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In Association with Pensions

An Introduction to Pensions
and the Pensions Industry

A Briefing for Non-Specialists, Support Staff and New Entrants

 

Chair
Steve Bee, Head of Pensions Strategy, Scottish Life / Royal London

Speakers
John Hayward, Pension Consultant
Beth Horsman, Solicitor, Professional Support Lawyer, Eversheds LLP
Sharon Purnell, Legal Executive, Eversheds LLP
Mark Da Silva, Partner, Barnett Waddingham LLP
Rachel Vahey, Manager, Pensions Development, Scottish Equitable plc

 

Matters to be covered include:

  • What are pensions and how do they work in the UK?
  • Pensions terminology: key terms and acronyms thoroughly explained
  • Types of pension – key features and differences
    - State pension and second state pension
    - Private pension eg SSAS (small self-administered schemes) and SIPP (self-invested personal pensions)
    - Occupational and company pension arrangements
    - Stakeholder pensions
    - Final salary schemes / defined benefit (DB) schemes
    - Money purchase schemes / defined contribution (DC) schemes
    - Contracting out
    - Early leavers
    - Retirement benefits
    - Death benefits (pensions, lump sum)
    • Survivors’ pensions
    • Death in service
    • Death in deferment
    • Death of a pensioner
  • ‘Simplification’ and ‘A-Day’
    - Background, theory and practical implications
    - Who does it affect and how?
    - What does the industry need to do to prepare?
    - What will the pensions world look like after ‘simplification’ is in place?
  • Pensions industry structure
    - Who does what in the industry – traditionally and how is that altering now?
    - Who works with whom – and who is in competition?
    - Who gets paid by whom?
    - Polarisation
  • The Pensions Regulator’s role explained
    - The Financial Services Authority (FSA) and the Pensions Regulator; what the responsibilities are
    - Who are they?
    - What are they looking for?
    - What should you do?
    - What can they do?
    - Whistle blowing
    - Compensation
    - Compliance
    - Mis-selling explained
  • The legal aspects
    - The trust
    - Member nominated trustees (MNTs)
    - The trustee’s role, duties and responsibilities
    - The employer’s role
    - The individual’s role
    - The adviser’s role
    - The documentation
    - Divorce
    - Other relevant law including employment and discrimination
    - Case law
  • The Inland Revenue’s position
    - Registration
    - Tax issues and reliefs
    - Simplification
    - Lifetime and annual allowances
    - Retirement age
    - Transitional position
  • Effect of Europe on pensions
    - Including the European Directive (IORP - Activities of Institutions for Occupational Retirement Provision) and age discrimination
  • Pensions aspects of mergers and acquisitions
    - Sale of company
    - Sale of business
    - Due diligence
    - Transfer issues
  • Actuarial and investment issues
    - Impact of the Pensions Bill and Finance Act
    - Scheme specific funding requirement
    - Pension Protection Fund (PPF)
    - Surpluses and deficits
    - Investment strategy
    - Winding-up and closed schemes