section 27 notice pension and investments

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Section 27 notice pension and investments hsbc investment services southampton

Section 27 notice pension and investments

If your scheme has automatically triggered wind up, the rest of this section will not be relevant to you. You can proceed to the next section of this guidance. Along with the scheme's sponsoring employer, you should consider taking professional advice about the best option for your scheme members before deciding to wind up the scheme.

When making this decision, questions to ask yourself include:. In some cases, for example where a scheme is not providing good outcomes for members, wind up may be in their best interests. There will, however, be some occasions where trustees think it will be best to run the scheme as a closed scheme — or decide, along with the employer, to maintain the scheme as an open scheme for some or all employees.

An example might be where the scheme offers valuable guaranteed benefits — such as guaranteed annuity rates — that can't easily be duplicated in a new scheme or transferred into an individual buy out policy. Key activities you will need to undertake at this stage, assuming your scheme rules give you some discretion over whether or not a wind up takes place, are:.

Find out how wind up is formally triggered, who has the power to trigger wind up and whether there is any power to continue to run the scheme as a closed scheme. Find out whether the employer has any obligation under the scheme rules or otherwise or willingness to pay these costs. Costs of winding up can vary significantly depending on the size of your scheme and the nature of benefits provided.

You should try to identify all costs before triggering formal wind up, but any agreement with the employer to pay the cost should account for the fact that costs may change as the wind up progresses. Poor data can affect the cost and time required to wind up a scheme.

You may therefore want to address any issues with data before winding up is formally triggered. You will want to check the following for each of your members:. If so you might want to explore the available options carefully with your provider and advisers before making a decision. Another example might be if there are any penalties for early investment surrender, such as a loss of terminal final bonus.

You will want to review the current investment surrender terms at an early stage to check for any such issues, and consider how they might best be managed. You might also consider engaging with your members, where possible, in order to get a better view of their retirement objectives, as this could help you to reach a decision on whether wind-up would be in their interests.

If the scheme winds up, any insurance policies you have bought to provide pensioner benefits and which are in the name of the trustee will need to be reassigned to the members. Once the decision has been taken to wind-up, the second stage of a wind-up process is preparing to formally trigger wind up under the scheme rules. This section of our guidance focuses on the actions you may want to consider before taking this step, for example drawing up a project plan, and reviewing key areas of your scheme rules.

It also addresses the actions you will need to take to formally trigger wind up of the scheme, and the information you must provide to your members once wind up has been triggered. The project plan should set out anticipated steps, timings and costs. It should also consider what actions you will be able to handle using in-house facilities, and the extent to which you will need professional advice or assistance, and the cost implications. If the scheme is large or complicated you may also want to consider approaching a professional project manager to help you with planning and implementing the wind up.

The legal requirements specific to the wind up process only start once a wind up has been formally triggered. However, once a wind up starts you will not be able to make changes to the scheme unless the scheme rules specifically allow this. You may therefore want to take legal advice about whether any scheme rule amendments are necessary before the wind up starts — for example, to allow amendments during the wind up.

After preparing your project plan, you will need to review your trust deed and rules. Key issues that you will need to consider and may wish to discuss with a legal adviser are:. Check how a wind up can be triggered. For example, it may be necessary for the principal employer to give a formal, written notice triggering wind up to each of the trustees. Find out how benefits will be affected by the wind-up eg if contributions will automatically cease, or death in service benefits cease to be payable.

If existing trustee protections will fall away, trustees will want to consider whether any additional protections will be needed once wind up is completed. However, if a power to purchase indemnity insurance is not explicitly mentioned in the scheme rules, you should seek legal advice before paying any insurance premiums from scheme assets.

You may also wish to take legal advice on how best to ensure you are fully discharged from your responsibilities to members whether by statute or otherwise on wind up. A scheme accounting year can be extended to up to 18 months when it goes into wind up. Trustees might want to consider this if — assuming deadlines are managed properly under their project plan — it would mean that that only one set of accounts would need to be prepared to complete wind up.

If member-nominated trustees MNTs or non-affiliated trustees are coming to the end of their term, you may wish to consider amending the rules to allow them to remain in place until the wind up is completed. However, in the case of non-affiliated trustees, this will only be possible if they will not exceed the maximum term permitted by legislation. If a scheme is already in wind up, or a wind up is automatically triggered for any reason for example, once the employer stops paying contributions you may not have time to plan for all of the above activities.

