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
Nominet, the UK’s registry operator, has announced that, from summer 2014, shorter .uk domain names will be made available for registration.
The Safe Harbor scheme is of key importance to transatlantic trade.
Analysis from The Lawyer
Real estate continues to be the key money spinner for Nabarro, which has always been known for its work in the UK property market, (although) last year results were up across the firm. Google’s ...
A few UK200 firms – such as DWF – have managed to grow in the downturn. A few, such as Berwin Leighton Paisner, have come back stronger than ever after a wobble. Nabarro fits into neither category.