disclosure requirements before 6 April 2014 (ARCHIVED) and Personal pension schemes—disclosure requirements before 6 April 2014 [Archived]. In this Practice Note, references to ‘trustees’ include, in the context of a contract-based scheme, the managers of the scheme. Introduction of new disclosure regime from 6 April 2014 The 2013 Disclosure Regulations took effect on 6 April 2014, amalgamating the disclosure provisions previously set out in: the Occupational Pension Schemes (Disclosure of Information) Regulations 1996, SI 1996/1655—repealed, and the Personal Pension Schemes (Disclosure...

Role of the Pensions Regulator Statutory objectives The Pensions Regulator’s core function is to meet the statutory objectives set out in section 5 of the Pensions Act 2004 (PeA 2004). These are: to safeguard the benefits due to, or on behalf of, members of occupational pension schemes to safeguard the benefits due to, or on behalf of, members of personal pension schemes who are: employees for whom there are 'direct payment arrangements' (defined below), and where the scheme is a stakeholder pension scheme, any other members to reduce the likelihood of circumstances that could lead to compensation from the Pension Protection Fund for defined benefit scheme funding, to minimise any adverse effect on an employer’s sustainable growth to maximise compliance with auto-enrolment duties (for further information on which, see Practice Note: Auto-enrolment—an introduction) to promote, and improve understanding of, the good administration of 'work-based pension schemes', namely: ...

This Practice Note examines the Financial Services Compensation Scheme (FSCS) in a pensions setting. For more background on the FSCS generally, consult the following Practice Notes: The Financial Services Compensation Scheme The payment or rejection of compensation under the Financial Services Compensation Scheme (FSCS) Financial Services Compensation Scheme (FSCS)—the qualifying conditions for compensation Financial Services Compensation Scheme (FSCS)—funding Financial Services Compensation Scheme (FSCS)—automatic assignment or subrogation of rights Financial Services Compensation Scheme (FSCS)—payment or rejection of compensation What is the FSCS? The FSCS is the UK’s statutory compensation fund for customers of most financial services firms authorised under the Financial Services and Markets Act 2000 (FSMA 2000). It took effect on 1 December 2001. In strict terms, the FSCS is the set of rules that establish it (the Rules). The Rules were originally made by the Financial Services Authority (FSA) and, from 1 April 2013, have been made by the Financial Conduct Authority (FCA) and the Prudential Regulation...

This precedent is prepared on the footing that the drafter acts for the Seller. It is prepared on the basis that the target company (the Company) is a subsidiary of the Seller. It is strongly recommended that a pensions specialist is engaged at the earliest opportunity. 1 Definitions For the purposes of paragraphs 2 to 12 (inclusive), the following definitions set out below shall apply: Employee means any current or former employee, officer, or director of the Company [ or of any Group Company ] [ and any other individual involved in the management of the Company’s affairs ] ; Pension Scheme means any arrangement or practice providing for, or contributing towards, an annuity, pension, lump sum, gratuity, or similar benefit on retirement, long-term ill-health, or death, or pursuant to a pension sharing order, arising from the service or historic service of an Employee or any other person, or for the benefit of that individual’s dependants; and Pension Schemes shall be construed accordingly......