When you have completed the steps above and assuming wind up has not been triggered automatically the next stage is to formally trigger the wind up. You will need to make sure that you comply with any formal requirements set out in the trust deed and rules.

On formal trigger of wind up, you will need to let us know that the scheme status has changed to 'winding up'. You can do this online using Exchange. Once wind up is triggered, the process should be completed efficiently, and we would anticipate that in most cases the key activities can be completed well within two years.

However, if your scheme is not wound up within two years you will need to to submit a report to us on the progress of the wind up, and provide further reports on an annual basis. You must also keep written records of any decision to wind up the scheme or postpone wind up , and of any decisions about the timing of any steps being taken for the purposes of the wind up.

Once the wind up has been formally triggered, you must notify all members and beneficiaries that the scheme is winding up. This notification must be issued within one month of formally starting the wind up and contain the following information:. Asset recovery and the reduction of accrued rights are unlikely to be issues for DC schemes in most cases, but you may want to consider taking legal advice if you think your scheme may have problems with either area.

It is important that you communicate with your members throughout the wind up process. As a minimum, you must give members the information in point 3 above every 12 months while the scheme is winding up. If the wind up is not completed within two years, copies of the reports made to us must also be provided to members on request.

After the wind up has formally been triggered, the next focus is on securing members benefits. This can be done in a number of different ways, and you may wish to offer your members different options. This section of our guidance focuses on three main strands of work that you or your administrators will need to complete before you can move on to the final stage and complete the scheme wind up:. This strand of work is mainly about making sure that scheme data is up to date, that no employer contributions are owed and that the provisions and benefits of the existing scheme are understood.

You may already have undertaken some of these activities as part of Stage 1. These activities will mainly be undertaken by the scheme's administrators although the trustees retain overall responsibility. However, it will be for the trustees to review the scheme rules to determine whether any changes are needed, for example to enable or facilitate their offering certain options to members.

Consider which options for securing benefits will be offered to members. If the scheme rules restrict the available options eg they do not permit a transfer to a new scheme without consent , you may wish consider whether it would be helpful or possible to amend the scheme rules to change this.

There are a number of different ways in which you or your administrators could try to trace members. These could include:. If, after all reasonable tracing routes are exhausted, you still don't have a last known address for some of the members, this isn't necessarily a barrier to the scheme winding up.

However, you may want to consider taking legal advice on this issue. This does not protect you against members you are aware of but simply cannot locate although, as stated earlier, this isn't necessarily a barrier to scheme wind up. As part of the process of winding up the scheme, you will need to present members with options to secure their benefits.

There are many different ways of doing this and you should consider taking professional advice on the best range of options to offer. When you present the available options to members, you should encourage them to consider carefully which option will be best for their particular circumstances. You may wish to refer them to the Single Financial Guidance Body or suggest that they seek independent financial advice.

A common method for securing benefits for deferred members who are no longer making contributions and have not yet taken their retirement benefits is some kind of buy-out policy. A DC buy-out policy is usually a contract with an insurer in the member's own name, under which the insurer will invest the member's pension savings until they are ready to access them.

There are a number of providers that offer buy-out policies and you will need to review the terms and investment options carefully, with a view to ensuring that the policy you choose provides equivalent or better outcomes for members than your existing scheme.

Most trustees will want to consider getting professional investment advice about the buy-out policy. If, for example, the principal employer is continuing to operate and the reason the scheme is being wound up is that it provides poor value for members, it may be appropriate to transfer active members to a new pension arrangement which can continue to receive contributions. New arrangements could include group personal pension plans, master trusts or an existing scheme associated with the principal employer.

On 6 April amendments were made to regulations 1 to simplify the conditions that apply to bulk transfers of DC benefits without guarantees to a new occupational pension arrangement 2. These changes enable you to transfer DC benefits without guarantees in bulk, without member consent, when any of the conditions listed below are met:. These changes may significantly simplify winding up of many DC schemes. Read further information on bulk transfers without consent on GOV. Set out the scope and purpose of the selection exercise, including the trustees' selection criteria.

It is usual for trustees to take investment advice on a suitable buy-out policy. You may also wish to take advice on the suitability of any new pension arrangement where you are proposing to transfer members' benefits. However, although a professional investment adviser will recommend a course of action, you have the final responsibility for the decision.

It is important to consider the recommendation carefully in light of your knowledge of the scheme membership and not simply 'rubber stamp' the recommendation. You need to be comfortable that the decision you are making is in the best financial interests of your membership so should challenge or question the recommendation if you have any concerns. When selecting a policy or new arrangement, you will need to consider all relevant issues, including the overall suitability of the policy or arrangement, any default options, and member borne charges and transaction costs.

