Occupational pension schemes and money purchase benefits: government consultation
By Suzanne Burrell
The Department for Work & Pensions (DWP) has issued draft regulations for consultation. This follows the change in the statutory definition of money purchase benefits, due to come into force next year.
Following the decision in Bridge Trustees v Holdsworth, the DWP announced that it would amend the definition of money purchase benefits so that only benefits calculated solely by reference to the assets available would be classified as money purchase benefits, meaning that aspects of pensions legislation such as scheme funding, PPF coverage and the statutory priority order on winding up would apply to benefits traditionally classified as money purchase benefits.
In the Bridge Trustees case, the Supreme Court held that benefits paid from a money purchase scheme still constituted money purchase benefits even when the pension was paid directly from the scheme and therefore a deficit could potentially arise from payment of those benefits…
If you are registered and logged in to the site, click on the link below to read the rest of the Shoosmiths briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
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
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
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.
News from Shoosmiths
News from The Lawyer
Briefings from Shoosmiths
The Court of Appeal has given guidance on how employment tribunals should approach the question of causation in discrimination cases.
Adidas AG recently filed a claim against Marc Jacobs International LLC in the US Federal Court for allegedly infringing its iconic Three Stripes trademark.
Analysis from The Lawyer
Compliance and corporate governance codes for large financial institutions will undoubtedly include provisions to regulate high pay in the future
There’s more to the ABS model than attracting the man in the street and procuring external investment. Partners at the big corporate firms, take note…