Outer Temple Chambers’ Daniel Barnett is keynote speaker at Pensions and Benefits Conference 2015.
The Incentive Exercises Monitoring Board has confirmed that the Code of Good Practice on incentive exercises applies to one-off trivial and small pension commutation exercises.
More news on the ORPP download
On 18 December 2014, the Ontario government released its consultation paper on the new Ontario Retirement Pension Plan (ORPP).
Our Business Establishment Practice draws expertise from across various practice areas to provide clients with a comprehensive array of services.
Burness Paull, Eversheds and Osborne Clarke are among 11 firms that have been appointed to the new national legal services procurement framework for Local Government Pension Scheme (LGPS) Funds launched earlier this week (12 January).
Servicing debt and dealing with staff costs including historical pension liabilities continued to preoccupy firms in the 2013/14 financial year, LLP accounts filed with Companies House have revealed.
The European Council has agreed its final negotiating stance in respect of the proposed IORP II Directive (on Institutions for Occupational Retirement Provision).
The Pension Protection Fund has published its appendix and guidance on valuing and certifying ABCs for levy purposes.
This update looks at employer insolvency risk, last-man-standing schemes and contingent assets, following the publication of the Pension Protection Fund’s Levy Estimate for the 2015–16 levy year.
Pinsent Masons has won a new appointment as sole legal adviser to trade union Unite’s £800m pension scheme for staff and officers.
Carey Olsen examines changes to the unfair dismissal law in Jersey.
On 18 December, 2014, the Ontario government released its consultation paper on the new Ontario Retirement Pension Plan (ORPP).
HMRC has published a finalised policy on VAT for pension schemes.
Sponsors of contracted-out defined-benefit schemes should have this issue on their agenda for Q2 of 2015.
This speedbrief looks at the Ombudsman’s decision and its implications for clients who find themselves involved with pensions liberation schemes.
Shoosmiths has advised Eriks on the disposal of Revolvo Ltd to US corporate The Timken Company.
Five million employees now have workplace pensions, thanks to automatic enrolment.
The recent successful fundraising appeal to save the historic Wedgwood Collection of around 80,000 works of art for the nation received much publicity.
What must the Crown plead and how must she plead it? This question became an issue in the Tax Court’s recent decision in Legge v The Queen.
The Ontario government has introduced Bill 56, an act to require the establishment of the new, mandatory Ontario Retirement Pension Plan.
Jim Meakin, Baker Tilly’s head of tax, has responded to the Autumn Statement 2014.
Lesley Fidler, associate director at Baker Tilly, has commented on the Autumn Statement 2014 and its impact on employers.
The Small Business, Enterprise and Employment Bill is currently going through parliament.
Addleshaw Goddard has released the November 2014 issue of its InSure publication.
The Royal Bank of Scotland restructured the division in which Ms Palmer worked and she was placed at risk of redundancy.
Irwin Mitchell has appointed DWF’s pensions head Martin Jenkins to lead its national pensions practice from London.
Update — VAT on pension costs download
On 25 November, HMRC issued two Revenue & Customs Briefs. Eversheds has set out the background and a suggested way forward.
Pensions News (UK): the introduction to parliament of the Taxation of Pensions Bill; the Pensions Regulator’s latest report on compliance activity in relation to automatic enrolment; and more download
Welcome to the latest edition of Pensions News, which aims to help employers and trustees keep up to date with all the latest developments in pensions legislation, guidance and case law.
DLA Piper has represented Rioprevidencia and the State of Rio de Janeiro in a 144A/Reg S $1.1bn securitisation of oil royalties.
The Upper Tribunal has published an important decision on disclosure and privilege in contribution notice reference proceedings before the Upper Tribunal.
The complainant’s daughter was employed by the Royal Borough of Kensington and Chelsea (RBKC) and was a member of the LGPS.
Guidance about how outsourced employees under the old Fair Deal can be re-admitted to the NHS Pension Scheme has been issued by the Department of Health.
Changes are to be made to the 55 per cent tax charge that applies when some lump-sum death benefits are paid from a registered pension scheme to a member’s estate.
NEST is a trust-based occupational money purchase scheme, which was established under the Pensions Act 2008.
The automatic enrolment of workers into pension schemes has so far proven a success, according to an employment group.
The Department for Work and Pensions has proposed new governance standards to be put in place in respect of DC workplace pension schemes.
The Marriage and Civil Partnership (Scotland) Act 2014 became law in March. The Scottish government intends to bring the necessary provisions into force by 16 December.
Alison MacKrill has been given a Founder’s Award for Outstanding Achievement from the Society of Trust and Estates Practitioners (STEP).
The DWP has issued its response to the consultation on minimum governance standards in DC workplace pension schemes.
Voicu & Filipescu’s specialised attorneys provide legal advice in all areas of insurance law to both corporate and insured individuals.
The firm’s employment specialised lawyers work closely with our clients to develop and review employment policies and procedures.
PPF levy — the future download
The consultation period on the PPF’s plans for the levy over the three years from 2015–16 ended on 9 July 2014.
The EAT decision in Bear Scotland Ltd v Fulton & Others, Hertel (UK) Ltd v Woods & others and Amec Group Ltd v Law & others came out on 4 November.
Eversheds, Ireland’s only full-service international law firm, has made two senior appointments to the team.
Financial Regulatory Developments — EIOPA consults on product governance; ECB takes over banking supervision; and more download
Dentons has released the 7 November 2014 issue of its Financial Regulatory Developments (FReD) publication.
Chambers UK has placed Wragge Lawrence Graham & Co in 43 categories, 17 of which are in Band 1.
Mourant Ozannes has announced three internal promotions to group partner with effect from February.
The pensions landscape will be altered by the introduction of the single-tier state pension and thus the end of contracting out for defined-benefit schemes.
New employment regulations relating to shared parental leave and pensions auto-enrolment remain a major worry for UK firms, according to a survey.
The Pensions Regulator has issued its first fines to three employers for failing to meet their automatic enrolment obligations.
Preparations for the fundamental changes announced in the 2014 Budget are well under way.
The Pension Protection Fund (PPF) levy determination for 2015–16 will have a number of key differences from previous years.
New governance standards for money purchase schemes are to be introduced in April 2015. They focus on the design and monitoring of default investment arrangements.
The firm has reinforced its pre-eminent position in Leeds and Manchester, securing more Tier One rankings than any other law firm.
Eversheds’ pensions freedoms survey: 81 per cent of employers concerned their staff will make poor financial decisions download
Eighty-one per cent of employers are concerned that their staff will make poor financial decisions when they are given new pensions freedoms in April 2015.
The paper, which has been issued by EIOPA on its own initiative, considers how various aspects of the so-called ‘holistic balance sheet’ might work.
Is the PPF levy for your scheme fair? Does it reflect the true risk of the scheme ever becoming a burden to the PPF?
The Legal 500 has recommended Outer Temple Chambers as a top-tier set in business and regulatory crime.
Eversheds has advised Goldman Sachs’ merchant banking division on a deal to acquire Neovia Logistics from Platinum Equity and Caterpillar.
Pensions News — September 2014: budget reforms; legislation; public service pension schemes; and more download
This edition of Pensions News summarises the key developments from September 2014.
Francois Barker has commented on news that over-55s will have the flexibility to draw down their pension pots in chunks, under legislation being published by the UK government.
Addleshaw Goddard has released the September 2014 edition of its European Employment Law Update. This section focuses on Germany.
Financial Regulatory Developments — Council publishes unfinished business table; ESMA consults on EMIR measures; and more download
Dentons has released the 10 October 2014 issue of its Financial Regulatory Developments (FReD) publication.
George Osborne has revealed the government’s policy proposals on the taxation of ‘unused’ defined-contribution (DC) pension pots on death.
In this briefing, Eversheds details cases of interest, including their name, the issue and the stage reached.
Doing Business in Australia download
This guide provides sound, practical advice on the relevant laws and regulations for foreign companies looking to invest in Australia.
According to The Legal 500, following the merger of Wragge & Co and Lawrence Graham in May 2014, the firm has ‘more strength and depth as well as wider international coverage’.
The Department of Finance has released the ‘Annual Financial Report of the Government of Canada Fiscal Year 2013–2014’. Highlights are as follows.
The government’s decision to scrap the default retirement age has kept almost 250,000 over-65s in work, new figures show.
The government has recently published the draft legislation introducing the new pensions flexibilities, effective from 6 April 2015.
On 24 July 2014, the statutory definition of ‘money purchase benefits’ changed.
This case law round-up focuses on two cases: Dawson (PO-596) and Chapman (PO-597).
The Pensions Regulator has finally reached a compromise in respect of the Financial Support Directions it issued in connection with the Lehman Brothers pension scheme.
On 17 July 2014, the Finance Bill received royal assent and became the Finance Act 2014 (FA 2014).
The Government Actuary’s Department (GAD) has confirmed substantial changes to its processes for issuing ‘passport’ certificates to firms involved in public sector outsourcing projects.
The FCA has issued a consultation paper setting out rules that will require providers of workplace personal pension schemes to establish independent government committees.
Gateley has advised on a deal that saw investment vehicle Ensco 1070 invest in Oxford United Football Club.
The Pensions Regulator has issued details of additional information that trustees will be required to include in scheme return submissions.
