principal employer
occupational pension schemes must identify one of the participating employers as the principal employer. It is usually the employer establishing the scheme or the parent company in a multi-employer scheme. The scheme's principal employer will have special powers and duties under the scheme's rules, for example, it may have power to agree amendments to the scheme or trigger a winding-up of the scheme.
Related links
multi-employer scheme (multi-employer pension schemes)

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

Look at other dictionaries:

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  • principal — prin·ci·pal 1 / prin sə pəl/ adj 1: being the main or most important, consequential, or influential their principal place of business the principal obligor 2: of, relating to, or constituting principal or a principal the principal amount of the… …   Law dictionary

  • Principal-agent problem — In political science and economics, the principal agent problem or agency dilemma treats the difficulties that arise under conditions of incomplete and asymmetric information when a principal hires an agent. Various mechanisms may be used to try… …   Wikipedia

  • employer —    A person or entity that hires the services of another (i.e., an employee) for payment (i.e., compensation). An employer is known as a principal in the law of agency …   Business law dictionary

  • principal —    A person who is responsible for the acts done for his or her benefit by another appointed by him or her (i.e., an agent), or in more general terms, an employer. In finance, the principal is the original sum invested or loaned, as opposed to… …   Business law dictionary

  • principal — I. a. Chief, main, first, highest, leading, foremost, pre eminent, cardinal, most considerable, most important, great, capital, essential. II. n. 1. Chief, head, leader, chief actor, chief party. 2. Master, head master. 3. Employer. 4. Capital… …   New dictionary of synonyms

  • participating employer — An employer that participates in an occupational pension scheme. Unless a scheme is winding up, participating employers must pay contributions to the scheme, as required by the scheme s governing trust deed. See also principal employer. Related… …   Law dictionary

  • vice-principal — One entrusted with the conduct of an employer s business, especially in the direction or superintendence of other employees. 35 Am J1st M & S § 129. Among those employees who have been held to be vice principals are those charged with the duty of …   Ballentine's law dictionary

  • respondeat superior — re·spon·de·at superior /ri spän dē ət / n [Medieval Latin, let the superior give answer]: a doctrine in tort law that makes a master liable for the wrong of a servant; specif: the doctrine making an employer or principal liable for the wrong of… …   Law dictionary

  • recovery plan — Introduced by the Pensions Act 2004, the trustees of a salary related scheme that has a funding shortfall must agree a recovery plan with the scheme s principal employer. The recovery plan must aim to eliminate the deficit so that the scheme… …   Law dictionary

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