The new 2010 edition is your essential guide to help you navigate the ever-changing pensions landscape. It contains vital new information on a host of topics including Finance Act 2009's Special Annual Allowance, Personal Accounts, Considerations on Cessation of Defined Benefit Accrual, Buy-out Practice, DC Pensions, Compliance with the Pensions Regulator’s Codes of Practice and Guidance, Mortality, Pension Costs in Company Accounts, the Equality Bill, and Future Developments.
Internal and External Value of the Pound 1979-2009
UK Main Economic Indicators 2001-2008
Retail Prices Inflation 1983-2009
Trends in Average Earnings and the Households' Savings Ratio
Population Data by Nation, Sex and Age, Mid-2008
Population Projections
Expectations of Life
UK Employment and Unemployment, and Analysis
UK Investment Yields, Interest Rates and Inflation
UK Investment History: RPI, TPI, AEI, Cash, Gilts, Equities, Median
UK Investment Returns and Inflation
Index Returns for Years to 31 March
Index Returns over Cumulative Periods ending 31 March 2009
Pension Fund Investment Performance for Years to 31 March
Pension Fund Asset Distribution
Pooled Pension Fund Performance
Changes to Strategic Asset Allocation
Notes on Sources Used
Normal Pension Age
Accrual Rates
Private Sector Contribution Rates
Public and Private Sector Schemes by Size and Status
Pension Scheme Membership By Benefit Type
Pension Scheme Membership By Age and Sex
The Larger UK Pension Funds
Number of Pension Funds with Capital Values of Various Sizes,
Analysed by Region and Size of Funds
Value of Total Pension Fund Assets
Analysed by Region and Size of Funds
Number of Organisations
Analysed by Region and Number of Employees
Summary of Investments by Size of Pension Fund
Overall Funding Levels
Section 179 Funding Levels, analysed by Scheme Size and Maturity
Social Security Benefit Rates & Eligibility Rules
Basic State Retirement Pensions
NI Contribution Rates & State Scheme Earnings Limits
The State Pension Schemes
Tax Allowances and Rates 2009/2010
Tax on Pension Schemes
What does Contracting Out Involve?
Contracted-out Deducations from State Additional Pension
Basis of Contracting Out
Contracted-out Salary-Related scheme (COSR)
Money Purchase Contracting Out
State Scheme Premiums
Contracting Back In
COMPs: Age-Related Rebates
APPs: Age-Related Rebates
Fixed Rate GMP Revaluation Factors
Section 148 Orders: Revaluation of Earnings Factors
Contracting-out Rebates
Types of Pension Benefit
Final Salary
Career Average Revalued Earnings (CARE)
Retirement Balance, Cash Balance
Hybrid Schemes
Risk Sharing
Registered Pension Schemes
Other Issues Affecting Scheme Design
Interaction with State Benefits
AVCs
Pension Increases in Payment
Scheme Modifications
Consultation by Employers
Inalienability of Occupational Pension
Salary Sacrifice
Cross-border Activities
Types of DC Pension Scheme
Trust-based Occupational Pension Scheme
Personal Pensions and Retirement Annuity Contracts
Self-invested Personal Pensions (SIPPs)
Small Self-administered Schemes
Free-standing AVC Schemes
Stakeholder Pensions
Benefits
Contracting Out
Regulation of DC Schemes
Disclosure
Automatic Enrolment: Opting Out, Opting In
Contribution Requirements
Transitional Arrangements
Exemptions for Employers providing their own Qualifying Schemes
The Personal Accounts Scheme
Maximum Contributions, Charges, Investment Options
Financial Advice and Provision of Information
Governance of the Personal Accounts Scheme
Compliance by Employers
Protection of Employment Rights
Trusts and Trustees
The Trust Deed and Rules
Duties, Rights and Responsibilities of a Trustee
Scheme Governance
Internal Controls
Conflicts of Interest
DC Schemes and Good Practice Guidance
Trustee Knowledge and Understanding
Myners Principles
Role of Employer
Role of Actuary
Role of Auditor
Role of Administrator
Role of the Pensions Regulator
Scheme Returns
Codes of Practice and Guidance
Notifiable and Reportable Events
Late Payment by Employers
Acting against Avoidance
Intervention
Role of the DWP
Role of HMRC
The Pensions Advisory Service (TPAS)
Pensions Ombudsman
Levies
Finance Act 2004 Tax Regime
Benefits that may be Provided by Registered Pension Schemes
New Authorised Payments
Taxation Charges in connection with Registered Pension Schemes
Transitional Arrangements
Overseas Aspects
Scheme Membership
Migrant Member Relief
Investment
Surplus
Previous Tax Regimes
Finance Act 2009 Regime
Relevant Income
Amount of the Special Annual Allowance
Amount of the Special Annual Allowance Charge
Protected Amounts
Pre-22 April 2009 Pension Input Amounts
Protected Pension Input Amounts
New Pension Arrangements
Changes To Existing Pension Arrangements
Exemptions
Refunds of Contributions
Anti-Avoidance
Enhanced Protection
Overseas Pension Schemes
Unfunded EFRBS
Accounting
DWP Legislation
Tax Treatment of EFRBS
Preservation
Revaluation
Deferred Pension Revaluation Percentages
GMPs
Transfer Values
Right to a Cash Equivalent
Calculation of Transfer Values
Paying More or Less
Transfers of Contracted-out Benefit
Disclosure and Payment
Restrictions Imposed by HMRC
Overseas Transfers
Summary of Disclosure Requirements
Scheme Details
Benefit Statements
Trustees’ Annual Report
Automatic Disclosure in Special Circumstances
Exemptions from Disclosure
Statutory Money Purchase Illustrations
General Principles of Equal Treatment by Sex
Application of Equal Treatment by Sex to Occupational and State Pensions
Equal Treatment for Part-timers
Equal Treatment for Fixed-term Workers
Equal Treatment and Sexual Orientation
Equal Treatment and Religion or Belief
Equal Treatment and Disability
Equal Treatment and Age
Equality Bill
Pension Sharing
Provision of Information
What Rights may be Shared?