The Pension Schemes Bill is currently working its way through the parliamentary process.
A frequent question for pension lawyers is the extent to which trustees are required to give reasons for their decisions.
Younger workers are much less likely to opt out of the government’s automatic enrolment scheme than older ones.
An IP’s guide to auto-enrolment download
Since October 2012, UK companies have started to have to automatically enrol certain eligible employees into pension schemes.
Financial Regulatory Developments — FSB reports on Cairns plenary; EBA consults on early intervention; and more download
Dentons has published the 26 September 2014 issue of its Financial Regulatory Developments (FReD) publication.
The English High Court has ruled that the increase provisions of two DB schemes did not prevent a switch between RPI and CPI for revaluation and indexation purposes.
The following commentary provides a brief overview of the short to medium term changes expected in the post-referendum environment.
Pensions expert Dr Ros Altmann has suggested that new flexible working rules could be adopted by workers in their fifties and sixties to initiate a form of ‘retirement leave’.
This department was one of the first opened by King & Capital. Our securities lawyers have practised for more than 10 years on average.
Shoosmiths has expanded its real-estate offering in Edinburgh with the hire of an established senior associate. Sheelagh Cooley joins from Anderson Strathern.
Gateley has been instructed by a surety syndicate in what the firm describes as the UK’s largest-ever surety bond syndication deal.
Independent governance committees will need to be in place by the April 2015 implementation date.
The Walker Morris Housing Group has won a four-year appointment to Procurement for Housing.
Our employment team has an excellent reputation for providing high-quality, commercially relevant legal solutions to our clients’ employment and human resources issues.
Our pensions team has many years’ experience of advising employers, trustees, pension providers and financial institutions on the full range of pensions law issues.
Partner — Manchester
Partner — Birmingham
Arcadia Group Ltd v Arcadia Group Pension Trust Ltd: RPI/CPI and the power to select an alternative index download
This update looks at the issues in the case, and the considerations for schemes that may now have more flexibility to switch in the light of this decision.
A recent act has made various changes to the legal framework of occupational pensions for employees and self-employed company leaders.
First Ombudsman decision on IBM download
The Deputy Pensions Ombudsman has announced her determination in the first Ombudsman case to seek to rely on the IBM reasonable expectation argument.
Budget 2014 saw the announcement of some of the most radical changes for the UK pensions industry.
Budget 2014 saw the announcement of some of the most radical changes for the UK pensions industry.
Employers, pension managers, pension fund chairs and independent trustees all choose our award-winning pensions team for a tailored service.
There are more than 170 lawyers working globally to provide the best possible solution for your business, well-protected interests and carefully managed cost control.
Director, Forensic Services
The Pensions Regulator’s financial support direction case against various companies in the Lehman Brothers group has settled.
A recent case involving two Arcadia pension schemes shows the court allowing a switch from RPI to CPI, for both past and future service.
The Supreme Court has held that plaintiff stockholders, who make a showing of good cause, can inspect documents concerning a corporation’s internal investigation.
Budget 2014: legislation published download
Hot on the heels of the government’s response to consultation in July, we now have a draft Taxation of Pensions Bill.
Lessons from Lehman download
The Pensions Regulator has reported that a settlement agreement had been reached in respect of the Lehman Brothers Pension Scheme.
Eversheds has appointed Mark Latimour as a pensions partner in the firm’s London office.
A recent decision dealt with the validity of amendments made to a trust deed and offers up some useful general principles for interpreting pension scheme documents.
Benefit change exercises — what are the practical implications of the IBM case for trustees and employers? download
The latest IBM case has implications for employers and trustees when considering changes to members’ pension benefits. But what implications?
The Cabinet Office has said it will appeal the High Court decision in Annette Ellis v Cabinet Office  EWHC 2049 (Ch).
Delaware Supreme Court permits stockholders to overcome corporation’s attorney-client privilege for ‘good cause’ download
Plaintiff stockholders can inspect documents concerning a corporation’s internal investigation even if those documents are otherwise covered by the attorney-client privilege.
Employment law update — amendments to the Basic Conditions of Employment Act; increase in earning threshold; and more download
Eversheds has released the August 2014 issue of its Employment law update.
Dentons, Linklaters, Travers Smith and Weil Gotshal & Manges have settled a £184m battle between the Pensions Regulator and Lehman Brothers administrators PricewaterhouseCoopers (PwC).
Shoosmiths has announced the appointment of two partners who will be based at the firm’s Birmingham office: Karen Featherstone and David Adams.
Just more than four years ago, the government announced that the CPI would be used in place of the RPI for determining pension increases in the public sector.
We have a depth of experience across local and central government.
With a flurry of reading material and a hailstorm of new acronyms, the draft Taxation of Pensions Bill has been published for consultation.
The Financial Conduct Authority (FCA) published its thematic review into ‘enhanced transfer value pension transfers’ last month.
Eversheds construction expert Michael Conroy has commented on the latest projections for future UK construction industry growth.
The DPO has held that in recovering overpayments made incorrectly to a pension member the trustees were time-barred under statute from seeking their recovery.
Included in the Queen’s Speech on 4 June were announcements of two new pension bills: the Private Pensions Bill and the Pensions Tax Bill.
There has been a decline in the rate at which occupational pension schemes are putting in place processes to measure their data.
On 29 May 2014, the Pension Protection Fund published ‘Consultation on the second PPF Levy Triennium — 2015–16 to 2017–18’.
The Court of Appeal has held that Olympic Airlines had not experienced an insolvency event for the purposes of section 121 of the Pensions Act 2004.
From April 2015, individuals will have total freedom over how they use their pension savings.
The Irish Commercial Court has handed down judgment in Holloway and Others v Damianus BV and Others — otherwise known as the Omega Pharma case.
The Ontario Teachers’ Pension Plan has appointed Jeff Davis as its general counsel, corporate secretary and senior vice-president of corporate affairs.
The European Market Infrastructure Regulation (EMIR) places reporting and risk mitigation requirements on pension scheme trustees entering into derivative contracts.
The new definition of ‘money purchase benefit’ came into force on 24 July.
The list of ‘insolvency events’ suffered by an employer that are required in order to qualify a scheme for PPF entry does not include events occurring outside the UK.
Eversheds has announced the launch of Pathway: a service for pension schemes wishing to carry out a buy-in or buyout.
The government has published its response to the ‘Freedom and choice in pensions’ consultation. Individuals aged 55 or over will be able to access their entire DC pension flexibly.
This case serves as a useful reminder to trustees on how to exercise their discretionary powers and the importance of proper process.
Now that the 2014–15 Ontario budget has been passed, Ontario employers should think about how the new Ontario Retirement Pension Plan could affect them.
The Prudential Insurance Company of America recently completed a large longevity risk transfer transaction, having reinsured longevity risk of the BT Pension Scheme.
The government has published a response to its consultation on the radical changes to the pensions system announced as part of the Budget 2014.
LLP member is a ‘worker’ download
A member of an LLP is a ‘worker’ within the meaning of the Employment Rights Act 1996 and therefore qualifies for whistleblowing protection.
The government has issued its response to the consultation on the Budget proposals to introduce pension flexibility for DC pension savings from April 2015.
This briefing deals with a repeal of the provisions of the Income Tax Law regarding the retroactive taxation of receipt from dividends and profit sharing.
The High Court has made a practical decision to correct inaccurate terms in two pension agreements to reflect what the parties had originally agreed.
Eversheds’ Claire Carroll has commented following news that several websites have been frozen as part of a campaign against pension liberation schemes.
Nabarro has advised Swedish engineering company Indutrade on four strategically significant acquisitions.
Gateley has augmented its pensions team in Birmingham by appointing partner Kate Lloyd, who will be welcomed into the team on 11 August 2014.
Stephenson Harwood’s Alexander Rush has commented on what trustees need to be aware of following HM Treasury’s consultation response on pension changes.
Eversheds has commented on the UK chancellor’s statement summarising the key elements of the Treasury’s response to its consultation on the changes to tax rules for DC pensions.
Allen & Overy has advised Imperial Tobacco on its acquisition of the US Winston, Kool, Salem and Maverick tobacco cigarette brands and the US/UK blu e-cigarette brand.
Budget — where we are now download
The government has published its response to its Freedom and Choice consultation issued as a result of the Budget.
In this video, pensions, benefits and executive compensation partner Pamela Baker reviews the ups and downs of golden parachute cap provisions.
In this video, Pamela Baker looks ahead to the future of COBRA subsidy provisions in executive employment agreements.
Stephenson Harwood has advised Cofely on its purchase of Lend Lease’s UK facilities management business.
This year is expected to be a bumper year for pension risk transfer in the UK.
The summer edition of Eversheds’ UK Pensions Agenda is out. It summarises 10 key issues affecting UK pension plans and plan sponsors.
Sackers’ revenue dropped by 2 per cent last year, from £24.3m to £23.8m.
The IRS has issued final regulations that permit employers and IRA providers to offer ‘qualified longevity annuity contracts’ or ‘QLACs’ under defined-contribution plans and IRAs.
DLA Piper has represented Rioprevidencia and the State of Rio de Janeiro in a 144A/Reg S $2bn securitisation of oil royalties.
