Term
What evidence is required before benefits are put into payment? |
|
Definition
Age Birth Certificate Passport Confirmation by DWP
Marriage/dependants
|
|
|
Term
| What is the administration procedures when an earmarking order is obtained? |
|
Definition
Court order sent to trustees in order that they may raise objections Can only object if they can't implement or it's ambiguous Existence of Order and details of benefits myst be noted on member's file for when payments are due.
|
|
|
Term
| What are the administration requirements in relation to Pension Sharing Orders? |
|
Definition
Create new benefit category: pension credit member Must advise PCM of purposes their personal data is being used for (Data Protection) Strict timeframes for implementing and administering orders. Cost can be met by member and/or ex-spouse Can charge couple directly or deduct from shared benefits Must implement the order by:
|
|
|
Term
| In the event of an invalid pension sharing order or one lacking all required info, what is the notification requirement and the timescale for doing so? |
|
Definition
|
|
Term
| In the event of receipt of pension sharing order and all required info, what is the notification requirement and the timescale for doing so? |
|
Definition
|
|
Term
| In the event of implementation of pension sharing order, what is the timescale for doing so? |
|
Definition
Must be completed within four months from the latest of: Effective Date of order date of reveipt of order date of receipt of any outstanding information/documents, etc 21 days after the receipt of any up-front charges due but unpaid when the order was received.
|
|
|
Term
| In the event of completion of implementation, what is the notification requirement and the timescale for doing so? |
|
Definition
|
|
Term
| In order to give a quotation of benefits, in relation to a transfer in, what information will the receiving scheme need to establish? |
|
Definition
details of previous arrangement transfer value available employee's contributions pre and post 97 values Guarantee period Contracted out information Qualifying service completed any earmarking orders
|
|
|
Term
In what time period must a quotation of benefits be provided, in relation to a transfer in? |
|
Definition
| 2 months of the trustees receiving all information necessary to complete quotation. |
|
|
Term
| What information can DB members request once a year? |
|
Definition
An annual benefit statement Most schemes do this automatically Compulsory to do so for DC benefits, AVC's or DC underpin Proposals to make it compulsory for DB schemes also.
|
|
|
