The Compendium

The report must include the following:

(a) identification details for the proceedings;

(b) identification details for the company or Bankrupt;

(c) identification and contact details for the officeholder;

(d) the date of appointment of the officeholder and any changes in the officeholder;

(e) details of progress during the period of the report, including a summary account of receipts and payments during the period of the report;

(f) information relating to remuneration and expenses;

(g) the information relating to distributions;

(h) details of what remains to be done; and

(i) any other information of relevance to the creditors.

[See ‘Administrator’, ‘Liquidator’, ‘Trustee in Bankruptcy’, ‘Insolvency Rules 2016’ and ‘Officeholder’.]

Annuity

An annuity, taken from a pension pot, is a product that pays the member of a defined contribution pension scheme a regular income for the rest of their life; no matter how long they live.

On reaching retirement age the member of the scheme is given the option to ‘buy an annuity’ out of the total fund. This annuity will then give them a regular income. The other option is to take a lump sum, or to do both.

There are four basic types of annuities to meet the needs of the member of the pension scheme:

1. An immediate fixed;
2. An immediate variable;
3. A deferred fixed; and
4. A deferred variable.

These four types are based on two primary factors: when a person wants to start receiving payments and how they would like their annuity to grow.

[See ‘Defined Contribution Pension Scheme’.]