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Pension Schemes Act 1993
The Pension Schemes Act 1993c 48 is a United Kingdom Act of Parliament that concerns the administration of occupational pensions. Background The Pension Schemes Act 1993 was the first statute to result from the comprehensive inquiry led by Roy Goode resulting in the command paper, ''Pension Law Reform''.(1993) Cm 2342 Contents Part I contains section 1 that sets out the three pillars, or categories of UK pensions: occupational pensions, personal or private pensions and the public or state pension. Part II concerned administration of the pension system under an "Occupational Pensions Board", though this has now been replaced by the Pensions Regulator under the Pensions Act 2004. Part III in sections 7 to 68 concerns the certification of pension schemes, and the rule that people with entitlement to such schemes get reduced state benefits, and other effects. Part IV in sections 69 to 101 sets out minimum protection for early leavers from their jobs before an entitlement to an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
James Mackay, Baron Mackay Of Clashfern
James Peter Hymers Mackay, Baron Mackay of Clashfern, (born 2 July 1927) is a British advocate. He served as Dean of the Faculty of Advocates, Lord Advocate, and Lord Chancellor (1987–1997). He is a former active member of the House of Lords, where he sat as a Conservative. He retired from the House on 22 July 2022. Early life and education Mackay was born in Edinburgh on 2 July 1927. He won a scholarship to George Heriot's School, and then studied mathematics and physics at the University of Edinburgh, receiving a joint MA in 1948. He taught mathematics for two years at the University of St Andrews before moving to Trinity College, Cambridge, on a scholarship, from which he obtained a BA in mathematics in 1952. He then returned to Edinburgh University where he studied law, receiving an LLB (with distinction) in 1955. Career Mackay was elected to the Faculty of Advocates in 1955. He was appointed a Queen's Counsel in 1965. He was Sheriff Principal for Renfrew and Argy ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lord Chancellor
The lord chancellor, formally the lord high chancellor of Great Britain, is the highest-ranking traditional minister among the Great Officers of State in Scotland and England in the United Kingdom, nominally outranking the prime minister. The lord chancellor is appointed by the sovereign on the advice of the prime minister. Prior to their Union into the Kingdom of Great Britain, there were separate lord chancellors for the Kingdom of England (including Wales) and the Kingdom of Scotland; there were lord chancellors of Ireland until 1922. The lord chancellor is a member of the Cabinet and is, by law, responsible for the efficient functioning and independence of the courts. In 2005, there were a number of changes to the legal system and to the office of the lord chancellor. Formerly, the lord chancellor was also the presiding officer of the House of Lords, the head of the judiciary of England and Wales and the presiding judge of the Chancery Division of the High Court of J ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions Act 1995
The Pensions Act 1995c 26 is a piece of United Kingdom legislation to improve the running of pension schemes. Background Following the death of Robert Maxwell, it became clear that he had embezzled a large amount of money from the pension fund of Mirror Group Newspapers. As a result of this, a review was established to look into ways that the running of pension schemes could be improved. The end result was the Pensions Act 1995. Overview The main features of the Act included: * The establishment of the Occupational Pensions Regulatory Authority * The Minimum Funding Requirement (MFR) to ensure that all pension schemes had a minimum amount of money * A compensation fund for pension schemes in the event of fraud * Protection for existing pension scheme benefits so that they could not be reduced in the future without member consent * A requirement for pension schemes to have member nominated trustees * Greater disclosure of information to members * The introduction of clear docume ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions Act 2004
The Pensions Act 2004 (c 35) is an Act of the Parliament of the United Kingdom to improve the running of pension schemes. Background In the years following the introduction of the Pensions Act 1995, it was widely perceived that it was failing to offer the protection to pension scheme members that had been anticipated. The Occupational Pensions Regulatory Authority was perceived as being reactive, didactic and uncommercial. The minimum funding requirement had not prevented some pension schemes winding up with insufficient assets to secure their liabilities, amid considerable publicity. There was strong political pressure to establish a guarantee fund similar to the American Pension Benefit Guaranty Corporation. Much of the regulation was perceived to be unnecessarily restrictive. The Pensions Act 2004 was written to try to fix these deficiences. The Act introduced two new regulatory institutions: the Pensions Regulator, with the powers to require sponsoring companies to make ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions Act 2014
The Pensions Act 2014 is a piece of United Kingdom legislation, that received Royal Assent Royal assent is the method by which a monarch formally approves an act of the legislature, either directly or through an official acting on the monarch's behalf. In some jurisdictions, royal assent is equivalent to promulgation, while in oth ... on 14 May 2014. This Act of Parliament is published by HMSO. It establishes a new state pension scheme for people who attain state pension age on or after the 6 April 2016. References {{UK legislation Pensions in the United Kingdom United Kingdom Acts of Parliament 2014 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pension Schemes (Northern Ireland) Act 1993
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called ''retirement plans ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom
