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...

Profit forecasts, profit estimates and quantified financial benefits statements under the UK Takeover Code (Rule 28): reporting and directors’ confirmation regimes, dispensations, analysts’ forecasts, publication and UK Listing Rule considerations

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Practice notes

Definitions and related Code provisions

Definitions

This Practice Note reviews Rules on profit forecasts and quantified financial benefits statements (QFBSs) under the City Code on Takeovers and Mergers (the Code), including cases where the profit forecast Reporting regime is disapplied.

Within the Code, a 'profit forecast' is any wording that expressly sets out, or implicitly points to, a number—whether a minimum or a maximum—for the anticipated amount of Profits or losses for the present financial period and/or later periods, or that includes information enabling such a future profit or loss figure to be computed, even where no explicit number appears and the term 'profit' is absent, notwithstanding that no particular figure is specified and the word 'profit' does not feature.

For these purposes, a 'financial period' need not align with a defined accounting period.

A statement labelled a 'target', 'budget' or similar will ordinarily be treated as a profit forecast, even where it is expressly stated that it should not be taken as an indication of the likely level of profits, unless it is clear that the statement is nothing more than aspirational...

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Web page updated on 21/05/2026

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