Olympic Airlines — PPF entry rules amended
In the Court of Appeal decision Olympic Airlines SA Pension & Life Insurance Scheme v Olympic Airlines SA in June 2013, the court held that the sponsoring employer, Olympic Airlines SA, had not experienced an insolvency event for the purposes of section 121 of the Pensions Act 2004 and therefore the scheme was not eligible to enter the Pension Protection Fund (PPF).
Consequently, the government decided to review the rules on entry into the PPF and amendments are now being made to the Pension Protection Fund (Entry Rules) Regulations 2005 to hopefully ensure the Olympic scheme will now be able to transfer to the PPF following its insolvency event.
The amendments will apply only until 2017. The changes in legislation will create a new type of insolvency event under section 121(5) of the Pensions Act 2004 known as a ‘European insolvency event’…
Click on the link below to read the rest of the Walker Morris briefing.
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 Walker Morris
News from The Lawyer
Briefings from Walker Morris
Justin Coley shares his observations arising from the amended forms N120 (Particulars of Claim for mortgaged residential premises) and N123 (Mortgage pre-action protocol checklist).
In Cowling v Worcester Community Housing Ltd, errors by the court have left a tenant in difficulties in a recent residential service charge challenge.
Analysis from The Lawyer
Which firms are cutting it in this era of slimline rosters, and who are the GC new brooms making clean sweeps? The Lawyer can reveal all
The law school war shows no signs of ending. But we have, perhaps, reached the end of the beginning.