The survey was first undertaken in 1953, then in 1956 and 1963, and then every 4 to 5 years until 2004 when it became an annual survey. If you work for a Local Authority you should have access to the Local Government Pension Scheme.. University staff are covered by the Universities Superannuation Scheme.. A workplace pension scheme, usually trust-based, established by an employer, or on behalf of a group of employers, … The appeal of pension schemes lies mainly in their tax-efficiency. A UK pension scheme is prohibited from making a cross-border bulk transfer to an EU pension scheme without authorisation from the regulator in the home member state of the receiving scheme. Please note: Section B no longer has any … For pension schemes registered with HM Revenue & Customs (HMRC), extensive tax relief is available: This site is for all members of the BT Pension Scheme, which closed to new entrants in 2001. Is a defined benefit occupational pension scheme based on final salary. Irrespective of whether you are an employer or an employee, there are a plethora of benefits of an occupational scheme or an occupational pension scheme. This practice note examines the steps necessary to wind up an occupational pension scheme. Other workplace or occupational pensions. Pensions are a major topic and, even for those in their 20s and 30s, should be taken seriously as they are deferred pay and are very important in later life. An occupational pension transfer is where you give up your pension in return for a lump sum and reinvest it in another scheme or use the cash sum yourself. The receiving EU scheme must seek authorisation from its own regulator and from TPR following the … Occupational pension scheme governance 2 May 2019 EU Directive 2016/2341 (commonly known as “IORP II”) became European Union law at the beginning of 2017 with a requirement for the UK Government to implement it into UK law by 13 January 2019. All employers must provide workers with a qualifying workplace pension.This is called automatic enrolment.. Read more about automatic enrolment into a workplace pension.. It's free for employers and easy to set up. Find out how NEST can help secure your future. For occupational or public service pension schemes, the payment must extinguish the member’s entitlement to benefits under the paying scheme, in respect of non-occupational pensions (personal pensions etc. How tax relief works on workplace pensions If you’re in a workplace pension , there are two ways to get tax relief, which are linked to the way your employer deducts your pension contributions. You can also take advantage of enrolling in occupational pension schemes (if you aren’t already part of the automatic enrolment) and private pension schemes. All eligible staff are strongly recommended to join the employers' occupational pension scheme. Where the pension scheme is being wound up and is a scheme to which PA 1995, s 73 applies (eg a registered defined benefit occupational scheme), a statutory discharge may be available to the trustees pursuant to PA 1995, s 74 and the underlying Occupational Pension Schemes (Winding Up) Regulations 1996, SI 1996/3126. Types of scheme What are the most common types of pension scheme provided by employers for their employees in your jurisdiction? 24 If you work for BT and are unsure which pension scheme you are a member of, please refer to Pensions on HR Home on the BT intranet. As well as looking at typical trigger events that initiate winding-up, the note discusses the consequences for trustees and members, including the actions trustees should take to distribute scheme assets according to the relevant order of priorities and to secure the scheme's liabilities. A pension (/ ˈ p ɛ n ʃ ə n /, 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. Learn more. An occupational pension scheme can be operated as a final salary pension with a pension related to the schemes accrual rate and member's earnings at retirement age or operated as a money purchase scheme with the pension income linked to the fund value, this being dependent upon the contributions made and investment return. The Occupational Pension Schemes (Scheme Administration) Regulations 1996 (“the Regulations”) are the first regulations to be made in respect of the administration of occupational pension schemes under the Pensions Act 1995 (“the Act”). An inquiry is to be launched into the UK's 6,000 occupational pension schemes after question marks about the future of the BHS and British Steel schemes. 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