Jurisdiction(s):
United Kingdom

Key definition

Buy-in definition

What does Buy-in mean? A buy-in is a bulk annuity (or similar insurance contract) purchased by defined benefit pension scheme trustees from a regulated insurer and held as a scheme asset. The insurer pays the trustees an income designed to match the covered members’ benefits; members’ rights remain against the scheme, and the trustees continue to administer and pay benefits. This contrasts with a buy-out, where liabilities are transferred to the insurer and the scheme is discharged. In practice, a buy-in transfers investment and longevity risk for the insured tranche to the insurer, while residual risks (for example, data, benefit specification and discretionary elements) remain...

Implementing and Embedding Competency Frameworks in Legal Teams: Senior Buy-in, Workforce Engagement, Communication, Review, and the SRA Continuing Competence Regime

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Practice notes

Practice Note overview

This Practice Note steers you through the essential stages of putting a competency framework in place and includes:

what is a competency framework?
why a competency framework is needed
how to secure buy in from senior management
how to consult and involve the workforce
the most effective ways to communicate the framework
reviewing and updating the framework so it continues to fit the organisation’s needs

What is a competency framework?

In brief, a competency framework sets out the Knowledge, skills and qualities required by people in an organisation. Widely used across public and private sectors, these frameworks emerged as employers sought to describe not only the tasks a person should deliver, but the manner in which they deliver them, and how this aligns with organisational needs. Each role or team will have a distinct set of competencies to perform effectively. A strong framework should also capture the differing behaviours expected at each level within the organisation or team.

Why is a competency framework needed?

A competency framework enables an organisation to articulate, clearly and explicitly, the standards of behaviour...

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Web page updated on 21/05/2026

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