Jurisdiction(s):
United Kingdom

Key definition

Business plan definition

What does Business plan mean? In pensions practice, a business plan is a trustee governance document that sets out the scheme’s objectives and planned actions over a defined period. It typically covers administration, investment, funding, communications, risk management, key milestones (for example valuations, ORA, chair’s statement), responsibilities, budgets and adviser reviews, to support timely, well‑informed decisions in members’ best interests. It is not to be confused with an employer’s corporate business plan. The term is not defined in UK legislation or case law; it is a descriptive governance tool used for both defined benefit and defined contribution schemes. In England & Wales, Scotland and...

Lawyers’ guide to internal business cases: how to distinguish them from business plans, engage early, and assess scope, risks, resources, timings and ROI

Published by a LexisNexis Practice Compliance expert

Practice notes

business plans vs business cases

Most people know about business plans, even if they have never drafted one. Organisations usually produce them for a clear objective: to show external audiences—such as banks, venture capitalists and private equity firms—why they should commit funds or other backing. These documents often follow a familiar structure, typically covering:

the organisation’s aims
an overview of competitors
a strengths, weaknesses, opportunities and threats (SWOT) review
projected finances

Although the phrases ‘business plan’ and ‘business case’ are frequently muddled, they are not the same. Both are created to seek some form of investment and to explain how that investment will be deployed and delivered. Yet they differ in these respects:

Business plans – Usually outward-facing documents prepared for independent third parties, for example outside investors or lenders.
Business cases – Typically materials presented inside the organisation, for instance a product development team might produce a business case to support the development and

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Web page updated on 21/05/2026

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