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Limited Price Indexation
(LPI) is a pricing index used to calculate increases in components of scheme pension payments in the UK. Currently, the statutory requirement for occupational pension schemes is that pensions in payment must be increased by the lower of RPI and 2.5% . Usually the lesser of the annual increase in the ''Retail Prices Index''(or ''Consumer Prices Index'') and 5%, although the percentage limit can vary. From April 2011, the index used for LPI will be switched from RPI to CPI(Consumer Price Index). The announcement makes it clear that: * this statutory requirement will apply to all rights a member has already accrued – not just future service rights * if a pension is already in payment, a member will remain entitled to the increases already granted but future increases on the whole pension may be based on CPI not RPI; and * schemes can provide greater increases if they wish. The rate of revaluation for pensions in deferment will also change in a similar way (again, with revaluation ... [...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] |
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 Ian Robert Maxwell (born Ján Ludvík Hyman Binyamin Hoch; 10 June 1923 – 5 November 1991) was a Czechoslovak-born British media proprietor, member of parliament (MP), suspected spy, and fraudster. Early in his life, Maxwell escaped from ..., 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Excess Contribution
{{disambiguation ...
Excess may refer to: * Angle excess, in spherical trigonometry * Insurance excess, similar to a deductible * Excess, in chemistry, a reagent that is not the limiting reagent * "Excess", a song by Tricky from the album '' Blowback'' * ''Excess'' (album), an album by Coma See also * Excess-K, or offset binary, in computing * XS (other) XS may refer to: Arts and entertainment * XS (comics), a DC Comics superheroine * ''XS'' (manhwa), a South Korean comic by Song Ji-Hyung () * XS (radio station), a defunct station in Neath Port Talbot, Wales * "XS" (song), a 2020 song by Rina Sa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Protected Rights
Protection is any measure taken to guard a thing against damage caused by outside forces. Protection can be provided to physical objects, including organisms, to systems, and to intangible things like civil and political rights. Although the mechanisms for providing protection vary widely, the basic meaning of the term remains the same. This is illustrated by an explanation found in a manual on electrical wiring: Some kind of protection is a characteristic of all life, as living things have evolved at least some protective mechanisms to counter damaging environmental phenomena, such as ultraviolet light. Biological membranes such as bark on trees and skin on animals offer protection from various threats, with skin playing a key role in protecting organisms against pathogens and excessive water loss. Additional structures like scales and hair offer further protection from the elements and from predators, with some animals having features such as spines or camouflage servin ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Earnings-Related Pension Scheme
The State Earnings Related Pension Scheme (SERPS), originally known as the State Earnings Related Pension Supplement, was a UK Government pension arrangement, to which employees and employers contributed between 6 April 1978 and 5 April 2002, when it was replaced by the State Second Pension. Employees who paid full Class 1 National insurance contribution between 1978 and 2002 earned a SERPS pension. Members of occupational pension schemes could be "contracted out" of SERPS by their employer, in which case they and the employer would pay reduced NI contributions, and they would earn virtually no SERPS pension. General principle The purpose of the scheme was to provide a pension related to earnings, in addition to the basic state pension. The principle was that everyone would receive a SERPS pension of 25 per cent of their earnings above a "lower earning limit" (approximating to the amount of the basic state pension). The scheme was phased in over twenty years so that those reti ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Second Pension
The State Second Pension (S2P), or Additional State Pension, was introduced in the UK by the Labour Government on 6 April 2002, to replace the SERPS (State Earnings-Related Pension Scheme). The main aim of this change was to skew existing Additional Pension (AP) benefits in favour of low and moderate earners at the expense of higher earners and to extend access to include certain carers and people with long-term illness or disability for the first time. The Additional State Pension was replaced for new pensioners by the new State Pension on 6 April 2016. Differences between SERPS and S2P Before April 2002, AP was provided through the State Earnings-Related Pension Scheme, (SERPS). SERPS was a career average pension scheme, based on the band of earnings each year between a "LEL" or '"Lower Earnings Limit"' (£5,304 in 2011/12) and a "UEL" or '"Upper Earnings Limit"' (£42,475 in 2011/12). Any SERPS entitlement already built up is retained and revalued each year in line with t ... [...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 co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defined Benefit
Defined benefit (DB) pension plan is a type of pension plan in which an employer/sponsor promises a specified pension payment, lump-sum, or combination thereof on retirement that depends on an employee's earnings history, tenure of service and age, rather than depending directly on individual investment returns. Traditionally, many governmental and public entities, as well as a large number of corporations, provide defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay.Lemke and Lins, ''ERISA for Money Managers'', §1:1 (Thomson West, 2013). A defined benefit plan is 'defined' in the sense that the benefit formula is defined and known in advance. Conversely, for a "defined contribution retirement saving plan," the formula for computing the employer's and employee's contributions is defined and known in advance, but the benefit to be paid out is not known in advance. In the United States, specifies a defined benefit plan to be any pension pl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Money Purchase Pension Scheme
A defined contribution (DC) plan is a type of retirement plan in which the employer, employee or both make contributions on a regular basis. Individual accounts are set up for participants and benefits are based on the amounts credited to these accounts (through employee contributions and, if applicable, employer contributions) plus any investment earnings on the money in the account. In defined contribution plans, future benefits fluctuate on the basis of investment earnings. The most common type of defined contribution plan is a savings and thrift plan. Under this type of plan, the employee contributes a predetermined portion of his or her earnings (usually pretax) to an individual account, all or part of which is matched by the employer. In the United States, specifies a defined contribution plan as a "plan which provides for an individual account for each participant and for benefits based solely on the amount contributed to the participant's account, and any income, expense ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Defined Contribution Pension Scheme
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 pla ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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