Bates Wells Braithwaite’s charity and social enterprise team provides highlights of this week’s charity website announcements.
Under the provisions of the Marriage (Same Sex Couples) Act 2013, the government was required to conduct a review of survivors’ benefits in occupational pension schemes.
Corporate News: ICSA Registrars Group guidance on articles of association and dividend distributions; and more download
Addleshaw Goddard has published the June 2014 edition of Corporate News.
The Office for National Statistics has estimated that 465,500 people were aged 90 or above in 2012 (33 per cent higher compared with the previous decade).
Wragge Lawrence Graham & Co has announced the promotion of 13 lawyers to the firm’s legal director role.
Croatia: recent news highlights — increase in mobile operator prices and mass termination of subscription agreements; and more download
Karanovic & Nikolic discusses the recent news highlights coming out of Croatia.
This article looks at the principles set under the new code of practice for funding defined benefits.
The Law Commission has issued its report on the fiduciary duties of investment intermediaries. The focus of the report is on pension scheme trustees.
Money purchase deconstructed: working with the new definition — a checklist for trustees and administrators download
The definition of money purchase benefits is changing, as are the rules on how schemes are required to deal with any benefit that becomes classified as a ‘non-money purchase’.
The Pension Protection Fund (PPF) has issued a consultation paper on its plans for the PPF levy over the three years from 2015–16 onwards.
Dentons’ employment team considers the impact of the Clyde & Co v Bates van Winkelhof case on LLP pension provision.
The Pensions Regulator has issued a report outlining how it dealt with an employer that failed to meet its auto-enrolment deadlines and registration.
The government has published its proposals for the reclassification of occupational pension schemes in the Pension Schemes Bill.
A new act makes changes to the legal framework of occupational pensions for employees, self-employed individuals and self-employed company leaders.
The background to the Pensions Regulator’s Code of Practice is the new statutory objective ‘to minimise any adverse impact on the sustainable growth of the employer’.
Three months on from the surprise Budget announcement, Nabarro’s Jennifer Bell provides a brief round-up of where we are.
The Pensions Regulator has published a new code of practice on funding defined benefits ’to minimise any adverse impact on the sustainable growth of an employer’.
Nabarro has advised the joint venture between Hermes and Canada Pension Plan Investment Board on their forward purchase of South Bank Tower.
The Pensions Regulator published the revised version of its new code of practice on funding defined benefits on 10 June.
Asset-backed contribution arrangements have become an increasingly popular tool for reducing pension scheme deficits.
Partner — Southampton
LK Shields Solicitors has experience in all aspects of pension schemes, regulatory and transactional issues, product development and pension disputes.
LK Shields Solicitors has advised WHW Bakeries in its acquisition of the Irish Pride bakery business.
Good faith and employee communications — landmark ruling in IBM UK Holdings Ltd and IBM UK Ltd v Dalgleish and others download
Employers undertaking pension scheme benefit change processes need to give careful consideration to the overall impression they give and to member expectations.
The Pension Protection Fund (PPF) has issued a consultation paper setting out its proposed levy framework for the three levy years from April 2015 onwards.
Our employment team is renowned for its impressive technical expertise, proactive approach and ability to deliver practical and commercial solutions.
As experienced corporate tax specialists, we appreciate the need to communicate complex issues in a straightforward, accessible way.
We bring a pragmatic and commercial approach to pensions law. We understand the wide range of complex issues our clients face.
This article sets out five key things you need to know about the case of IBM UK Holdings v Dalgleish and its implications for employers and trustees.
HMRC’s policy on reclaiming VAT on investment management and other costs remains under review in the light of two recent decisions from the CJEU.
Pensions snapSHot — June 2014: Pensions Act 2014; limited liability partnerships and auto-enrolment; and more
This edition of snapSHot provides you with a need-to-know digest of a range of legal and regulatory developments affecting the pensions world during May 2014.
Queen’s Speech 2014 download
There are significant proposals this year on areas such as infrastructure, pensions, zero-hours contracts, ‘modern slavery’ and recall of MPs.
The Pensions Regulator confirmed LLPs should all be assessing whether any of their partners are ‘workers’ and, if so, they will be subject to the automatic enrolment legislation.
The ruling in the Clyde & Co LLP case means that members of LLPs have certain quasi-employment protections and may need to be automatically enrolled into a pension scheme.
Tax seems to spawn acronyms and we may, at least in a mainland European (if not the UK) context, soon have to get used to a new one: FTT, or financial transaction tax.
The High Court held that deeds of amendment going back more than 30 years had been incorrectly executed.
Changes have been made to the statutory protection in regard to pension rights offered to transferring employees on a TUPE transfer, who were formerly members of an occupational pension scheme.
Under the Pensions Regulator’s 2010 guidance, it identified two categories of data.
The DWP has outlined in its ‘Command Paper: Better workplace pensions: Further measures for savers’ new quality standards and charge-capping measures.
The DPO partly upheld a complaint from a member that he suffered financial loss due to his pension fund being transferred outside of a 10-day transfer window,
With a general election on the horizon, this year’s Queen’s Speech included a number of interesting announcements — most notably plans to allow workers to contribute to collective pensions.
The Supreme Court has ruled that a fixed-salary partner who was a member of a limited liability partnership (LLP) was a ‘worker’ for employment law purposes.
The Supreme Court decision in Clyde & Co v Bates van Winkelhof has focused attention on the employment status of partners who are members of LLPs.
Financial Regulatory Developments (FReD): ESMA consults on MiFID 2 implementation; FCA fines Barclays and former trader for gold fixing failures; and more download
Dentons has released its Financial Regulatory Developments (FReD) publication for May 2014.
The judgment in ATP PensionService A/S v Skatteministeriet (Case C-464/12) was delivered by the European Court of Justice on 13 March 2014.
European Court of Justice judgment on the exemption of foreign investment funds from CIT in Poland download
The ECJ has issued a judgment concerning the authority of Poland to grant a corporate income tax exemption to investment funds depending on where their registered offices are located.
Pensions Act 2014: more change ahead download
The Pensions Act 2014 received royal assent on 14 May 2014, introducing important changes to the regulations for pensions.
Allen & Overy has been named the De-risking Consultant of the Year at the FT Pension and Investment Provider Awards 2014.
In a case concerning whistleblowing, the Supreme Court has ruled that a member of an LLP can be a worker for the purposes of the Employment Rights Act 1996.
In response to the decision in Houldswoth v Bridge, the government announced that it would be tightening the definition of ‘money purchase benefits’.
Pensions Act 2014: a quick round-up download
The Pensions Act 2014 received royal assent this month. It includes some major changes to the state retirement pension.
The three-pronged attack on pensions liberation schemes continues.
Be Global is DLA Piper’s snapshot of key global employment law developments designed to help you identify legal hotspots across your global operations.
Collyer Bristow corporate law partner Nick Gould has spoken at the Cabinet Office on the subject ‘Good/bad law — a cry for common sense’.
Foresight is an easy-to-use legal calendar that outlines major cases, government policy and forthcoming legislation right through to 2017.
Investment Management Update: FCA thematic review of clarity fund charges; ABI guide to unit-linked funds; and more download
Macfarlanes has released the 22 May 2014 issue of its Investment Management Update.
One of the key themes to emerge from George Osborne’s 2014 Budget announcement was the radical overhaul of the current pensions system.
Three recent cases have revealed the cost consequences for pension schemes following failed and flawed attempts to change member benefits.
This article explores some key issues that employers participating in public service pension schemes should be aware of.
VAT recovery and pension schemes download
The judgment in ATP Pension Service A/S v Skatteministeriet (Case C-464/12) was delivered by the European Court of Justice on 13 March 2014.
Pensions Regulator publishes details of first enforcement action for auto-enrolment non-compliance download
The Pensions Regulator has published its first section 89 report relating to breaches of the automatic enrolment legislation.
For the tax year from 6 April 2014, the standard lifetime allowance has reduced from £1.5m to £1.25m.
The regulator and FCA issue a guide on how workplace DC pensions are regulated to protect consumers download
One of the areas highlighted last year by the Regulator was the regulation of workplace DC pension schemes.
Regulator issues tools for assessment of an annual governance statement in relation to occupational DC pension schemes download
Last year, the Pensions Regulator formally launched a governance framework for occupational DC pension schemes.
Pensions liberation cases download
Pensions liberation is usually facilitated by an individual transferring their benefits to a pensions liberation vehicle.
EAT confirms that restricting occupational pension scheme benefits for civil partners is not contrary to European legislation download
A case was brought by a civil partner against his pension scheme on the basis it was not providing benefits in respect of his civil partner on an equal footing to those in an opposite-sex marriage.
High Court upholds the PPF Ombudsman’s decision on the disregard of a contingent asset guarantee for PPF risk-based levy purposes download
Pension schemes that potentially qualify for assistance under the Pension Protection Fund (PPF) are required to pay a levy that includes a risk-based levy.
Three recent significant pension decisions highlight some key issues where pension schemes changes are being made download
The much awaited decision in the IBM casewas delivered in the High Court shortly before Easter. Two more cases followed shortly after.
There are certain pension arrangements that are not set up with the same tax status as registered pension schemes, and so contributions to them do not attract tax relief.
