Categories:Employment,Pensions

November 2012: Pensions update


An overview of issues facing the pensions sector, with attention to recent government reforms.

The Fair Deal policy, first introduced in 1999, sets out in general terms how pension issues are to be handled when staff from central government departments and agencies or other public sector bodies are transferred to a new employer, i.e. from the public sector to the private sector. The Fair Deal requires public sector bodies to request bidders for outsourcing contracts to offer transferring employees membership of a broadly comparable pension scheme for future service and sets out the basis on which bulk transfers of past service benefits should be made (to enable employees to maintain final salary linkage in their new schemes). 

In July 2012 the Government confirmed that it would be retaining Fair Deal, but allowing access to all public sector schemes for transferring staff (effectively abolishing the need for broadly comparable schemes). A draft of the new Fair Deal has been published for consultation. Transfers from local government will continue to be outside Fair Deal (these will continue to be governed by “Best Value” arrangements) as will pre-1999 transfers not covered by the original Fair Deal. No start date for the new policy has been announced and the current Fair Deal will remain in force until the new one is put in place…

If you are registered and logged in to the site, click on the link below to read the rest of the Nabarro briefing. If not, please register or sign in with your details below.

Click on the link above to download briefing.

Sign in or Register to continue reading this article

Sign in

Register

It's quick, easy and free!

It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.

Register now

Why register to The Lawyer

 

Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.

 

Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.

 

Email newsletters

Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.

More relevant to you

To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.

Analysis from The Lawyer

View more analysis from The Lawyer

Overview

Lacon House
84 Theobald's Road
London
WC1X 8RW
UK
http://www.nabarro.com

Turnover (£m): 116.70
No. of lawyers: 405