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Occupational pension schemes also flourished after the Second World War, with pensions becoming a key tool to attract and retain staff. [6] In the second half of the 20th century, there was a succession of legislative changes to protect pension scheme members, prevent abuse of the generous tax-reliefs available and prevent fraudulent activity.
Its first transaction was a buy-out of Rank Group's £700 million pension scheme, in 2008. [4] In 2019, Rothesay completed a buy-out of the GEC 1972 Pension Scheme, worth £4.7 billion, at the time the largest bulk annuity transaction ever completed. [5]
The Pension Protection Fund (PPF) is a statutory corporation, set up by the Pensions Act 2004, and has been protecting members of eligible defined benefit (DB) pension schemes across the United Kingdom since 2005. It protects close to 10 million members belonging to more than 5,200 pension schemes across the UK.
The Pensions and Lifetime Savings Association represents 1,300 pension funds which together provide pensions for 22 million people and have more than £1000 billion of assets. [2] Members' pension schemes include defined benefit, defined contribution, group personal pensions and statutory schemes such as those in local government.
A qualifying recognised overseas pension scheme, or QROPS is an overseas pension scheme that meets certain requirements set by HM Revenue and Customs (HMRC). A QROPS can receive transfers of British pension benefits. The QROPS programme was part of British legislation launched on 6 April 2006 as a direct result of EU human rights requirements ...
The Old State Pension, consisting of the Basic State Pension (alongside the Graduated Retirement Benefit, the State Earnings-Related Pension Scheme, and the State Second Pension; collectively known as Additional State Pension), is a benefit payable to men born before 6 April 1951, and to women born before 6 April 1953.
Frozen state pensions is the practice of the British Government of "freezing" UK State Pensions, (that is, not uprating the amount in line with "Triple Lock" on an annual basis, as is done for residents in the UK), for pensioners who live in the majority of other countries, apart from the European Community countries and other countries with reciprocal agreements with the UK.
In the period following A-day, the new UK pension framework introduced by the Finance Act 2004 led many more British expatriates to transfer their UK (occupational and personal) pensions to overseas pension schemes (termed QROPS) approved for this purpose. A small number of international finance centres quickly became popular with specialist ...