Confirmation that money purchase pension arrangement can be VAT exempt may put further pressure on the UK government download
On 13 March 2014, the CJEU confirmed its decision in the case of ATP Pension Services A/S v Skatteministeriet.
The DWP has consulted on a range of proposed exemptions from an employer’s obligation to auto-enrol certain employees.
New regulations mean more auto-enrolment flexibility for average-salary pension schemes and hybrid pension schemes download
New regulations give more flexibility in the way in which a revaluation can be provided for an average-salary pension scheme to be a qualifying pension scheme.
Introduction of a new insolvency risk measure for employers by the PPF may affect the levy payable by pension schemes download
The introduction of a new insolvency risk measure for employers by the Pension Protection Fund (PPF) may affect the levy payable by pension schemes
If your pension scheme has individual trustees, have you considered the benefits of establishing a company to act as trustee of the scheme?
New law firm Wragge Lawrence Graham & Co was launched on 1 May.
Mr Justice Ryan has delivered judgment in a case concerning the refusal by Canada Life to facilitate an overseas transfer of PRSA assets to a Maltese pension arrangement.
The recent decision of the High Court in Gleeds is an example of the consequences of the failure to follow the correct formalities for the execution deeds.
The Pensions Regulator has issued its first report naming (and gently shaming) an employer that failed to comply with its automatic enrolment obligations.
In order to be authorised under the Finance Act 2004, a pension must be secured not more than six months after the payment of any related lump sum.
Arendt and Medernach’s quarterly tax update is dedicated to the main changes that have occurred over the last three months with regard to Luxembourg and international tax law.
Pensions speedbrief — scheme closures and benefit changes: High Court sheds light on some dos and don’ts download
This speedbrief looks at IBM UK v Dalgleish and its practical implications for employers and trustees who are considering DB benefit change exercises.
The High Court has found that an employer had breached its implied duty of good faith in the way it went about closing its DB schemes to the future accrual of benefits.
On 6 April 2011, the default retirement age of 65 at which employers could lawfully require their employees to retire was abolished in the UK.
The appointment of a Financial Services Ombudsman in Jersey came a step closer on 1 April 2014 when the States of Jersey approved the Financial Services Ombudsman (Jersey) Law 201.
The private equity team at Shoosmiths has advised funds managed by Palatine Private Equity on the management buyout of Gusto Restaurants and Bars.
Hogan Lovells has been shortlisted for Pension Law Firm of the Year at the Pension and Investment Provider Awards 2014, hosted by FT publication Pensions Expert.
The Supreme Court has held that financial support directions issued to a company by the Pensions Regulator will rank as a ‘provable debt’ of a company.
OTC silks have appeared for the trustee of IBM’s two principal UK defined-benefit pension schemes and the representative beneficiaries in a landmark case.
Marshalling is an equitable principle that aims to prevent one secured creditor arbitrarily depriving another secured creditor of his only security.
The announcement in the Budget allowing members full freedom over their DC pension pots will have consequences for the pensions industry as a whole and for the wider economy.
In the 2014 Budget, several changes to the tax rules for DC pensions were announced that will give greater flexibility to individuals saving in DC pension plans.
Set up to help with pensions auto-enrolment, Nest has gone from start-up to snaring its millionth member in just 18 months, which suits GC Fiona Smith just fine
Wragge & Co’s projects team has advised facilities management provider Lovell on a new £32.8m facilities management contract.
IRS issues guidance regarding the Windsor decision’s application to qualified retirement plans download
The US IRS has issued Notice 2014-19 addressing how qualified retirement plans must treat the marriages of same-sex couples in light of United States v Windsor.
Good faith: an employer’s duty download
The IBM case is an important step in establishing the extent of the obligations employers owe their employees and former employees in relation to pension provision.
Penningtons Manches aims to provide pensions advice across a range of issues in a straightforward and easily understandable manner.
We provide clear, pragmatic and practical advice to businesses large and small from around the globe on the corporate transactions and the legal issues they face.
This year’s Budget introduced yet more changes to the way pensions operate. Will this squeeze out the specialist in-housers even more?
Eversheds has announced new senior office partner roles for the firm’s London, Newcastle, Nottingham and Cardiff offices. The changes will take effect as of 1 May 2014.
Allowing independent providers into the NHS Pension Scheme — tackling recruitment issues and facilitating the movement of staff download
From 1 April 2014, an independent provider who meets the relevant eligibility criteria will be able to apply to become an employing authority in the NHS Pension Scheme.
DC deliberations on the Budget download
The implications for pensions are likely to be significant, with consequences for DC schemes and, indirectly, for DB schemes.
In IRS Notice 2014-19 and accompanying FAQs, the IRS issued long-awaited guidance addressing the treatment of same-sex spouses under qualified retirement plans.
Penningtons Manches’ multi-disciplinary team advises on the full spectrum of restructuring, insolvency, bankruptcy and recovery.
Partner — Guernsey
Partner — Jersey
Pensions. Retirement plans. Employee benefits and executive compensation. If you’re searching for a firm with a deep knowledge and understanding of these areas, look no further. Dentons’ lawyers are leaders in their fields.
This month’s Pensions Matter provides an overview of key pension cases and their practical implications.
Pensions Matter — April 2014: the Pensions Regulator publishes further guidance on asset-backed arrangements
Guidance from the Pensions Regulator (TPR) on asset-backed arrangements confers the steps TPR considers trustees should take before entering into such an arrangement.
George Osborne has announced significant changes for pensions in regard to members of DC schemes in connection with when they can access their pension savings.
HMRC has published its first in a series of Countdown Bulletins to assist employees, trustees and their advisers.
We’re here to help you resolve divorce and separation issues as swiftly and sensitively as possible with caring, compassionate advice and representation.
Valuations by the government are expected to show that current employer contributions rates do not ensure that the costs of public sector pension schemes will be met in the future.
Slaughter and May has been instructed by a group of investors seeking compensation from the Financial Conduct Authority (FCA), following leaked inaccurate reports of an investigation into the insurance markets.
We advise on all fund structures including open and closed-ended, limited partnerships, unit trusts and companies in the BVI, the Cayman Islands, Guernsey and Jersey.
Whether you’re planning an acquisition or a sale, entering into a joint venture or considering a corporate restructure our M&A lawyers can help.
Whether you’re a director, a debtor, a secured or unsecured creditor or an insolvency practitioner, we offer a proven track record of working with you and your advisers.
Whether you’re a private individual or a commercial enterprise, our trust and fiduciary lawyers work with you and your advisers to establish the appropriate structure.
Hogan Lovells’ London pensions team has launched ‘Pensions360: the full picture’, a new, free and interactive website for corporate clients.
IORP II has a dual legislative basis: completion of the internal market in financial services and consumer protection.
The secondary legislation that sets out the detail on how workplace pension reform works has been subject to two phases of amendment.
DC governance: new quality standards download
The pressure is building on DC pension schemes (both trust and contract based) to improve their standards of governance.
The Department of Health has published its own guidance setting out how New Fair Deal will operate in the NHS Pension Scheme.
Pension law changes from 6 April: new disclosure regulations, auto-enrolment, TUPE transfers and tax limits download
The Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 come into force on 6 April 2014.
The Pension Protection Fund (PPF) has handed roles to six firms including Norton Rose Fulbright, Osborne Clarke and DWF in the last of a series of panel reviews.
Each April brings change for pension schemes, and although this year may prove to be not quite as exciting as next year there is still plenty to be thinking about.
Pensions rights on TUPE transfers download
Where an employer takes on employees under a TUPE transfer who were members of an occupational pension scheme, a minimum level of pension must be provided going forward.
Last week’s Budget introduced a major overhaul of pensions legislation. Sackers’ Zoe Lynch highlights the changes.
According to Francois Barker, head of pensions at Eversheds, the increased flexibility of new UK pensions changes announced in the 2014 Budget may not be available to all.
Eversheds believes the proposed new Institutions for Occupational Retirement Provision (IORP) Directive is far too detailed and prescriptive.
The ECJ has ruled that the management and administration charges of DC pension schemes may be exempted from VAT.
Allen & Overy has advised the trustee of the ICI Pension Fund on the largest-ever bulk annuity insurance policy (or buy-in) arranged by a UK pension scheme.
On 19 March, there were some rather significant announcements affecting the tax and personal finance landscape.
Fraser Sparks, pensions partner at Stephenson Harwood, has commented on DC occupational pension schemes and decumulation.
Changes to pension protection on a TUPE transfer take effect from 6 April 2014.
Budget Summary: spring edition 2014 download
Winckworth Sherwood has released the 2014 spring edition of its Budget Summary.
The headline policy from this week’s Budget is that individuals will, from April 2015, have full flexibility in what they do with their DC pension pots.
Budget update 2014 download
George Osborne has delivered his fifth Budget speech to the House of Commons, but despite speaking for nearly an hour the result was somewhat underwhelming.
Faye Jarvis of Hogan Lovells has commented on the ‘radical’ changes to the way in which members of DC pension schemes can access their benefits in the future.
The biggest surprises in the chancellor’s budget statement on 19 March 2014 related to pensions.
Budget 2014 download
Following the 2014 Budget, Taylor Wessing has set out a summary of some of the main announcements.