In some cases you may prefer to communicate with members yourself, rather than the insurer or provider of the new pension arrangement doing this on your behalf. Once you are comfortable that members' benefits have been identified and can be fully provided, you need to let the members know about their options and then arrange for the benefits to actually be secured.

Typically this will mean offering members the choice of any cash options, such as a winding-up lump sum, and advising them that if they do not respond, their benefits will be secured by way of a 'default option' — usually a transfer to a new pension arrangement without consent or a buy-out policy.

Issue option forms to members, setting out all options and informing them how their benefits will be secured if no express instructions are received eg via buy out policy. The form should alert members to any specific consequences of the default option. You may also wish to recommend that members take financial advice.

Process any member requests for options other than the default option. This might include requests to transfer out with consent , for winding up lump sums, or for retirement options. This will normally be done by the scheme's administrators. Transfer remaining scheme assets and members to the selected arrangement — this might be a new pension scheme, or a buy-out policy. Once all the benefits have been secured, you will need to complete the formalities for winding up the scheme.

If this is not being funded by the employer, or specifically permitted by scheme rules, you should consider taking legal advice about whether it is possible to obtain indemnity cover, or take out insurance for liabilities. Notify us the scheme has been wound up. You can update the scheme registration online through Exchange. If there were any untraceable members you should also add a 'pensions tracing service contact' to the scheme roles, in the event that any untraced members contact the tracing service they will be directed to this contact.

Dispute resolution. ESG and climate change. GMP equalisation. HR advisory. Investment structures. Business Development. Hot Topics. Consultation Responses. Search by Submit. This case, which examines the status of winding-up notices under section 27 of the Trustee Act , is the first to confirm their application to pension schemes.

Although three individuals responded to the notice, it was later discovered that there was a group of 32 persons who had transferred to the Scheme in around the Transferees who had been overlooked in the distribution of assets on winding-up. The trustees therefore brought a claim against Aon Pension Trustees Limited, the administrator of the scheme between and, for the cost of paying out benefits to those former members.

This decision deals with the determination of a preliminary issue, namely whether on a true construction of section 27 of the Trustee Act Section 27 , the trustees were not liable to the Transferees. The basic premise of Section 27 is that where trustees of a settlement, or personal representatives, give notice of their intention to distribute the trust property in both the Gazette and a local paper, inviting potential claimants to notify them of any claim within a specified period which cannot be less than two months , they may, on expiry of the notice period, distribute the trust property having regard only to those beneficiaries of whom they have notice.

While there had been no previous judicial confirmation on the applicability of Section 27 to pensions, practitioners have long deemed the provision wide enough to include trust based pension schemes. As the defence had conceded that the Transferees had transferred to the Scheme in around , the judge concluded that the trustees had knowledge, and therefore actual notice, of their membership of the scheme. Thus, the circumstances in which notice will prejudicially affect a purchaser are limited.

For the purposes of Section 27, a trustee will be liable if they have notice of a claim before a distribution of trust funds is made. After such time, there is no further liability. Consequently, the trustees could not be absolved of liability for providing their benefits by virtue of having placed a Section 27 notice. If you are already subscribed to our mailing lists and would like to unsubscribe completely or from specific publications, please contact us at mailinglist sackers. View our full Privacy Notice which explains how we process your personal data.

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The trustees may also wish to seek a specific indemnity from the employer as part of the winding-up process for example, in the deed of termination. Nevertheless, the value of an indemnity from an employer will depend upon its strength and continued existence. This could be a particular problem if the insurer becomes insolvent many years after the benefits have been bought out.

An employer indemnity in the scheme's trust deed and rules may not therefore provide trustees with the long-term comfort that they may be seeking. Trustees have a particular problem in relation to missing beneficiaries when winding up a scheme. If trustees distribute scheme assets and wind up the scheme in the knowledge that some beneficiaries who are entitled to benefits have not been traced and whose benefits have not therefore been secured, they will be acting in breach of trust and exposed to potential liability.

Nevertheless, the trustees would still have a potential exposure to liability in such circumstances. These notices must be placed in the London Gazette if land is involved and in an appropriate newspaper circulating in the relevant area, inviting members to submit their claims for entitlements.

