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.
News from Nabarro
News from The Lawyer
Briefings from Nabarro
Lord Justice Jackson gave a keynote speech at the Costs Law and Practice Conference on 30 September, making a number of comments on the progress of his reforms.
The Swiss court recently had to decide whether the parties were obligated to use the dispute adjudication board procedure prior to referring the dispute to arbitration.
Analysis from The Lawyer
Nabarro senior partner and self-confessed “IT geek” Graham Stedman is heralding a major set of investments in technology ahead of the firm’s move to 125 London Wall this year.
Clients are more willing to bring claims against professional service providers but the risk to defendants is not as dramatic as it might seem