Budget announcement — 19 March 2014: income tax and NICs, capital gains tax, employee incentives and pensions download
Employees are likely to welcome the changes to the way in which they can access their pension savings in a defined-contribution scheme.
From April 2015, anyone over 55 will be able to take their entire DC pension pot without any requirement to purchase an annuity or be subject to income drawdown.
Switzerland-UK Budget 2014 analysis download
Despite the usual rumours, the UK Budget was, at least in tax terms, one of the more uneventful Budgets in recent years.
On an asset transfer, employees automatically transfer with their business under the TUPE regulations, which require the new employer to provide certain levels of pension benefits.
Eversheds has appointed pensions lawyer Steven Hull as a partner in its London headquarters.
The Marriage (Same Sex Couples) Act 2013 comes into force on 13 March 2014, with the first same-sex weddings taking place on 29 March 2014.
Ashurst’s London pensions head Steven Hull has become the latest partner departure from the firm as he joins Eversheds’ City office.
Individuals wishing to protect their pension savings between £1.25m and £1.5m must apply for Fixed Protection 2014 by 5 April 2014.
Case law round-up — Pensions Matter, March 2014... an overview of key pension cases and their practical implications
In McCoy, it was held to be reasonable for the trustees of a SIPP to require the beneficiary of a lump-sum death benefit to complete a form of discharge prior to paying out the discretionary benefit.
Steve Webb has confirmed that the government is ‘actively exploring’ if it can amend the Pension Protection Fund (PPF) legislation in regard to employer insolvency.
The DWP has published a report that highlights the areas it believes have a strong case for an exemption from auto-enrolment duties for certain employees.
The government has now confirmed that ‘protected persons’ will not be prejudiced by the statutory override contained in the Pensions Bill.
Keeping track of the latest European developments, as well as domestic trends and changes, can be difficult — all the more so for multinational businesses.
PPF entry and overseas employers download
The case of Olympic Airlines has highlighted the difficulty for a pension scheme with an overseas employer in gaining entry to the Pension Protection Fund (PPF).
The deadline for certifying or re-certifying contingent assets, in order to secure a PPF levy reduction, is 17:00 on 31 March 2014.
The EAT has ruled that the restriction in the Equality Act that provides that survivors’ benefits for civil partners need only be provided in relation to service since 5 December 2005 is lawful.
In this briefing, Taylor Wessing focuses on pensions in China, Germany and the UK.
Pension schemes providing benefits on a salary-related or DB basis — including ‘final salary’ pension schemes — have been in the news for several years.
A long-term holder of securities may wish to enhance the yield provided by such securities by lending in exchange for collateral and a fee.
Employment Appeal Tribunal decision confirms no extension of civil partners’ survivor benefits download
The EAT has confirmed that the restriction of a surviving civil partner’s pension to the member’s post-4 December 2005 pensionable service is compatible with EU law.
There is an increasing focus on defined-contribution investment issues.
Kemp Little has listed several changes that employers should look out for in 2014.
Pensions firm Sackers has just re-elected senior partner Ian Pittaway for a fourth term - but what keeps him passionate about pensions?
The regulator has published its consultation on a draft revised Code of Practice No. 3 for DB scheme funding, a draft new DB regulatory strategy and a revised DB funding policy.
One of the key issues of a ‘yes’ vote in the Scottish independence referendum will be the impact it has on the provision of pensions across the UK.
Following the Wheels case and the PPG case we now await a further decision on the VAT charges on pension schemes, relating to the case of ATP Pension Service A/S v Skatteministeriet.
Box Clever and Storm Funding decisions show scope of the regulator’s financial support direction powers download
Two recent decisions have demonstrated the latitude that the Pensions Regulator has in pursuing a case for a financial support direction.
A scheme with an identity crisis: Pi Consulting (Trustee Services) v the Pensions Regulator download
This case attracted a lot of media attention in the context of pension liberation.
Mr Smyth was an employee of Woolf Engineering and a member of Woolf’s group personal pension plan, which was administered by Scottish Life.
Browne case: Pensions Ombudsman rules on liability for unauthorised payment charges resulting from payment of a death benefit download
An unauthorised payment charge arose because a pension scheme had not made payment of a death benefit within two years of a member’s death.
Thew case: Deputy Pensions Ombudsman rules on the effect of changes to state pension age on scheme rules download
Mrs Thew had two periods of employment with Marks & Spencer during which she was a member of the Marks & Spencer Pension Scheme.
Bradbury case: Ombudsman determines on employer duty issues in the employer’s imposition of a cap on pensionable pay download
The Ombudsman has ruled that the BBC did not breach its implied duty of trust and confidence and/or the implied term of good faith when imposing a cap on pensionable pay.
Last summer, the DWP announced that the new regulations would be delayed until April 2014, with a draft laid before parliament in advance.
The DWP has provided long-awaited confirmation of the approach that will be taken to scheme benefits that are reclassified from money purchase to defined benefit in April 2014.
This article looks at what prompted the Law Commission’s consultation on the fiduciary duties of investment intermediaries, what it is focused on and what might come next.
Pensions Pieces: DWP consultation on the draft Occupational Pension Schemes Regulations 2014 download
The DWP has concluded a consultation on the draft Occupational Pension Schemes (Miscellaneous Amendments) Regulations 2014, which broadly provide for three changes.
The end of 2013 saw a flurry of activity both from the Department for Work & Pensions and the Pensions Regulator in relation to public service pension schemes.
Pensions Pieces: minister announces delay to the imposition of a cap on charges in relation to DC pension schemes download
Pensions minister Steve Webb has confirmed that the introduction of the proposed cap on pension charges will not be introduced before April 2015.
Draft regulations setting out the revised earnings thresholds for auto enrolment for the 2014–15 tax year have been laid before parliament.
Pensions Pieces: Pensions Regulator/ICAEW publish draft framework for master trusts for consultation download
The Pensions Regulator and ICAEW have published a draft reporting framework to help employers better understand the governance and administration arrangements of master trusts.
Pensions Pieces: regulator’s DC compliance and enforcement policy — final version now published download
The Pensions Regulator has issued its final compliance and enforcement policy for occupational defined-contribution trust-based pension schemes.
The provision of the so-called ‘moral hazard’ powers to the Pension Regulator under the Pensions Act 2004 has caused significant concerns.
From 13 March 2014, under English and Welsh law, married persons of the same sex will need to be provided with the same pension rights as those in civil partnerships.
HMRC has issued a keenly awaited announcement in response to the CJEU’s ruling in PPG Holdings BV (C-26/12).
If an employer becomes insolvent and has a defined-benefit (DB) pension scheme in deficit, the Pension Protection Fund (PPF) will act as a creditor on behalf of the scheme to maximise recovery from the employer.
In the Danish case of ATP Pension Service, the AG has stated his opinion that management services provided to DC pension schemes are VAT exempt.
Richard Hitchcock from Outer Temple Chambers has been selected for the award of Queen’s counsel.
HMRC amends policy to allow DB employers to recover VAT on certain investment activity costs download
HMRC has published a briefing stating its revised policy on the ability of sponsor employers to recover input VAT incurred in the management of DB pension schemes.
Ben Jones, tax expert at Eversheds, has commented on concerns that the introduction of an EU-wide financial transactions tax could hit UK savers.
Taylor Wessing has acted on behalf of Lord and Lady Tanlaw and their family trusts in relation to the sale of Fandstan Electric Group to New York-listed Wabtec.
Sackers has re-elected Ian Pittaway as its senior partner for his fourth consecutive term, which will run for three years from April 2014.
Stephenson Harwood has commented on some of the recent key legal and regulatory developments that have occurred in relation to occupational pension schemes.
Francois Barker, head of pensions at Eversheds, has commented on the UK Office of Fair Trading’s decision not to refer DC pensions to the Competition Commission.
HM Treasury published the long-awaited ‘Fair Deal for staff pensions: staff transfer from central government’ guidance in October 2013.
The Pension Protection Fund has recently published an explanatory statement entitled ‘Restructuring and insolvency: the PPF approach’.
Payments required under contribution notices can exceed the shortfall in the pension scheme download
Under section 47 of the Pensions Act 2004, a contribution notice may be issued to more than one qualifying target.
Auto-enrolment deconstructed download
The idea behind automatic pension enrolment is simple — all UK workers should be in a good pension scheme unless they actively choose not to be.
Zero-hours contracts have been the subject of considerable political and social debate in recent times.
Pension risk — market update download
Last year was a ground-breaking year. The longevity swap market broke previous records with £8.9bn of liabilities being passed to providers.
Last year was packed with national and international pensions developments. It can be difficult for corporate multinationals to keep track of shifting landscapes.
The Polish parliament has passed a governmental bill to reform the private pension fund sector in Poland despite receiving strong criticism from many economists and experts.
Eversheds believes VAT recovery changes offer an opportunity for employers and pension funds to review arrangements.
Under a civil service voluntary exit scheme, employees aged 60 or over had their severance compensation capped at six months’ pay.
British pensions administrator Suffolk Life has picked Birketts, Bond Dickinson and Thrings for its first formal legal panel.
Bermuda is becoming increasingly attractive as a place to invest pension assets, to manage the risks associated with funding pensions and to carry on a pension trustee business.