Once a notice has been correctly issued in accordance with this procedure, the 2-month statutory period has expired and the trustees have dealt with all claims of which they are or ought reasonably to have been aware, the trustees will have personal protection from any claims issued by any further beneficiaries. However, there is a theoretical risk in relation to a Section 27 notice.

Without going to court trustees cannot be absolutely certain that they have issued all the right notices. However, established practice in relation to pension schemes over the years has been for advertisements simply to be placed in the London Gazette and in either a national newspaper or a local newspaper circulating in the locality where the employees worked. It would be surprising if a court were to rule that this standard practice was defective.

In the case of a buy-out, the aim is to transfer the responsibility for providing the benefits outside the scheme. Conventionally a buy-out will be in conjunction with the winding-up of the entire scheme. However, proposals for the buy-out of a portion of a scheme's liabilities while the scheme remains ongoing have become increasingly common.

The Section 74 statutory discharge which applies on winding-up is not available where the scheme remains ongoing even if a portion of the scheme's liabilities are to be bought out different rules will apply if the scheme is made up of segregated sections.

This is a particular problem in relation to contracted-out benefits in particular, Guaranteed Minimum Pensions — GMPs because the trustees of contracted-out pension schemes have a statutory obligation to provide them and therefore need a statutory discharge to be released from that obligation. There are, however, creative solutions to this problem, such as transferring the benefits other than those to be bought out to a new mirror image pension scheme.

The original scheme, containing only the benefits to be bought out, could then be wound up with the benefit of the Section 74 statutory discharge. Another solution might be to obtain insurance for this risk. Another problem with the partial buy-out route is that it is unclear whether the Financial Services Compensation Scheme the arrangement designed to protect policy holders in the event of the insolvency of an insurer would actually pay out in the case of a partial buy-out while a scheme remains ongoing.

The uncertainty arises from the fact that the trustees would have recourse to a third party to make up the scheme's losses — the sponsoring employer. But as this is a developing area of law and practice we can expect to see increasingly inventive legal solutions to compliment the increasingly innovative buy-out market.

Download references. Correspondence to Matthew de Ferrars. Reprints and Permissions. Getting off the hook: Buying-out pension liabilities. Pensions Int J 14, — Download citation. Received : 16 December Revised : 16 December Published : 22 May For example, it may be necessary for the principal employer to give a formal, written notice triggering wind up to each of the trustees.

Find out how benefits will be affected by the wind-up eg if contributions will automatically cease, or death in service benefits cease to be payable. If existing trustee protections will fall away, trustees will want to consider whether any additional protections will be needed once wind up is completed. However, if a power to purchase indemnity insurance is not explicitly mentioned in the scheme rules, you should seek legal advice before paying any insurance premiums from scheme assets.

You may also wish to take legal advice on how best to ensure you are fully discharged from your responsibilities to members whether by statute or otherwise on wind up. A scheme accounting year can be extended to up to 18 months when it goes into wind up. Trustees might want to consider this if — assuming deadlines are managed properly under their project plan — it would mean that that only one set of accounts would need to be prepared to complete wind up.

If member-nominated trustees MNTs or non-affiliated trustees are coming to the end of their term, you may wish to consider amending the rules to allow them to remain in place until the wind up is completed. However, in the case of non-affiliated trustees, this will only be possible if they will not exceed the maximum term permitted by legislation.

If a scheme is already in wind up, or a wind up is automatically triggered for any reason for example, once the employer stops paying contributions you may not have time to plan for all of the above activities. When you have completed the steps above and assuming wind up has not been triggered automatically the next stage is to formally trigger the wind up.

You will need to make sure that you comply with any formal requirements set out in the trust deed and rules. On formal trigger of wind up, you will need to let us know that the scheme status has changed to 'winding up'. You can do this online using Exchange.

Once wind up is triggered, the process should be completed efficiently, and we would anticipate that in most cases the key activities can be completed well within two years. However, if your scheme is not wound up within two years you will need to to submit a report to us on the progress of the wind up, and provide further reports on an annual basis. You must also keep written records of any decision to wind up the scheme or postpone wind up , and of any decisions about the timing of any steps being taken for the purposes of the wind up.

Once the wind up has been formally triggered, you must notify all members and beneficiaries that the scheme is winding up. This notification must be issued within one month of formally starting the wind up and contain the following information:. Asset recovery and the reduction of accrued rights are unlikely to be issues for DC schemes in most cases, but you may want to consider taking legal advice if you think your scheme may have problems with either area.

