Arrangements for partners

Article Abstract:

Members of partnerships in the UK usually have three choices as regards pension plans. The self-employed retirement annuity contract provided under S-226, FA 1970 or the new FA(2) 1987 is one; the second is an in-house 'Friendly Society'; and the third is paying pensions out of the profits of the firm. A fourth, as yet untried, route is partnership incorporation, which is currently illegal. The third method is the one most favored, but it is rife with inequities and uncertainties that often cause ill-will and other problems. The solution may lie in a compromise of the third method, assessing the discounted value of individual entitlements and distributing benefits according to the original partnership agreement.

Compensation and benefits, Accounting and auditing, Pension funds, Partnership, Partnerships

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How the new increases work out

Article Abstract:

The rules and regulations governing state pensions provided in Great Britain were revised to increase the rates of payment for many recipients as of June 18, 1984 (effective November 1984). Social Services in Britain will increase state pension benefits by 5.1 percent, increase supplementary benefits by 4.7 percent, provide immediate payment of higher heating benefits to claimants age 85 and older, and improve allowances to war widows by 15 percent. The details of these Social Security benefit raises are discussed.

Services, Social services, Social service, United Kingdom. Department of Health

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