The first same-sex marriages can take place in England and Wales on 29 March 2014. The legislation gives surviving same-sex spouses similar occupational pension rights to civil partners.
Pensions issues are going to change, and while the new regime will simplify matters for outsourcing providers, that simplification may come at a cost.
Belief in ‘democratic socialism’ can amount to a philosophical belief for the purpose of a religion or belief discrimination
Mr Olivier believed that the Labour party was more than just a political party but that it enshrined a set of core beliefs amounting to ‘democratic socialism’.
It has been a long time coming, but the new TUPE regulations are now finalised and set to take effect from 31 January 2014.
On 10 January 2014, the amendments to the TUPE regulations were laid before parliament. The amendments may well provide new areas for debate.
As we start yet another year of change to employment law, Shoosmiths looks at the 10 most important developments in the pipeline.
The pace of change for pension schemes will continue in 2014 and beyond. Nabarro has produced a timeline plotting the main developments it expects.
Individual protection from the lifetime allowance: what are the features and implications of IP14? download
Another reduction in the lifetime allowance, scheduled for April 2014, means another round of protections.
New year, new TUPE download
The final version of the regulations amending the TUPE business transfer and outsourcing regulations has been published.
On 25 February 2014, Hogan Lovells is set to hold a late afternoon seminar on retirement issues.
Taylor Wessing asked lawyers across its restructuring and corporate recovery team to describe how things might develop in this market during 2014.
Francois Barker of Eversheds has said the delay in imposing a cap on DC default fund charges will ‘hopefully give the government time to get it right’.
After many promises and debates, and much activity, the TUPE regime is changing (in the main) on 31 January 2014.
Eversheds’ Pensions Agenda summarises 10 key issues that UK pension plans and plan sponsors need to be aware of.
Eversheds has launched an online auto-enrolment compliance tool for employers that are due to reach their auto-enrolment staging date in 2014 and beyond.
Several legal novelties have come into force in Croatia. The most important is the new law on oil and the oil derivatives market.
Hogan Lovells has announced the promotion of 29 new partners, effective 1 January 2014.
This podcast, featuring Vivien Cockerill, head of pensions at Wragge & Co, offers a pensions update for January 2013.
Taylor Wessing has advised PA Group on the sale of its full-service weather business, MeteoGroup, to General Atlantic.
The pensions regulator has issued guidance on asset-backed contributions arrangements (ABCs).
Pensions Update — December 2013 download
Nabarro has published its Pensions Update for December 2013. The publication covers the Autumn Statement, same-sex marriage, lifetime allowance and more.
Pensions Priorities: case — European case may open door to challenge to pension exemptions from anti-age discrimination laws download
For pensions which are inherently age-related, a number of exemptions have been written into the UK enabling legislation.
Pensions Priorities: other developments — Regulator issues warning regarding employer contributions under DB scheme’s recovery plan download
When an employer leaves a defined-benefit pension scheme, it may be required to pay a debt under section 75 of the Pensions Act 1995.
Pensions Priorities: law reform — changes provide some flexibility to employers fulfilling their auto-enrolment obligations download
Some key provisions have been taken forward by way of the Automatic Enrolment (Miscellaneous Amendments) Regulations 2013.
Pensions Priorities: law reform — DWP consults on changes to charges in workplace defined-contribution pension arrangements download
The DWP’s consultation on charges in relation to defined-contribution pensions sets out a number of proposals for how charges in relation to such schemes should be dealt with.
Pensions Priorities: other developments — proposed levy may hit employers, members and insurers download
The European Parliament has proposed that the European Insurance and Occupational Pensions Authority should be funded independently.
Pensions Priorities: other developments — HMRC tightens its procedures to address pensions liberation issues download
The July edition of Pensions Pieces included an article about an issue that continues to dominate much of the pensions press — pensions liberation.
Pensions Priorities: law reform — new reporting requirements on directors’ remuneration for UK quoted companies download
Legislation came into force on 1 October 2013 that introduced a new legal framework for reporting on directors’ remuneration.
The government has published a formal consultation document (the DA Consultation) with proposals for a regulatory framework.
Pensions Priorities: law reform — change to the statutory definition of ‘money purchase benefits’ download
The regulation surrounding defined benefit pension schemes is immense, and has increased significantly over the last two decades.
Mills & Reeve has merged with George Davies Solicitors, increasing its national insolvency and recovery team by 50 per cent.
Berwin Leighton Paisner’s (BLP) employment head Fraser Younson is leaving the firm today after seven years at the firm, The Lawyer understands.
Wragge & Co and Lawrence Graham are set to merge, forming a new firm — Wragge Lawrence Graham & Co — from 1 May 2014.
In Neal v Freightliner Ltd, the Employment Tribunal looked at the payment of overtime during a worker’s statutory holiday leave.
This edition of snapSHot summarises some of the key legal and regulatory developments that occurred during November in relation to occupational pension schemes.
The answer, following the Privy Council decision in Caribbean Steel Company Ltd v Price Waterhouse (a Firm)  UKPC 18, is very fundamental.
November saw the Pensions Regulator Code on the governance and administration of occupational defined contribution (DC) trust-based pension schemes come into force.
Amendments to the auto-enrolment legislation to take account of practical experience came into force at the beginning of this month.
Pensions news — November 2013 download
Nabarro has released the October 2013 issue of its Pensions Update, which discusses money purchase benefits among other topics.
Nabarro’s quick guide shows you how auto-enrolment will affect your business and provides you with a list of your obligations.
Age-related contribution rates to an occupational pension scheme can be objectively justified download
The Equality Act 2010 prohibits discrimination against an individual based on their age. However, there are a number of statutory exemptions in the UK that apply to this overriding principle.
The Pensions Regulator’s new Code of Practice no. 13, ‘Governance and administration of occupational defined contribution trust-based pension schemes’, has come into force.
Pensions News — October 2013 download
DLA Piper has released its latest Pensions News publication, which reports on recent developments in pensions legislation, guidance and case law.
The 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
Stephenson Harwood has advised the trustees of JLT UK Pension Scheme on the company’s £120m buy-in agreement of its defined-benefit liabilities with Prudential.
If you think Scottish independence will be tricky for politicians, spare a thought for pensioners
DLA Piper has advised the Cabinet Office on the creation of SSCL, a joint venture between HM Government and Steria.
Earlier this year, the DWP consulted on proposals to ‘consolidate, harmonise and simplify’ the existing disclosure regime.
In the third update of 2013, Wragge & Co’s private equity specialists comment on key issues and recent developments affecting the sector.
New York insurers’ investments in firms engaged in Iranian energy sector activities treated as ‘nonadmitted’ download
New York has enacted Chapter 481 of the Laws of 2013, which adds a new section 1415 to the New York Insurance Law effective 11 February 2014.
The High Court has ruled that the suspected pension liberation schemes were ‘occupational pension schemes’ within the statutory definition.
Wragge & Co and Buck Consultants have announced a joint initiative aimed at assisting SMEs to fulfil their automatic enrolment obligations.
Double counting and pensions download
The Pensions Regulator issued a statement on 25 October 2013 warning against ‘double counting’ in defined-benefit pension schemes.
Farhaz Khan has been identified by Legal Week as one of the 10 ‘most acclaimed young barristers making their mark’ at the commercial chancery bar.
The Pensions Regulator’s Code of Practice is due to come into effect on 21 November 2013.
Nabarro has released its 10th Clarity Guide, which discusses the revised draft Code of Practice on the governance and administration of trust-based DC schemes.
Last year, the High Court heard the first case about which occupational pension scheme rights transfer on an asset sale when the TUPE regulations apply since Beckmann and Martin.
The automatic-enrolment regulations have the effect of preventing members of defined-contribution automatic-enrolment schemes being forced to pay consultancy charges.
The Pensions Regulator has published final revised codes of practice on reporting late payment of contributions to occupational defined contribution and personal pension schemes.
The next few years will see significant changes in the public sector pensions arena.
The Deputy Pensions Ombudsman held that an insolvent employer should pay certain outstanding pension contributions, plus interest.
Pension scheme trustees are obliged to provide members with the benefits that they are entitled to under the governing documents of the scheme.
Pensions Ombudsman determinations download
The Deputy Pensions Ombudsman gives an indication of circumstances in which decision makers should give detailed reasons for their decisions.
In this case, the High Court looked at the issue of whether a claim for a section 75 debt should be reduced by the amount of other payments made to the trustees.
A decision of the Court of Appeal in relation to Olympic Airlines has left UK pension scheme members without the protection of the Pension Protection Fund.
Richard Hitchcock and Farhaz Khan represented the appellant trustee in the Desmonds Pension Scheme case, in which a decision has been made.
Clifford Chance has elected a new global tax, pensions and employment (TPE) head to replace outgoing chief David Harkness.
Burness Paull has added two lawyers to its pensions team in Glasgow from local rivals Brodies as the firm continues to grow.
Dormant pots carry a significant administration and cost burden for pension schemes.
Given its long lead in, one would think that everyone was ready for auto-enrolment. In reality, it appears not to be the case, as the Pensions Regulator has issued its first compliance notice.
The Pension Protection Fund (PPF) announced at the end of July 2013 that it is changing its insolvency risk provider from Dun & Bradstreet to Experian.
