Jurisdiction(s):
United Kingdom

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Key definition

Rules definition

What does Rules mean? Rules describes the written provisions that govern how a pension scheme operates—especially occupational pension schemes—usually contained in, or annexed to, the trust deed (trust deed and rules). Legislation refers to these as scheme rules (for example, Pensions Act 1995 and Pensions Act 2004 in the UK, and the Pensions Act 1990 in Ireland). Scheme rules set out eligibility, benefit structure (defined benefit or defined contribution), contributions, service and accrual, retirement options and ages, revaluation/indexation, ill‑health and death benefits, transfers in and out, leaver provisions, forfeiture, augmentation, priority on winding‑up, discretions and decision‑making, and the scheme’s amendment and termination powers. They also...

Apportionment in Wills: Drafting after the Trusts (Capital and Income) Act 2013—Howe, Allhusen, Re Chesterfield, Re Atkinson and the Apportionment Act 1870

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Practice notes

apportionment rules ought to be addressed when a Will is being prepared. Where a Will establishes a trust, such rules may automatically operate or be disapplied unless the Will’s terms expressly deal with them. Their core function is to keep an even hand between those entitled to the trust capital (the remaindermen) and those entitled to the income arising from it (the life tenant). These rules have been developed by the courts and by statute. In essence, the thinking was that a testator, had the point been considered, would probably have expected the trustees to preserve that balance. equity therefore stepped in to assume that intention on the testator’s behalf. As apportionment was presumed, there was no need to produce evidence of an intention to include the rule (although evidence would be required to overturn the presumption).

Trusts (Capital and Income) Act 2013

The ongoing relevance of the rules came under scrutiny after the Trustee Act 2000 (TrA 2000). Remarks made at that time resulted in the Law Commission being tasked to consider...

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