conflicts of interest

*. a trustee's interest as an employee, eg financial director, and his or her duty as a trustee
*. the duty of a professional to the employer as well as to the trustees, where they are acting for both

contracted out

Commonly used to describe a scheme which provides benefits in place of the State Second Pension (S2P, previously SERPS).
Currently these benefits from the scheme are paid forby means of a rebate of the relevant NI contributions.

contracting out certificate

The certificate issued by HMRC, in respect of an occupational pension schemewhich satisfies the conditionsfor contracting out.

compromise agreement

A legal agreement, the effectof which is to reduce the amount of the debt due from a sponsoring employer to a scheme under section 75 of the Pensions Act 1995.
Where a compromise agreement has been reached, a scheme will not usually be eligible for PPF compensation, unless the PPF agreed to the compromise at the time it was made.

commutation factors

Commutation factors dictate the extent to which pension benefits are increased or reduced by late or early retirement. They also determine the relationship between the lump sum taken (if any) and the level of the remaining pension.

combined code

The combined code on corporate governance sets out standards of good practice in relation to issues such as board composition and development, remuneration, accountability and audit and relations with shareholders. The code was devised and is maintained by the Financial Reporting Council.

combined code

The combined code on corporate governance sets out standards of good practice in relation to issues such as board composition and development, remuneration, accountability and audit and relations with shareholders. The code was devised and is maintained by the Financial Reporting Council.

codes of practice

The Pensions Regulator's codes of practice give practical information about how trustees can comply with legal requirements, andset out the standards of conduct and practice expected.

closed scheme

A pension scheme which does not admit new members. Contributions may or may not continue and benefits may or may not be provided for future service.

closed scheme

A pension scheme which does not admit new members. Contributions may or may not continue and benefits may or may not be provided for future service.