The Lehman Brothers pension scheme continues to be at the centre of litigation testing key aspects of the Pensions Regulator’s financial support direction (FSD) powers.
Wragge & Co provides a summary of changes that will apply to workplace pensions form 1 November 2013 and 1 April 2014.
The decision concerned an application by one defendant to have court proceedings that had been started to prevent a Pensions Ombudsman investigation struck out as an abuse of process.
DC pensions — all change download
A closer look at the proposed new requirements and initiatives in relation to workplace defined contribution pension arrangements
New Fair Deal published download
This week the government published Fair Deal for Staff Pensions: staff transfer from central government, which replaces Fair Deal guidance last updated in 2004.
The government has published details of changes to the law designed to make the administration of automatic enrolment easier.
The CJEU has ruled in the case of PPG Holdings BV (PPG) (C-266/12) that an employer is entitled to recover VAT on services procured by the employer for the management and operation of its pension fund.
Bermuda is well placed to benefit from increased life expectancy rates that have some employers seeking to restructure the pension entitlements of their employee members.
Eversheds has commented on a DWP paper that sets out proposals to cap the charges levied by default funds under qualifying DC schemes.
Pensions Update — October 2013 download
Nabarro has released the October 2013 issue of its Pensions Update, which discusses automatic enrolment among other topics.
DLA Piper has advised the shareholders of R Griggs Group, the parent company and licensee of the Dr Martens brand, on its disposal of Griggs to an investment vehicle.
This guide explores the steps that need to be considered in relation to a claim for age discrimination and notes the legitimate aims that have been recognised.
The CJEU has ruled that an employer is entitled to recover VAT on services procured by the employer for the management and operation of its pension fund.
One year into the auto-enrolment regime, some of the complexities encountered so far by employers in practice will shortly be ironed out.
Hogan Lovells has been shortlisted in three categories for the Legal Week 2013 British Legal Awards.
Allen & Overy, Linklaters and Olswang are among the firms to have missed out on Legal & General (L&G) panel places after the insurer cut its advisor roster from 19 to five, it has emerged.
The new Fair Deal provides for staff who have their employments transferred from a public sector employer to a private contractor to continue to be members of the public service scheme that they were in before.
The ECJ has ruled on the validity of age-related contributions in a money purchase pension scheme, confirming they are permissible provided they can be objectively justified.
Allen & Overy looks at the new Fair Deal policy and its implications for employers tendering for contracts to provide public services.
Hogan Lovells has advised the trustees of KPP on the implementation and completion of a settlement of its claims against EKC.
Eversheds’ Gary Delderfield has commented on the Fair Deal guidance issued by HM Treasury following a review of the existing Fair Deal guidance.
Stephenson Harwood has been appointed to two of the Pension Protection Fund’s (PPF’s) new legal panels.
The Fair Deal sets out the principles that will ensure that staff compulsorily transferred out of the public sector will continue to have access to their existing public service pension schemes.
HM Treasury has published new guidance on its Fair Deal policy. This follows a lengthy consultation process beginning in March 2011.
Wide-ranging pension reforms were introduced by the Pensions Act 2008 and came into force on 30 June 2012.
Retail e-briefing: how should pension schemes treat same-sex married couples and civil partners download
Employers and pension scheme trustees will need to consider how they will treat same-sex married couples in respect of survivors’ benefits under their scheme.
The Pension Protection Fund (PPF) has cut its legal panel from 27 to 23 firms, in its first major shake-up of legal advisers since it was set up under the Pensions Act 2004.
From this date, anyone reaching age 65 will not be entitled to a state pension until they reach age 66.
Providing sustainable and affordable retirement benefits is a global challenge. At Eversheds, we are always looking for innovative solutions to help our clients achieve this objective.
It has been a hectic few months for the larger players in the food industry as they face head on the challenges posed by auto-enrolment.
The DWP has updated its guidance on certifying money purchase and defined-benefit schemes for auto-enrolment.
The results are in from Eversheds’ ‘Automatic Enrolment One Year On’ survey.
Pensions Update — September 2013 download
Nabarro has released its Pensions Update for September 2013.
Pensions News — August 2013 download
DLA Piper has released its latest Pensions News publication, in which it reports on recent developments in pensions legislation, guidance and case law.
A claim in relation to a ‘section 75 debt’ was not to be reduced by a subsequent payment of £2m to the scheme despite the calculation being made prior to that payment.
Pension savers should ensure they have the correct protections in place in order to safeguard their savings.
On 6 September 2013 the UK Border Agency (UKBA) announced a number of positive changes to the immigration rules which will help UK employers.
There’s good news and more clarity for pension funds reviewing their derivatives investment strategy in the light of the European Market Infrastructure Regulation.
Allen & Overy advises IC Hotels UK Pension Trust Ltd on purchase of bulk annuity policy with Rothesay Life.
Hogan Lovells has advised the trustees of KPP on the settlement of its claims against EKC and Kodak Ltd.
All UK employers will be required to auto-enrol eligible workers into a pension scheme and make mandatory contributions, in a process staged over several years.
Two members of Outer Temple Chambers have assisted an Australian national to obtain a significant award before the First-Tier Tribunal (Criminal Injuries Compensation).
Pensions update — August 2013 download
The August 2013 issue of Nabarro’s Pensions Update is available now.
The Pensions Regulator issues a new draft code of practice on DC trust-based occupational pension schemes download
The Pensions Regulator has laid before Parliament the final draft of a code of practice for trust-based DC pension schemes.
Proposed changes to the Employer Debt Regulations risk missing opportunity to facilitate corporate restructurings download
The Employer Debt Regulations provide the detail about debts that become due from employers that exit from underfunded defined-benefit pension schemes.
Minimum solvency provisions for pension schemes dropped from forthcoming European legislation (IORP II) download
In good news for employers, the European Commission has dropped proposals that could have resulted in a dramatic increase in contributions to defined benefit pension schemes.
Pension obligations on employers in relation to auto-enrolment are being introduced, on a phased basis, from October 2012.
‘Fixed protections' under UK registered pension scheme tax regime — new regulations to come into force to clarify how these operate download
New regulations come into force in August that make provision in relation to the tax protections available for large pension entitlements
The Department for Work & Pensions has issued a call for evidence in relation to quality standards in workplace DC pension schemes
Changes to the Takeover Code mean that trustees of defined-benefit pension schemes will have more involvement where listed companies are being acquired download
The City Code on Takeovers and Mergers has been amended to take account of the growing importance of defined-benefit pension schemes in a takeover situation.
It remains to be seen whether proposed changes to the Pension Protection Fund (PPF) compensation regime will lead to increased PPF levies.
Since the Wheels case, the Court of Justice of the European Union has been considering further issues to do with VAT and pension schemes.
The Pensions Regulator has issued an amended ‘section 89 report’ on the extent to which it can look back to before when it was granted its moral hazard powers when deciding whether to use them in any case.
On your marks. Three members of OTC Pensions Team involved in the first case of its type regarding abuse and the jurisdiction of the Pensions Ombudsman download
Most members of occupational pension schemes involved in a pensions dispute prefer to have their dispute determined by the Pensions Ombudsman rather than the court.
The First Circuit Court of Appeals recently became the first federal appellate court to hold that a private equity (PE) fund can be a ‘trade or business’.
The government’s Automatic transfers: consolidating pensions savings paper aims to find a solution to the issue of dormant DC pension pots.
The UK Supreme Court has overruled the Court of Appeal and held that held that the cost of complying with a Financial Support Direction or Contribution Notice was not to be classed as a ‘liquidation expense’.
The case involved two groups (the Nortel group and the Lehman group) each of which contained occupational pension schemes with substantial funding deficits.
This issue of snapSHot summarises some of the key legal and regulatory developments that occurred during June in relation to occupational pension schemes.
The much-anticipated judgment in Nortel Companies and others, Re  UKSC 52 (24 July 2013) was delivered by the Supreme Court on 24 July.
Financial support directions are orders from the Pensions Regulator to other members of a corporate group to stand behind the obligations of a service company or under-resourced employer.
The Supreme Court handed down its judgment in the Lehman and Nortel pension appeal cases on 24 July 2013.
The UK Supreme Court has given judgment in the Nortel and Lehman Brothers pensions cases, ruling that pensions FSDs and CNs rank as provable debts in an insolvency.
Pensions update — July 2013 download
Nabarro has released the July 2013 issue of its Pensions Update, which includes information on the new DC code of practice, automatic enrolment and more.
The DOL has announced an opportunity for administrators of participant-directed individual account plans to ‘reset’ their annual deadline for distributing plan-related information.
Herbert Smith Freehills (HSF) and Linklaters have triumphed in the crucial pension scheme deficit case brought by the administrators of the Lehman Brothers International (Europe) and Nortel schemes in the Supreme Court.
The final version of the Pensions Regulator’s new Code of Practice on DC governance is due to come into effect in November 2013.
Outer Temple has long been established as one of the leading chambers specialising in pensions law, whether in litigation or in complex transactions.
Taylor Wessing’s International Pensions Guide looks at pensions provisions in the UK, Germany, France, Austria and the CEE, China, Dubai and Singapore.
Nabarro has retained its role as lead adviser to UK Coal after the struggling company filed for administration, with administrators at PricewaterhouseCoopers (PwC) turning to Addleshaw Goddard.
