The new 2012 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 Pensions Taxation for High Earners, NEST, Auto-enrolment, Risk Management Exercises (including Transfer Incentive and Pension Increase Conversion Exercises), Compliance with the Pensions Regulator’s Codes of Practice and Guidance, Longevity, Pension Costs in Company Accounts, and Future Developments.
Internal and External Value of the Pound 1980-2010
UK Main Economic Indicators 2003-2009
Retail Prices Inflation (RPI and CPI) 2005-2010
Trends in Average Earnings and the Households' Savings Ratio
Population Data by Nation, Sex and Age, Mid-2009
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 2010
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
Contribution Rates
Pension Scheme Membership By Benefit Type
Pension Scheme Membership By Age and Sex, 2008
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 by Scheme Size
Section 179 Funding Levels by Scheme 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 2010/2011
Tax on Pension Schemes
[Because the Government publishes some of these data too late for inclusion in the Pocket Book, much of the above will be transferred to the new Pensions Pocket Book Companion Website where it can more readily be kept up to date]
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, and Abolition of 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
Defined Contribution
Final Salary
Career Average Revalued Earnings (CARE)
Cash Balance and Retirement Balance
Hybrid Schemes
Risk Sharing
Other Issues Affecting Scheme Design
Automatic Enrolment
Registered Pension Schemes
Interaction with State Benefits
AVCs
Pension Increases in Payment
Salary Sacrifice
Scheme Modifications
Consultation by Employers
Inalienability of Occupational Pension
Cross-border Activities
Types of DC Pension Scheme
Trust-based Occupational Pension Scheme
Personal Pensions and Retirement Annuity Contracts
Group Personal Pensions
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 - Employer Obligations
Opting Out/Re-enrolling
Opting In
Maintaining Active Membership
Contribution Requirements
Information Requirements
Jobholder/Enrolment/Terms and Conditions Information
Scheme Information for Existing Members
Postponement Information
Transitional Arrangements
Employers providing their own Qualifying Schemes
Compliance by Employers
Protection of Employment Rights
Stakeholder Pensions: Access Requirements
Maximum Contributions
Transfers
Benefits
Charges
Investment Options
Governance of the Personal Accounts Scheme
Trusts and Trustees
The Trust Deed and Rules
Duties, Rights and Responsibilities of a Trustee
Scheme Governance
Trustee Knowledge and Understanding
Myners Principles
Role of Employer
Role of Actuary
Role of Auditor
Role of Administrator
Role of the Pensions Regulator
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
Taxation Charges in connection with Registered Pension Schemes
Transitional Charges in connection with Registered Pension Schemes
A Day Transitional Arrangements
Overseas Aspects
Scheme Membership
Migrant Member Relief
Other Matters
Previous Tax Regimes
Regime for Tax Years 2009/10 and 2010/11
Protected Amounts
Pre-22 April 2009 & Pre 9 December 2009 Pension Input Amounts
Protected Pension Input Amounts
New Pension Arrangements
Changes To Existing Pension Arrangements
Changes of Employer-sponsored Scheme, Relevant Business Transfers
Exemptions
Refunds of Contributions
Anti-Avoidance
Enhanced Protection
Overseas Pension Schemes
Regime for Tax Years 2011/12 Onwards
New Anti-avoidance Measures
Background
Unfunded EFRBS
Location
Accounting
DWP Legislation
Tax Treatment of EFRBS
Preservation
Payment of short service benefits
Leavers with three months' pensionable service
Revaluation
GMPs
Deferred Pension Revaluation Percentages
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
Electronic Provision of Information
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
Pension Sharing
Provision of Information
Pension Credit Benefits
Pension Debits
Contracted-out Rights
Tax Treatment
Actuarial Valuations
Ongoing Valuation, Discontinuance Valuation
Scheme Funding under the Pensions Act 2004
Statement of Funding Principles
Recovery Plan
Schedule of Contributions
Intervention of the Regulator
Disclosure to Members
Employer Covenant
Contingent Assets
Refunds of Surplus
Longevity Risk
Assumptions
Looking Ahead
Managing the Risk
Admission
Compensation
The Assessment Period
Members' and Dependants' Benefits
The Compensation Cap
Revaluation and Indexation
Options
Adjustments by the PPF
Valuations
Levy Valuation
Entry Valuation
Levies
Fraud Compensation Fund
Financial Assistance Scheme
Transfer Incentive Exercises
Pension Increase Conversion Exercises
Other Ways of Amending Liabilities
Investment Solutions to Manage Liabilities
Liability-driven Investment
Longevity Swaps
Insurance Approaches
Considerations for Employers
Business Case
Design of Future Benefits
Design of Accrued Benefits
Consultation and Communication with Employees
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
Scheme Operation during Wind-up
Operating as a Frozen Scheme
Buy-out Options
Full Buy-out, Partial Buy-out, Buy-in
Non-insured Buy-out
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
TUPE
Accounting for Pension Costs under FRS 17
Coverage, Application to Multi-employer Schemes
A. Defined Contribution Schemes
B. Defined Benefit Schemes
Summary of Calculation of Pension Cost
Disclosure
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
Disclosure
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)
Reforms to Financial Regulation
Default Retirement Age
State Benefits and Contracting Out
CPI and RPI for PrivateSector DB Schemes
EC Green Paper on Pensions
Automatic Enrolment and NEST
Pension Protection Fund Levy
Pension Protection Fund and Financial Assistance Scheme
Annual Allowance Changes
Public Service Pensions Commission
GMP Equalisation
IAS 19 Esposure Draft AVCslass="MainText"> AVCs
Disclosure and Accounting
Divorce
Equal Treatment
HMRC Approval and Limits
Protecting Members
State Schemes and Contracting Outte Schemes and Contracting Out
Transfers, Preservation and Revaluation
Unapproved Benefits
Trusteeship
Employers
Benefits and Contributions
Winding Up
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
