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The people appointed to administer a deceased person’s estate when there are no executors.
A relief from IHT for certain types of agricultural property.
An accumulation & maintenance trust; a special trust created for children/grandchildren who had to receive at least the trust income by no later than age 25. Could be created during lifetime or in a will. Since FA 2006 it is no longer possible to create an A&M trust.
The amount of capital gains an individual or trust can make before being subject to CGT.
The basis of taxation where all income and gains are taxed in the tax year in which they arise, irrespective of whether they are physically brought into the UK (see remittance basis).
In defined benefit arrangements, additional period of pensionable service can be granted. Added Years usually arise out of use of the scheme's augmentation power.
6 April 2006 - in effect, the date on which the new pensions regime under the Finance Act 2004 came into force.
A person currently accruing benefits in a pension arrangement (as distinct from Deferred Members and Pensioner Members).
A review of the assets and liabilities of a defined benefits pension arrangement. The level of funding is assessed and recommendations made by the scheme actuary - which may include the level of on-going contributions and any measures required to reduce a deficit. The Institute of Actuaries website contains useful information. www.actuaries.org.uk
A type of personal pension plan used to allow members to contract out of the state second pension.
A way of paying regular income out of a money purchase arrangement for those over age 75.
Actuarial Valuation Report
Additional Voluntary Contributions
Alternatively Secured pension
An important concept under the FA04 regime. There is now a specific list of what is an authorised payment which can be made from a pension arrangement with the attendant tax advantages. With admirable logic, HMRC deems anything which is not an authorised payment to be an unauthorised payment - and that carries with it potentially severe tax consequences.
Appropriate Personal Pension Plan
HMRC requires that there be a person responsible for complying with certain legislative requirements. In occupational schemes it is usually the trustees. This is distinct from the administrator appointed by the trustees to perform the general day-to-day administration of the scheme.
Pension schemes or arrangements used to be referred to as "Approved" - that was under the pre-2004 regime. Schemes or arrangements are now "Registered" with HMRC, rather than approved.
The annual tax-advantaged amount a member can save through a pension arrangement.
The disclosure regulations require trustees to make available certain information to members. Usually, trustees provide a simple annual report to members with a summary of the key financial and investment information.
Where a scheme member elects to pay extra contributions over and above any ordinary contributions required by the scheme's rules. AVC's are then used to buy additional pension.
More and more families in the UK have some connection to Shari’a law. For the practitioner, the impact of Shari’a law raises certain challenges. First, advisers need to know that the wills they are drafting are valid. Second, Shari’a law can have an impact on standard UK estate planning.
This article summarises the conflict of law rules, to show how Shari’a law can be relevant, and then gives a very brief overview of the Shari’a laws of succession. Practical examples are included to show the issues that practitioners need to look out for.
The Pensions Regulator has today published its 2013 annual funding statement to help pension scheme trustees and sponsoring employers to agree...
EIOPA has today published its preliminary assessment of the quantitative impact upon the funding of defined benefit schemes of applying EIOPA's advice...