What Triggers Pension Sharing?
Rights to be Provided to Ex-spouse
Basis of Calculation for Sharing
Pension Credit Benefits
Pension Debits
Contracted-out Rights
Timing of Implementation
Expense Costs
Tax Treatment
Actuarial Valuations
Ongoing Valuation
Discontinuance Valuation
Scheme Funding under the Pensions Act 2004
Scheme-specific Funding Regime
Statement of Funding Principles
Calculation of Technical Provisions
Recovery Plan
Schedule of Contributions
Intervention of the Regulator
Disclosure to Members
Employer Covenant
Contingent Assets
Refunds of Surplus
Longevity Risk
Assumptions
Mortality Rates
Base Tables
Future Improvements
Looking Ahead
Managing the Risk
Admission
The Assessment Period
Closed Schemes
Compensation
The Admissible Rules
Members' and Dependants' Benefits
The Compensation Cap
Revaluation and Indexation
Options
Adjustments by the Board
Valuations
Levy Valuation
Entry Valuation
Levies
Pension Protection Levy
PPF Administration Levy
PPF Ombudsman Levy
Fraud Compensation Fund
Financial Assistance Scheme
Considerations for Employers
Business Case
Design of Future Benefits
Design of Accrued Benefits
Consultation and Communication
Legal Issues
Other Issues
Considerations for Trustees
Trustees' Duty
Safeguarding Accrued Rights
Benefit Changes
Communication and Administration
Commencement of Wind-up
Winding-up Procedure
Appointment of Independent Trustee and Role of the Pensions Regulator
Debt on the Employer
Discharging Scheme Liabilities
Priority Order
Deficiency and Surplus
Disclosure and Reporting Requirements
Operating as a Closed Scheme
Buy-out Options
Full Buy-out
Partial Buy-out
Buy-in
Pensions Regulatory Environment (PRE) Insurers
Synthetic Buy-out
The Buy-out Market
TUPE
Pricing Pensions in the Deal
Acquisition of Whole Scheme
Bulk Transfer Arrangements
Trustee Considerations
Member Consent or Actuarial Certificate
Employer Covenant
Potential 'Debt on Employer'
The Pensions Regulator
Moral Hazard and Clearance
Accounting for Pension Costs under FRS 17
Coverage, Transition
Application to Multi-employer Schemes
A. Defined Contribution Schemes
B. Defined Benefit Schemes
Disclosure
Summary of Calculation of Pension Cost
Accounting for Pension Costs under IAS 19
Requirement to use International Standards
Coverage
Application to Multi-employer Schemes
A. Defined Contribution Schemes
B. Defined Benefit Schemes
Related Party Disclosures (IAS 24)
Disclosure of Directors' Pensions
Implications for Pension Schemes
Definition and Management of Investments
Communications with Members
Other Responsibilities of the Financial Services Authority
Role of the Pensions Regulator
The Financial Services Compensation Scheme (FSCS)
Principal developments in the last year
AVCs
Disclosure and Accounting
Divorce
Equal Treatment
HMRC Approval and Limits
Protecting Members
Stakeholder Schemes
State Schemes and Contracting Out
Transfers, Preservation and Revaluation
Unapproved Benefits
Trusteeship
Employers
Benefits and Contributions
Surplus and Deficits
Equal Treatment
Advisers and Professionals
Taxation
Errors and Disputes
General and Miscellaneous
Introduction
Economic Indicators and Social Security Information
High Level Overview:
Economy and Government
Labour Relations
Cost of Employment
Employment Terms and Conditions
Social Security and other Required Benefits
Healthcare System
Taxation of Compensation and Benefits
Recent Developments
for the following countries:
Australia, Belgium, Brazil, Canada, China, European Union, France, Germany, India, Japan, The Netherlands, Russia, Spain, Switzerland, USA
Appendix 1: Abbreviations in Common Use
Appendix 2: Glossary of Terms
Appendix 3: Compound Interest Tables
Appendix 4: Annuity Factors
Appendix 5: Useful Websites
