Click here to learn more about our revolutionary app or download directly from one of the sources below.
In this way a person makes regular payments (‘contributions’) into the pension fund.
[See ‘Money Purchase Pensions’ and ‘Defined Contribution Pension’.]
A personal representative is the person or persons who is legally entitled to administer the estate of the person who has died (referred to as ‘the deceased’).
The term ‘personal representatives’ (sometimes abbreviated to PR) is used because it includes both ‘executors’ and ‘administrators’. For most tasks involving dealing with an estate the tasks executors and administrators have to carry out are the same.
When someone dies their assets held in their own name only are frozen.
Personal representatives are the only people who can access the assets in order to deal with the estate. Depending on the value of the estate, the personal representatives may have to obtain a legal document (the grant) to show they have accepted the role.
A person with significant control (PSC) is an individual, company or other entity who owns or controls a company. They are sometimes called ‘beneficial owners’.
Such persons have the right to exert significant influence, or control, over the business and management of a limited company or LLP.
A person of significant control is someone that holds more than 25% of shares or voting rights in a company, has the right to appoint or remove the majority of the board of directors, or otherwise exercises significant influence or control. This information will form a central public register of people with significant control, which is free to access. A company has to check and confirm the accuracy of this register once a year.
[See ‘Beneficial Owners’, ‘Limited’, ‘LLP’, ‘Board of Directors’, ‘Shareholder’.]
