Corporate Insolvency and Governance Act and Defined contribution pension scheme: Difference between pages

From ACT Wiki
(Difference between pages)
Jump to navigationJump to search
imported>Doug Williamson
(Add links.)
 
imported>Doug Williamson
(Add links.)
 
Line 1: Line 1:
''UK law - COVID-19''.
(DC).  


The UK's Corporate Insolvency and Governance Act 2020 was enacted in response to COVID-19.
A pension scheme where benefits are based on how much money has been paid into the scheme and the investment returns earned, a significant part of the sum achieved often being invested in an annuity at market rates at - or soon after - retirement.


Among other changes, the Act:
Such schemes are by definition funded.


*Introduced a credit moratorium for businesses, to give them more time to seek a rescue.
Also known as ''money purchase'' schemes.  
*Prohibited termination clauses engaging on insolvency, to prevent suppliers ceasing supply or asking for additional payments while companies enter rescue proceedings.
*Temporarily removed the threat of personal liability for wrongful trading for directors seeking to keep companies afloat during the crisis.
*Temporarily prohibited creditors from filing statutory demands or winding up petitions for COVID-19 related debt.




== See also ==
== See also ==
* [[Balance sheet insolvent]]
* [[401(k) plan]]
* [[Cash flow insolvent]]
* [[Annual allowance]]
* [[Chapter 11]]
* [[Annuity]]
* [[Company voluntary arrangement]]
* [[Defined benefit pension scheme]]
* [[Cost of financial distress]]
* [[Funded scheme]]
* [[Creditors]]
* [[Occupational pension scheme]]
* [[Individual Voluntary Arrangement]]
* [[Stakeholder pension scheme]]
* [[Insolvency]]
* [[Unfunded scheme]]
* [[Insolvency practitioner]]
* [[Insolvency Service]]
* [[London Approach]]
* [[Moratorium]]
* [[Restructuring plan]]
* [[Scheme of arrangement]]
* [[Solvency]]
* [[Statement of affairs]]
* [[Statutory demand]]
* [[Voluntary liquidation]]
* [[Winding up petition]]
* [[Wrongful trading]]


[[Category:Accounting,_tax_and_regulation]]
[[Category:Manage_risks]]
[[Category:The_business_context]]

Revision as of 13:13, 24 October 2022

(DC).

A pension scheme where benefits are based on how much money has been paid into the scheme and the investment returns earned, a significant part of the sum achieved often being invested in an annuity at market rates at - or soon after - retirement.

Such schemes are by definition funded.

Also known as money purchase schemes.


See also

Retrieved from ‘https://wiki.treasurers.org/w/index.php?title=Corporate_Insolvency_and_Governance_Act&oldid=14341’