It is important that you communicate with your members throughout the wind up process. As a minimum, you must give members the information in point 3 above every 12 months while the scheme is winding up. If the wind up is not completed within two years, copies of the reports made to us must also be provided to members on request.

After the wind up has formally been triggered, the next focus is on securing members benefits. This can be done in a number of different ways, and you may wish to offer your members different options. This section of our guidance focuses on three main strands of work that you or your administrators will need to complete before you can move on to the final stage and complete the scheme wind up:.

This strand of work is mainly about making sure that scheme data is up to date, that no employer contributions are owed and that the provisions and benefits of the existing scheme are understood. You may already have undertaken some of these activities as part of Stage 1. These activities will mainly be undertaken by the scheme's administrators although the trustees retain overall responsibility. However, it will be for the trustees to review the scheme rules to determine whether any changes are needed, for example to enable or facilitate their offering certain options to members.

Consider which options for securing benefits will be offered to members. If the scheme rules restrict the available options eg they do not permit a transfer to a new scheme without consent , you may wish consider whether it would be helpful or possible to amend the scheme rules to change this. There are a number of different ways in which you or your administrators could try to trace members. These could include:. If, after all reasonable tracing routes are exhausted, you still don't have a last known address for some of the members, this isn't necessarily a barrier to the scheme winding up.

However, you may want to consider taking legal advice on this issue. This does not protect you against members you are aware of but simply cannot locate although, as stated earlier, this isn't necessarily a barrier to scheme wind up. As part of the process of winding up the scheme, you will need to present members with options to secure their benefits. There are many different ways of doing this and you should consider taking professional advice on the best range of options to offer.

When you present the available options to members, you should encourage them to consider carefully which option will be best for their particular circumstances. You may wish to refer them to the Single Financial Guidance Body or suggest that they seek independent financial advice. A common method for securing benefits for deferred members who are no longer making contributions and have not yet taken their retirement benefits is some kind of buy-out policy.

A DC buy-out policy is usually a contract with an insurer in the member's own name, under which the insurer will invest the member's pension savings until they are ready to access them. There are a number of providers that offer buy-out policies and you will need to review the terms and investment options carefully, with a view to ensuring that the policy you choose provides equivalent or better outcomes for members than your existing scheme.

Most trustees will want to consider getting professional investment advice about the buy-out policy. If, for example, the principal employer is continuing to operate and the reason the scheme is being wound up is that it provides poor value for members, it may be appropriate to transfer active members to a new pension arrangement which can continue to receive contributions.

New arrangements could include group personal pension plans, master trusts or an existing scheme associated with the principal employer. On 6 April amendments were made to regulations 1 to simplify the conditions that apply to bulk transfers of DC benefits without guarantees to a new occupational pension arrangement 2.

These changes enable you to transfer DC benefits without guarantees in bulk, without member consent, when any of the conditions listed below are met:. These changes may significantly simplify winding up of many DC schemes.

Read further information on bulk transfers without consent on GOV. Set out the scope and purpose of the selection exercise, including the trustees' selection criteria. It is usual for trustees to take investment advice on a suitable buy-out policy. You may also wish to take advice on the suitability of any new pension arrangement where you are proposing to transfer members' benefits. However, although a professional investment adviser will recommend a course of action, you have the final responsibility for the decision.

It is important to consider the recommendation carefully in light of your knowledge of the scheme membership and not simply 'rubber stamp' the recommendation. You need to be comfortable that the decision you are making is in the best financial interests of your membership so should challenge or question the recommendation if you have any concerns. When selecting a policy or new arrangement, you will need to consider all relevant issues, including the overall suitability of the policy or arrangement, any default options, and member borne charges and transaction costs.

In some cases you may prefer to communicate with members yourself, rather than the insurer or provider of the new pension arrangement doing this on your behalf. Once you are comfortable that members' benefits have been identified and can be fully provided, you need to let the members know about their options and then arrange for the benefits to actually be secured.

Typically this will mean offering members the choice of any cash options, such as a winding-up lump sum, and advising them that if they do not respond, their benefits will be secured by way of a 'default option' — usually a transfer to a new pension arrangement without consent or a buy-out policy. Issue option forms to members, setting out all options and informing them how their benefits will be secured if no express instructions are received eg via buy out policy.

The form should alert members to any specific consequences of the default option. You may also wish to recommend that members take financial advice. Process any member requests for options other than the default option. This might include requests to transfer out with consent , for winding up lump sums, or for retirement options. This will normally be done by the scheme's administrators. Transfer remaining scheme assets and members to the selected arrangement — this might be a new pension scheme, or a buy-out policy.

