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A stakeholder pension is a ‘money purchase pension’ provided by a bank, building society or insurance company. Trade unions may also offer stakeholder pensions to their members.
A member pays money to the pension to build a pension fund. The pension provider invests the pension fund on their behalf.
A money purchase pension plan is an employee retirement benefit plan that resembles a corporate profit-sharing programme. It requires the employer to deposit a set percentage of the participating employee’s salary in the account every year.
Stare decisis is a Latin phrase meaning ‘to stand by decisions’. This is the basis of Common Law, where cases and decisions from those cases make up the volume of law on a topic.
[See ‘Common Law’ and ‘Case Law’.]
A statement of affairs (SofA) is a document created by an Insolvency Practitioner to sum up the financial situation of a company in a manner intelligible to creditors and shareholders. It is a basic statement of the assets and liabilities of the insolvent company or debtor, including details of creditors and the amounts to them.
The SofA represents the worst possible net book value of an entity, since the Liquidation value of assets may be substantially less than their value when they can be sold at a more leisurely pace.
The SofA includes a professional opinion on the value that could be realised from the sale of company assets.
Thus, it shows, in theory, how much would be left to pay creditors once the assets have been sold. The costs of administering the sale are not usually included when the statement is made up. A detailed account of company liabilities shows how
