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   Net relevant earnings    Negative deferred pension    N2
   Normal pension age    Non exempt activities order    NI
   Nursing care bands    Non contributory scheme    Nullity
   NHS funding        

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This represents the date when the Financial Services and Markets Act 2000 (FSMA) regulatory regime was brought into force, at midnight on the 30 November 2001. Although the FSMA received Royal Assent on the 14 June 2000, delays had occurred at least in part to allow regulated firms time to ensure their procedures and systems are compliant with the new law.

National Insurance
Contributions of National Insurance (NI) are compulsory being charged on earnings from employment or profits from self-employment above certain minimum amounts. NI contributions will fund in part the National Health Service and provides protection against sickness and unemployment. Payment of enough contributions towards NI will entitle the member to receive a basic state pension at retirement.

Negative deferred pension
In an occupational pension scheme such as final salary pension, it will be necessary for the scheme trustees to record a pension debit created by the pension sharing order as a result of the divorce of the member.

Under Section 31 of the Welfare Reform and Pensions Act 1999 (WRPA) this record is revalued as a negative deferred pension and represents the current value at retirement of the original pension debit. For both a final salary pension and money purchase scheme it will be necessary for the scheme trustees to identify and keep a track of the negative deferred pension to ensure Inland Revenue limits are not exceeded.

Net relevant earnings
The maximum personal pension or retirement annuity policies (RAPs) contributions are based on the individuals net relevant earnings (NRE). For a self employed individual, NRE represents the relevant earnings less business expenses as well as any losses or capital allowances. For personal pensions the earnings cap restricts NRE but there is no restriction to net relevant earnings for RAPs. In general for an employee the relevant earnings is equal to the NRE.

NHS funding
The NHS is legally obligated to provide long term care funding where an individual requires specialist supervision or equipment. If an individual does not meet the NHS funding criteria funding will not be provided on a health care basis and is deemed social care which would be provided by the Local Authority subject to means testing. It is possible for the individual to qualify for partial NHS funding where their assets are greater than that permitted under means testing.

Where an individual does not qualify for Local Authority or NHS funding for long term care, it is possible to purchase an immediate needs annuity to cap the total cost of either residential care or nursing care home.

Non contributory scheme
Any pension scheme where the members are not required to make contributions and where the employer is responsible for funding the members pension rights is known as a non contributory scheme.

The majority of employers operate contributory schemes as non contributory schemes have high operating costs. If an employer pension scheme is non contributory, they will typically be associated with a defined benefit final salary pension. A public service scheme may also be non contributory, such as the civil service, and although this scheme will also be unfunded, the members pension rights at retirement age are guaranteed by statute.

For an early leaver, there is a risk to the scheme member leaving within two years, as the employer can apply a refund of contributions made by the member. This means that in a non contributory scheme no contributions are made so the member will have no accrued pension benefits on leaving.

Non exempt activities order
The Financial Services and Markets Act 2000 (FSMA) section 327(6) states that the activities must not be of a description, or relate to an investment of a description, specified in an Order made by HM Treasury for the purposes of this sub-section. This together with the restricted activities rules of designated professional bodies (DPB) will prohibit exempt professional firms from carrying on specific types of regulated activity.

Normal pension age
The statutory definition of the normal pension age (NPA) is specified in section 180 of the Pensions Schemes Act 1993 (PSA 93) that applies for preservation and contracting out purposes. The normal pension age is the earliest age at which a scheme member is entitled to receive retirement benefits, other than the guaranteed minimum pension (GMP), on retirement from the employment to which the employers pension scheme relates.

This will exclude provisions of the scheme allowing the member early retirement as a result of ill health and is the earliest age at which a scheme member can take retirement benefits without these benefits being reduced. The normal pension age for an occupational pension scheme will usually determine the normal pension date for a particular member. The normal pension age will typically be between 60 and 65 at which point the member will receive a pension income if this is a final salary scheme or if a money purchase scheme the right to buy an annuity and the option to use an open market option to search for the highest pension annuity. Once you have purchased an annuity it cannot be changed, so learn more about annuities, compare annuity rates and before making a decision at retirement, secure a personalised pension annuities quote offering guaranteed rates.

A marriage can be annulled if for any reason it is not valid and this can be done by the presentation of a nullity petition. Once the court has issued the partner a decree of nullity, there are no further requirements to end the marriage. This contrasts with divorce which requires the decree nisi followed by the decree absolute.

It would then be possible to apply for a court order to settle disputes over children, matrimonial assets or financial matters during ancillary relief proceedings including the granting of an earmarking order or pension sharing order against the members pension rights from a pension arrangement of a partner.

A marriage can be annulled where; it has not been consummated, that is where partners have not had sex while being married; the partners are inter-married, meaning a marriage of close relatives; at the time of the marriage one of the partners was already married to someone else; one of the partners was under the age of 16 at the time of the marriage; a partner at the time of the marriage had a venereal disease and the other partner was not aware of this at the time; and the partner at the time of marriage was pregnant with another persons child which the other partner was not aware of at that time.

As with judicial separation a presentation for nullity can be granted within 12 months of the marriage but must be presented within a reasonable time.

Nursing care bands
Nursing care bands were introduced from 1 October 2001 and means that anyone paying their own long term care costs in can have a fixed weekly contribution paid by the Department of Health directly to the nursing home care provider. In England the primary care trust (PCT) determines if an individual is entitled to a registered nursing care contribution. This procedure is different from means testing.

This partial NHS funding is possible for those individuals that do not qualify for full long term care from the NHS. Subsequent to a Royal Commission in 1999 that recommended all health care and personal care to be provided free, changes were introduced in England to provide extra funding but only for health care and not personal care where the care is provided by a registered nurse and only up to certain limits.

Under the Social Care Act 2001 this defines nursing care as the registered nurses contribution to providing, planning and supervising care in a nursing home setting. This does not include time spent by any other personnel such as care assistants however would include the time spent by a registered nurse in the monitoring and supervision of others delegated work relating to long term care.

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