Tolley's basic guide to pensions:
Gespeichert in:
| Format: | Buch |
|---|---|
| Sprache: | English |
| Veröffentlicht: |
Croydon
Tolley LexisNexis
2001
|
| Schlagworte: | |
| Online-Zugang: | Inhaltsverzeichnis |
| Beschreibung: | Includes index. |
| Beschreibung: | X, 340 S. Ill., graph. Darst. |
| ISBN: | 0754507459 |
Internformat
MARC
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| 245 | 1 | 0 | |a Tolley's basic guide to pensions |c by Simon Cann ... [et al.] |
| 246 | 1 | 3 | |a Basic guide to pensions |
| 264 | 1 | |a Croydon |b Tolley LexisNexis |c 2001 | |
| 300 | |a X, 340 S. |b Ill., graph. Darst. | ||
| 336 | |b txt |2 rdacontent | ||
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| 338 | |b nc |2 rdacarrier | ||
| 500 | |a Includes index. | ||
| 650 | 4 | |a Recht | |
| 650 | 4 | |a Pensions |x Law and legislation |z Great Britain | |
| 650 | 4 | |a Pensions |z Great Britain | |
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| 700 | 1 | |a Cann, Simon |e Sonstige |4 oth | |
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Datensatz im Suchindex
| _version_ | 1804129457343037440 |
|---|---|
| adam_text | Contents
Page
Abbreviations ix
1. Introduction The Pension Scheme and its purpose 1
How to use this book 1
History 2
Historical overview of legislation 4
Where are we now? 4
Concept and purpose of pension schemes 5
Who can join pension schemes? 7
When do you retire? 8
Calculation of early retirement payments 9
Calculation of late retirement payments 10
Early retirement without penalty 10
Why have a pension scheme? 11
2. Types of Pension Provision 13
Introduction 13
State pensions 14
Basic State pension 14
State Earnings Related Pension (SERPS) 15
State Second Pension 16
Contributions 16
Occupational pensions 17
Types 17
Design methods 19
Design details 20
Personal pensions 26
Contribution limits 26
Income drawdown 27
Self Invested Personal Pensions 27
Stakeholder pensions 28
Background 28
Contract based 30
Trust based 31
Unapproved pensions 31
Background 31
Funded 31
Unfunded 32
Comments 33
3. The Legal Framework 34
Introduction 34
iii
Contents
Trust law 34
Statutes governing pensions 36
Secondary legislation 38
Decided cases 38
European law 39
Inland Revenue limits 40
Defined terms used by the Inland Revenue 41
Limits on contributions 43
Limits on benefits 43
Summary of Inland Revenue lirnits on benefits 44
Contracting out 49
Guaranteed minimum pensions 50
The reference scheme test 51
Money purchase schemes 52
Mixed benefit schemes 53
Transfers from contracted out schemes 54
Useful addresses 55
4. Trustee Duties and Liabilities 56
Introduction 56
Duties of trustees 57
Duty to act in accordance with the trust deed and rules 57
Duty to act prudently, conscientiously and honestly 58
Duty to act in the best interests of scheme members 59
Duty to act impartially between scheme members 59
Duty to pay benefits 60
Duty to collect contributions 61
Duty to produce a schedule of contributions or a payment
schedule 62
Duty to keep separate bank accounts and scheme records 63
Duty to obtain audited accounts 63
Duty to invest the fund 64
Duty to appoint professional advisers 66
Duty to disclose information 67
Duty to register 69
Duty to comply with the Data Protection Act 1998 70
Duty to comply with court orders relating to divorce 72
Duty to appoint member nominated trustees 74
Duty to comply with the Disability Discrimination Act 1995 74
Duty to implement an internal dispute resolution procedure 74
Duty to provide equal treatment 75
Duty to comply with PA 1995 s 67 in amending scheme rules 77
Powers of trustees 77
Power to delegate 78
Power to amend 79
Power to augment 81
Power to distribute lump sum on death 81
Power to make or accept transfers 81
Trustee liabilities 83
Contents
Penalties under PA 1995 84
Table of penalties 84
Liability under trust law 93
Protection of trustees 96
Trust deed exclusion clauses 97
Indemnity clauses 98
Insurance 99
Trustee Act 1925, s 61 100
Exercise of trustee powers 100
Decision making 100
Trust deed and rules 101
Notice of meetings 101
Minutes of meetings 101
Useful addresses 102
Useful texts 102
5. People in Pensions 103
Introduction 103
The employer 104
Trustees 107
Eligibility to be a trustee 107
Appointment and removal of trustees 108
Remuneration of trustees 109
Member nominated trustees 110
Independent trustees 111
Professional trustees 112
Pensioneer trustees 112
Custodian trustees 113
The scheme actuary 113
Auditor 115
Administrator 116
Legal and other advisors 116
Fund managers 117
Pension consultants and administrators 118
Inland Revenue 118
OPRA 119
OPAS 120
Pensions Compensation Board 120
Pensions Ombudsman 121
Useful addresses 121
6. Scheme Documents 122
Introduction 122
Documents establishing a scheme 122
Deeds of removal, retirement and appointment of trustees 124
Deeds of amendment 124
Deeds of adherence or participation 124
Scheme booklet 125
Statement of investment principles 128
Contents
Audited accounts 128
Company accounts 129
Actuarial valuation report 130
