Jurisdiction(s):
United Kingdom

Related legal acts

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...

Occupational pension scheme trustees: roles, decision-making, TKU, funding, liability and advisers—an introductory guide for trainee and newly qualified lawyers

Published by a LexisNexis Pensions expert

Practice notes

This guide is chiefly directed at trainees, newly qualified lawyers and others who are new to, or not familiar with, pensions law.

Background

Trustees occupy a pivotal position within the pensions landscape. This is especially true for occupational pension schemes, although trusts and their trustees also appear in various other forms connected to pensions in everyday practice. For instance, pension and life assurance schemes may set up trusts to receive death-in-service lump sums that are owed to beneficiaries who cannot give 'good receipt' for monies due to them at the relevant time, including children below the age of legal majority and individuals who are otherwise legally incapacitated personally. Trust-based pension schemes remain governed by the ordinary principles of trust law (e.g. the overarching duty for trustees to act in the best interests of their beneficiaries, always ultimately subject, of course, to the applicable legal framework). Moreover, pensions case law and legislation place additional duties and obligations upon pension scheme trustees in practice...

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Wyn Derbyshire

gunnercooke LLP

Wyn is a partner at gunnercooke LLP and specialises in pensions, trust and employment law in all industry sectors, dealing with the transactional, advisory and documentation aspects.He also has wide experience of the pensions implications of heavyweight corporate transactions and flotations, the issues arising from the establishment and merger of pension schemes, and sex equalisation and other discrimination issues in respect of benefits provided by pension schemes. In addition, he provides advice to pension scheme trustees generally.Recent transactions include advising Amcor on pension matters relating to the acquisition of Alcan business and the acquisition of Northern Foods PLC by Boparan Holdings.He is a co-author (with Stephen Hardy and Stephen Maffey) of TUPE: Law and Practice, published by Spiramus Press (now in its 4th edition), and co-author (with Stephen Hardy and David Wicks) of Money & Work, published by Spiramus Press in August 2007. He has also...

Web page updated on 21/05/2026

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