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GLOSSARY

Accelerated accrual definition

Published by a LexisNexis Pensions expert

What does Accelerated accrual mean?

Where a defined benefit pension scheme’s accrual rate is greater than (usually) one sixtieth of pensionable remuneration for each year of pensionable service.

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The Finance Act 2011 for pension lawyers [Archived]

ARCHIVED: This archived Practice Note looks at the pension changes made by the Finance Act 2011, including in relation to the lifetime and annual allowances, pension input periods, Scheme Pays, the relaxation of the requirement to take benefits at age 75, the removal of age 75 restrictions for lump sums and lump sum death benefits, double taxation and the disguised remuneration rules. It is not maintained and is for background information only.The Finance Act 2011 (FA 2011) received Royal Assent on 27 July 2011. FA 2011 enacted proposals (aimed at raising revenue) that were proposed by HM Treasury in July 2010 and confirmed on 14 October 2010, following concerns that earlier proposals put forward by the previous government disadvantaged high earners only and introduced more complexity to the tax system.This Practice Note looks at the changes made by the FA 2011 for registered and unregistered pension schemes, including in relation to:•the lifetime allowance•the annual allowance•pension input periods•the introduction of Scheme Pays for the payment of the annual allowance charge•the relaxation...

The Finance Act 2011 for pension lawyers [Archived]

The Finance Act 2011 for pension lawyers [Archived] ARCHIVED: This archived Practice Note looks at the pension changes made by the Finance Act 2011, including in relation to the lifetime and annual allowances, pension input periods, Scheme Pays, the relaxation of the requirement to take benefits at age 75, the removal of age 75 restrictions for lump sums and lump sum death benefits, double taxation and the disguised remuneration rules. It is not maintained and is for background information only. The Finance Act 2011 (FA 2011) received Royal Assent on 27 July 2011. FA 2011 enacted proposals (aimed at raising revenue) that were proposed by HM Treasury in July 2010 and confirmed on 14 October 2010, following concerns that earlier proposals put forward by the previous government disadvantaged high earners only and introduced more complexity to the tax system. This Practice Note looks at the changes made by the FA 2011 for registered and unregistered pension schemes, including in relation to: • the lifetime allowance •...

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