Money purchase deconstructed: working with the new definition — a checklist for trustees and administrators

The definition of money purchase benefits is changing, and with it the rules on how schemes are required to deal with any benefit that becomes classified as a ‘non-money purchase’. More information about these affected benefits can be found on page three of the briefing.

In broad terms, past treatment of affected benefits as money purchase will be validated. However, from the date of the definition change (‘d-day’ — due to be before the end of July 2014), scheme practices may need to be updated. This checklist identifies key areas that trustees and administrators should check when dealing with affected benefits from d-day onwards.

Check whether your scheme offers any affected benefits (see page three), which have to date been treated as money purchase benefits. Many schemes have already carried out this exercise…

Click on the link below to read the rest of the Allen & Overy briefing.

Analysis from The Lawyer

  • Panel reviews

    Panel reviews 2014: The chosen ones

    Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all

  • training

    Accutrainee: Revolution postponed

    At the time of its launch Accutrainee was described as a revolutionary change to the training model. Has it proved to be so? Not really.

View more analysis from The Lawyer


One Bishops Square
E1 6AD

Turnover (£m): 1,234.30
No. of lawyers: 2,194 (UK 200)
Jurisdiction: UK
No. of offices: 11
No. of qualified lawyers: 273 (International 50)