Trustees annual report 131
Schedule of contributions and payment schedule 133
Contracting out certificate 135
Internal dispute resolution procedure 136
iJseful addresses 136
7. Information for Scheme Members 137
Information or communication? 137
Disclosure Regulations 137
Communication material 139
Scheme booklet 139
Trustees report and accounts 140
Benefit statements 141
Statements of entitlement 145
Presentations 146
Other forms of communication to members 147
Effective communication strategies 147
8. Benefit Calculations 149
Introduction 149
Structure of model plans 149
Defined benefit plan 150
Defined contribution plan 152
Retirement from the defined benefit plan 153
Member s details 153
Calculation of normal retirement pension 153
Calculation of normal retirement lump sum 155
Effect of lump sum on normal retirement pension 155
Calculation of early retirement pension 155
Calculation of early retirement lump sum and effect on pension 157
Calculation of late retirement pension and lump sum 158
Retirement from the defined contribution plan 158
Key factors affecting the amount of pension under the defined
contribution plan 159
Calculation of retirement benefits under a defined contribution
plan 161
Leaving the plan 164
Increases under the defined benefit plan between leaving and
retirement 164
Increases under the defined contribution plan between leaving
and retirement 167
Increases to pensions in payment 168
Benefits on death in service 169
Benefits on death in service under a defined benefit plan 169
Benefits on death in service under a defined contribution plan 171
Contents
Benefits on death after leaving service under a defined benefits
plan 172
Benefits on death after leaving service under a defined
contribution plan 173
Benefits on death in retirement under a defined benefit plan 174
Benefits on death in retirement under a defined contribution plan 175
Benefits on disability 175
Pension benefits on retirement on disability grounds from the
defined benefit plan 175
Benefits on divorce: pension splitting 176
Calculating benefits on divorce under the defined benefit plan 177
Calculating benefits on divorce under the defined contribution
plan 177
Record keeping 178
Member joins the plan 178
Ongoing/annual 179
Leaving service 179
Retirement 180
Death 180
Inland Revenue limits 180
9. Funding and Valuations 186
What is funding? 186
Why fund a pension scheme? 186
Money purchase schemes 187
Actuarial valuations 188
Timing of valuations 188
What the actuary does 188
What the actuary does not do 189
The ongoing valuation 192
Sample valuation result 195
The discontinuance valuation 195
The minimum funding requirement (MFR) 196
The surplus test 197
The valuation report 198
10. Investment 199
Trustees investment duties 199
The prudent man 199
The best interests of the scheme members 199
Expert advice 201
Diversifying investments 201
Investments must be suitable 202
Self investment 202
Statement of investment principles 202
What do pension schemes invest in? 203
Investment strategy 205
Setting strategy in a final salary scheme 206
Setting strategy in a money purchase scheme 208
Contents
Investment structure 210
Insured, pooled or segregated 210
Approaches to investment management 212
Investment manager selection 213
Past performance 214
Other aspects 214
Performance targets 215
Monitoring the investment manager 215
11. Additional Voluntary Contributions 216
Introduction 216
Why AVCs? 217
Types of AVC 219
Occupational 219
Free standing AVCs 219
Stakeholder 220
Personal pension 220
Types of benefit 221
Money purchase 221
Fixed pension 221
Added years 221
Advantages/disadvantages 222
Investment 222
Building society 222
With profits 223
Unit linked 225
Scheme assets 226
Matching 227
AVC projections 227
Rough guide 228
Range of assumptions 228
Flexibility at retirement 229
Ability to take benefits other than at normal retirement 229
Drawdown as opposed to taking at retirement 229
What if there is too much benefit? 230
Appendix A 232
Appendix B 237
Glossary 242
Table of Statutes 326
Table of Statutory Instruments 329
Table of Cases 330
Table of European Legislation 330
Index 3J1
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| spelling | Tolley's basic guide to pensions by Simon Cann ... [et al.] Basic guide to pensions Croydon Tolley LexisNexis 2001 X, 340 S. Ill., graph. Darst. txt rdacontent n rdamedia nc rdacarrier Includes index. Recht Pensions Law and legislation Great Britain Pensions Great Britain Pensionskasse (DE-588)4045107-0 gnd rswk-swf Großbritannien Großbritannien (DE-588)4022153-2 gnd rswk-swf (DE-588)4151278-9 Einführung gnd-content Großbritannien (DE-588)4022153-2 g Pensionskasse (DE-588)4045107-0 s DE-604 Cann, Simon Sonstige oth HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009976719&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
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| title | Tolley's basic guide to pensions |
| title_alt | Basic guide to pensions |
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