CBF

Glossary

Annuity - is a regular income exchanged for a lump sum usually via an insurance company at retirement. (Once purchased cannot be reverted to a lump sum).

Connected Person - is an individual who is connected to a corporate trustee or employer if he or she is a relative or business associate of any Director or influential shareholder of the trustee or employer company.

Controlling Director - is defined as a member who, at any time after 16 March 1987 and within 10 years of retirement or leaving service or leaving pensionable service, has been a Director and either on his or her own or with one or more associates has beneficially owned or been able to control directly, indirectly or through other companies, 20% or more of the ordinary share capital of the company.

Dependant - means a person who is financially dependant on the member or dependant on the member because of disability or who was so dependant at the time of the employees death or retirement.

Earnings cap - was introduced by the Finance Act 1989 and is the permitted maximum salary level on which contributions and benefits can be based for members subject to the POST 89 Inland Revenue Regime.

Exempt Approved Scheme - means any retirement benefits scheme which is approved under Chapter I part XIV and is either established or held under irrevocable trusts or is the subject of a direction by the Board under section 592(1)(b) of the ICTA 1988.

Pensions Scheme Office (PSO) - The office of the Inland Revenue which deals with the approval of pension Schemes under the relevant tax legislation. Prior to 1 April 1992 it was known as the Superannuation Funds Office (SFO).

Pensioneer Trustee - is an individual or body recognised by the Inland Revenue as being widely involved with occupational pension schemes and having dealings with the Pension Schemes Office, who has given an undertaking to that office that he or she will not consent to any termination of a scheme of which he or she is a trustee otherwise than in accordance with the approved terms of the winding up role.

Remuneration - means any emoluments which are chargeable to tax under Case I or II of Schedule E (including Profit Related Pay whether relieved from income tax or not) other than those items which are specifically excluded there from by Section 612(1) of the Income & Corporation Taxes Act 1988 (ICTA 1988) (e.g. share options)

Small Self-Administered Schemes - a Self-Administered Pension Scheme with less than 12 members where at least one of those members is connected with another member, or with a Trustee or employer in relation to the Scheme.

Loans and Commercial Morgages

Rest assured though we scour the market for the best rates available, and are confident enough to guarantee you a mortgage even if you have been declined elsewhere, so long as you only wish to borrow up to 75% of the property value.