Jurisdiction(s):
United Kingdom

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...

On demand guarantees and bonds: legal character and distinction from traditional guarantees, structure and operation, fraud and injunctions, sanctions issues, and URDG 758

Published by a LexisNexis Banking & Finance expert

Practice notes

This Practice Note deals with on demand guarantees and bonds.

(It does not address conditional guarantees and bonds, which are generally issued by insurance companies and fall outside the scope of this Practice Note.) On demand guarantees and bonds are ordinarily issued by banks at their customers’ request as a form of quasi‑security for contractual obligations that the bank’s customer has undertaken with a third party. This Practice Note outlines:

the purpose and common applications of on demand guarantees and bonds
the distinction between:
- on demand guarantees and bonds, and
- guarantees in the traditional sense of the term
the structure and parties involved in on demand guarantee and bond transactions
the principal characteristics of on demand guarantees and bonds
the key issues to note where payments under on demand guarantees and bonds are affected by sanctions issues, and
the standard Rules and practices commonly incorporated into on demand guarantees and bonds

The terminology surrounding on demand guarantees and bonds can be confusing. In practice, on demand guarantees and on demand bonds usually fulfil the same function and share the same features...

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Web page updated on 21/05/2026

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