The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotland, Wales and Northern Ireland. The United Kingdom includes the island of Great Britain, the north-eastern part of the island of Ireland, and many List of islands of the United Kingdom, smaller islands within the British Isles. Northern Ireland shares Republic of Ireland–United Kingdom border, a land border with the Republic of Ireland; otherwise, the United Kingdom is surrounded by the Atlantic Ocean, the North Sea, the English Channel, the Celtic Sea and the Irish Sea. The total area of the United Kingdom is , with an estimated 2020 population of more than 67 million people. The United Kingdom has evolved from a series of annexations, unions and separations of constituent countries over several hundred years. The Treaty of Union between ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Act Of Parliament
Acts of Parliament, sometimes referred to as primary legislation, are texts of law passed by the Legislature, legislative body of a jurisdiction (often a parliament or council). In most countries with a parliamentary system of government, acts of parliament begin as a Bill (law), bill, which the legislature votes on. Depending on the structure of government, this text may then be subject to assent or approval from the Executive (government), executive branch. Bills A draft act of parliament is known as a Bill (proposed law), bill. In other words, a bill is a proposed law that needs to be discussed in the parliament before it can become a law. In territories with a Westminster system, most bills that have any possibility of becoming law are introduced into parliament by the government. This will usually happen following the publication of a "white paper", setting out the issues and the way in which the proposed new law is intended to deal with them. A bill may also be introduced in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Occupational Pension
A pension (, from Latin ''pensiō'', "payment") is a fund into which a sum of money is added during an employee's employment years and from which payments are drawn to support the person's retirement from work in the form of periodic payments. A pension may be a "defined benefit plan", where a fixed sum is paid regularly to a person, or a "defined contribution plan", under which a fixed sum is invested that then becomes available at retirement age. Pensions should not be confused with severance pay; the former is usually paid in regular amounts for life after retirement, while the latter is typically paid as a fixed amount after involuntary termination of employment before retirement. The terms "retirement plan" and "superannuation" tend to refer to a pension granted upon retirement of the individual. Retirement plans may be set up by employers, insurance companies, the government, or other institutions such as employer associations or trade unions. Called ''retirement plans ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Roy Goode
Sir Royston Miles "Roy" Goode (born 6 April 1933) is an academic commercial lawyer in the United Kingdom. He founded the Centre for Commercial Law Studies at Queen Mary, University of London. He was awarded the OBE in 1972 followed by the CBE in 1994 before being knighted for services to academic law in 2000. Education and early life He was educated at Highgate School in North London,Highgate School Register 7th Edn 1833–1988, Ed. Patrick Hughes & Ian F Davies 1989 and obtained his law degree by external study through the University of London External Programme in 1954. He completed the LLD at London in 1976 and the DCL at the University of Oxford in 2005. Career He was admitted as a solicitor in 1955; he was later called to the Bar at Inner Temple in 1988. Goode spent 17 years in private practice as a solicitor before turning to academia. While in practice, he wrote a series of legal textbooks. He began by writing a text on hire purchase as nothing had been written on ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions Regulator
The Pensions Regulator (TPR) is a non-departmental public body which regulates work-based pension schemes in the United Kingdom. Created under the Pensions Act 2004, the regulator replaced the Occupational Pensions Regulatory Authority (OPRA) from 6 April 2005 and has wider powers and a new proactive and risk-based approach to regulation. The Occupational Pensions Regulatory Authority was established by the Pensions Act 1995 and came into full operation on 6 April 1997. It replaced the Occupational Pensions Board as the regulator of occupational pensions in the UK. The Pensions Regulator has a clear set of objectives: * to protect members’ benefits * to reduce the risk of calls on the Pension Protection Fund (PPF) * to promote, and to improve understanding of, the good administration of work-based pension schemes * to maximise employer compliance with automatic enrolment duties; * to minimise any adverse impact on the sustainable growth of an employer (in relation to the exe ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pensions Ombudsman
The Pensions Ombudsman is the official ombudsman institution responsible for investigating complaints regarding pensions in the United Kingdom. The Pensions Ombudsman is a non-departmental public body stewarded by the Department of Work and Pensions, and the Ombudsman and Deputy Ombudsman are appointed by the Secretary of State for Work and Pensions. The Ombudsman is an independent commissioner; he and his staff are not civil servants. His brief is to resolve disputes of fact or law and to investigate claims of maladministration. Unusually for UK Ombudsmen, the Pensions Ombudsman's determinations are binding on the parties and enforceable in the County Court. There is a right of appeal to the High Court on a point of law (Court of Session in Scotland and Court of Appeal in Northern Ireland). In England the High Court's permission has to be obtained for an appeal. Although the first UK Ombudsman, the Parliamentary Commissioner for Administration, was established in 1967, fol ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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