writing to the Liquidator requiring them to make a decision as to whether or not to disclaim.

Once a Notice to Elect has been issued, an officeholder will have 28 days in which to decide whether or not to disclaim the property. If they fail to disclaim within this 28 days they no longer has the right to do so.

[See ‘Liquidation’, ‘Bankruptcy’, ‘Officeholder’ and ‘Disclaimer’.]

O

Occupational Pension Scheme

An occupational pension scheme is one set up by an employer to provide retirement benefits for its employees. Occupational pension schemes are regulated by The Pensions Regulator and generally fall into three categories:

• Defined benefit schemes (many of these are final salary schemes).
• Defined contribution schemes (also called money purchase schemes).
• Hybrid schemes.

The statutory definition of an ‘occupational pension scheme’ is contained in section 1 of the Pension Schemes Act 1993.

An occupational pension is paid to a person on top of their state pension, and the contributions made to the scheme are separate from national insurance contributions (NIC).

[See ‘The Pensions Regulator’ and ‘National Insurance Contributions’.]

Officeholder

The following insolvency personnel are also known as ‘officeholders’:

• Liquidators (who act in a Members’ Voluntary Liquidation (MVL), Creditors’ Voluntary Liquidation (CVL) and Compulsory Liquidation (also known as a winding-up by the Court (WUC)).
• Administrators.