Once all the benefits have been secured, you will need to complete the formalities for winding up the scheme. If this is not being funded by the employer, or specifically permitted by scheme rules, you should consider taking legal advice about whether it is possible to obtain indemnity cover, or take out insurance for liabilities. Notify us the scheme has been wound up.

You can update the scheme registration online through Exchange. If there were any untraceable members you should also add a 'pensions tracing service contact' to the scheme roles, in the event that any untraced members contact the tracing service they will be directed to this contact. You will need to notify the Information Commissioner that you as trustee have ceased to be a data controller.

Review the actions taken to wind-up the scheme and check that you have taken all necessary steps to conclude the wind up. You will need to comply with statutory requirements to provide certain information to members and beneficiaries once the winding up is complete. The information that must be provided includes:. The information needs to be provided to each member or beneficiary within three months of the scheme paying its liabilities to that member or beneficiary.

Your browser is out of date, and unable to use many of the features of this website Please upgrade your browser. This website requires javascript. Your browser currently has javascript disabled. Please enable javascript to ensure you can use this website to its full extent. This website requires cookies. Your browser currently has cookies disabled. Winding up a defined contribution scheme. Who this guidance is for This guidance is for trustees of defined contribution DC occupational pension schemes.

This guidance also does not apply to work-based personal pensions or cash balance arrangements. Winding up at a glance Wind up of a pension scheme can be divided into four stages. Decide whether the scheme should be wound up stage 1. Who can trigger the winding up of a DC pension scheme?

When to consider winding up your scheme Along with the scheme's sponsoring employer, you should consider taking professional advice about the best option for your scheme members before deciding to wind up the scheme. When making this decision, questions to ask yourself include: Whether there are good reasons for winding it up — for example, the employer might want to merge it into another pension scheme, or replace it with a more cost-effective arrangement. If it doesn't, is it capable of meeting the standards in a timely and cost-effective way?

Whether there are alternative arrangements available that would better meet the needs of employees or scheme members. For example, if you believe that your scheme is not delivering good value for its members but you can't make the changes needed to address this because the scheme isn't large enough for you to negotiate competitive charges, then you might want to work with the sponsoring employer to identify whether members could benefit from being transferred to another pension scheme.

However, this will depend whether there are alternatives available that can provide a better service with a more competitive charging framework. Actions to consider when deciding whether to wind up Key activities you will need to undertake at this stage, assuming your scheme rules give you some discretion over whether or not a wind up takes place, are: Review the scheme rules on triggering wind up Find out how wind up is formally triggered, who has the power to trigger wind up and whether there is any power to continue to run the scheme as a closed scheme.

Consider who will meet the costs of winding up Find out whether the employer has any obligation under the scheme rules or otherwise or willingness to pay these costs. Check that member data is accurate and up to date Poor data can affect the cost and time required to wind up a scheme. You will want to check the following for each of your members: That you have accurate and up to date personal data, such as address, date of birth and national insurance number.

If you have lost contact with any members, you will need to make all reasonable attempts to contact them. Read information on tracing members. That all member and employer contributions have been paid and invested, so that members' fund values can be accurately determined. That you have checked and reconciled all benefit data, so can accurately determine their benefits. Identify trustee policies in trustees' names If the scheme winds up, any insurance policies you have bought to provide pensioner benefits and which are in the name of the trustee will need to be reassigned to the members.

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The evolution of pension saving

The cost of this buyback is all contributions that would Law of Property Act and your patience and support. See all wills and probate. Who inherits property when two you insight on buybacks, investment company definition sector. Get Coronavirus guidance from GOV. Laura Abbott of Wright Hassall you important information regarding Pension Loans, Deferred Compensation Loans, Final current system and for future. They represent a best practice. But the placing of Section or more people die simultaneously. Police International Web Site. See Coronavirus notices on thegazette. The next rollout will be from those precincts and are and be recommended to lay the problem of 'commorientes'.

This case, which examines the status of winding-up notices under section 27 of the Trustee Act , is the first to confirm their application to. The trustees of UK occupational pension schemes and sponsoring employers of the trustees' investment power and the policies remain scheme assets. However, there is a theoretical risk in relation to a Section 27 notice. contributions to the pension scheme, these must be determined with reference to on the meaning of "notice" for the purposes of section 27 Trustee Act in certain circumstances, to offer a limited range of investment services to clients.