MOLITOR has announced three appointments.
We advise on the full range of employment matters.
There are times when employers wish to consolidate their pension schemes by merging one into another, often following a corporate acquisition.
The sudden death of media mogul Ian Robert Maxwell and its aftermath are still felt in the pensions industry today.
PPF update: the Pension Protection Fund issues guidance for schemes on reconciling GMP benefits download
Pension schemes are required to ensure the data they hold is accurate. For schemes that enter into a PPF assessment period, there is a need to ensure this comes into sharp focus.
PPF update: the Pension Protection Fund, Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations 2013 download
New regulations make a number of changes to the detail and administration of the compensation that the Pension Protection Fund provides.
The Deputy Pensions Ombudsman has held that the trustees of a pension scheme should pay £1,400 as compensation.
This case is notable for the possibly ‘softer’ than usual approach taken by the Ombudsman in relation to it.
Perhaps the poorest of the poor relations in the litany of obligations on trustees and other pension providers is the regulation of the provision of information.
On 9 May 2013, the Supreme Court published its judgment in the combined cases of Pitt v HMRC and Futter v HMRC.
Pension liberation schemes typically offer cash incentives to members to transfer their pension savings to a scheme from where a cash lump sum is ‘unlocked’ and paid to the member.
Olympic Airlines was put into special liquidation in Greece on 2 October 2009. It had carried on business in England. It employed about 27 people and operated a pension scheme.
This issue of snapSHot summarises some of the key legal and regulatory developments that occurred during May in relation to occupational pension schemes.
The most radical change to the law relating to workplace pensions in a generation is coming into force between October 2012 and April 2017.
Pensions Update — June 2013 download
The June 2013 issue of Nabarro’s Pension Update publication is available now.
Taylor Wessing has advised Electra Partners on the acquisition of mixing console manufacturer Allen & Heath from D&M Holdings.
Local government pension schemes need to be mindful of the legal framework governing what and how they can invest.
Walker Morris has advised Cott Developments on its acquisition of Calypso Soft Drinks.
OTC barristers Richard Hitchcock and Farhaz Khan have acted for Garvin Trustees, the trustee of the Desmond & Sons 1975 Pension and Life Assurance Scheme.
Nabarro’s pensions team has announced the publication of the 11th edition of its Pensions Law Handbook.
HMRC is consulting on a new form of tax protection: Individual Protection 2014 (IP14).
Walker Morris’s legislation tracker sets out employment law changes in chronological order.
DLA Piper has announced the appointment of David Farmer to the pensions team, which forms part of the employment group in London.
The Pensions Regulator has published final versions of its new codes of practice on monitoring money purchase pension contributions and reporting late payments.
Walker Morris has been appointed to the West Yorkshire Legal Services Framework.
Yorkshire firm Gordons has announced the launch of a pensions team with the hire of Eversheds’ Leeds pensions head Terry Saeedi.
The trustees of the NSPCC’s defined benefit scheme have secured the pensions of the scheme’s existing pensioners.
Pensions Update — May 2013 download
Nabarro has released its Pensions Update for May 2013.
Olswang has strengthened its pensions team with the hire of Lawrence Graham partner Ron Burgess.
On 9 May 2013, the Supreme Court gave judgment in the cases of Futter and another v HMRC and Pitt and another v HMRC.
This year’s Queen’s Speech was as noteworthy for what it did not contain as its contents. The legislative themes are controlling immigration and promoting growth.
The May 2013 issue of Pensions Priorities is available now. It provides a summary of some key developments in the pensions arena in recent months.
Final-salary liabilities for past and future service can often be reduced — it is just a case of knowing how to go about it and understanding how to manage the trustees’ concerns.
The TUC, Unison and UNITE have formed the Trade Union Share Owners group.
Pensions update — April 2013 download
Nabarro has launched the April 2013 edition of Pensions Update.
On 19 March 2013, the Office for National Statistics published two new price indices (RPIJ and CPIH) and de-designated RPI as a national statistic.
The Pension Protection Fund (PPF) is gearing up to unveil its new-look legal panel following a delayed process to shrink its 27-firm roster.
Conyers Dill & Pearman has represented SeaCube Container Leasing in connection with the acquisition of SeaCube by Ontario Teachers’ Pension Plan by way of amalgamation.
Hogan Lovells has advised the trustees of the Kodak Pension Plan on a comprehensive settlement of its claims against the Eastman Kodak Company.
Appleby has announced the promotion of three lawyers to the partnership and the appointment of five lawyers to the position of counsel.
Management services provided to a fund in which the assets of defined-benefit pension schemes are pooled for investment purposes are not exempt from VAT.
Field Fisher Waterhouse (FFW) senior partner Matthew Lohn and Old Square Chambers’ Jennifer Eady QC have been appointed to the Pensions Regulator’s determinations panel.
Pensions update — March 2013 download
Nabarro has released its pensions update for March 2013.
In March 2012, the Federal Government enacted the Superannuation Guarantee (Administration) Amendment Act 2012.
Pensions auto-enrolment is about to hit medium-size businesses. Employers are clamouring for advice - as are the law firms themselves
Young, dynamic industries such as the technology sector have perhaps felt rather smug that they are not embroiled in the complexities that surround pension provision.
Shoosmiths has reached 100 employees at its Manchester office.
Pensions News — February 2013 download
The latest developments in pensions legislation.
The Marriage (Same Sex Couples) Bill, which received its second reading in the House of Commons on 5 February 2013, legislation does not grant same-sex married couples equal pension rights to male-female married couples.
A government white paper details its plans for reforming the state pension into a ‘single-tier’ system for future pensioners.
On 18 February 2013, the government published a consultation on draft regulations aimed at consolidating and harmonising pensions disclosure requirements.
The Pensions Regulator has issued a consultation on a new code of practice, regulatory guidance and regulatory approach relating to the governance of DC occupational pension schemes.
The Pensions Regulator, with other agencies, has launched a campaign against pension ‘liberation’ scams.
Two recent decisions highlight the importance of ensuring that adequate information is obtained from and provided to the registered medical practitioner when considering an application for an ill-health early-retirement pension.
An Employment Tribunal has held that a provision of the Equality Act 2010 that allows benefits for civil partners to be limited to benefits attributable to service from 5 December 2005 is contrary to EU law that prohibits discrimination on grounds of sexual orientation.
A court has held that a requirement under the Local Government Pension Scheme in Northern Ireland requiring the deceased member to have completed a nomination form in order for a survivor’s pension to be paid to his unmarried partner was a breach of the ECHR.
Pensions update — March 2013 download
Addleshaw Goddard has released its pensions update for March 2013.
Taylor Wessing partners write Pensions and Corporate Insolvency: A Practitioner’s Guide.
According to the Pensions Regulator, pension liberation fraud is on the increase.
Pensions update — February 2013 download
Nabarro has released its pensions update for February 2013.
This determination demonstrates the difficulties involved for employers in ill-health applications.
Our Employment Law, Pensions and Benefits practice advises domestic and international institutional clients, originating in large part from the banking sector, on a range of day-to-day issues.
Four of Ireland’s largest firms have taken roles on the €1.3bn (£1.1bn) sale of Irish state-owned pensions company Irish Life to Canada’s Great-West Lifeco.
Order for ‘serial rectification’ of pension deeds is a practical lesson for employers and trustees.
Walker Morris has advised Capita on the pensions aspect of Northgate Managed Services acquisition.
MOLITOR provides advice and assistance to employers in industrial disputes, staff representative elections and collective dismissals.
The government will begin consulting on proposals to simplify the pensions auto-enrolment process in March 2013.
National law firm Shoosmiths has appointed partner Tracey Hemingway to its pensions team, together with documentation specialist Steve Phillips.
Clients call upon King & Wood Mallesons for all aspects of their tax and superannuation requirements.
Our specialists can provide expert advice on every aspect of pensions.
Our Employment, Pensions and Benefits team advises on all aspects of employment and pensions law and employee incentive arrangements.
Our employment and pensions practice understands that employment and pension issues are often the most delicate and important a company has to face.
Our pensions team, which is ranked in the top tier for pensions in the south east (Legal 500, 2011–12) offers a specialist practice combining high-quality advice and support with competitive fees.
Employers have an ongoing need for advice, representation and in-depth knowledge of employment, reward and civil rights matters. The assessment and management of risk arising from the employment relationship is a key requirement for all organisations, wherever they are based or operate from.
The Pension Protection Fund (PPF) has published its Levy Estimate for the 2013/14 levy year.
The employment and pensions teams at Walker Morris work closely together to provide a complete service for clients.
The OFT has launched a market study to examine whether the UK defined-contribution workplace pension schemes deliver the best value for money for savers.
As part of its reform of the state pension system, the Government has announced that contracting-out will be abolished, probably from 2017.
Employment and pensions legal update — Seldon: the end of the road for compulsory retirement age? download
The long awaited decision from the Supreme Court in the case of Seldon v Clarkson Wright and Jakes has resulted in Mr Seldon (a partner in the law firm, CWJ, forced to retire at 65) losing his appeal.
A voluntary “Code of Good Practice” on Incentive Exercises (the “Code”) has been published by a Working Group drawn from organisations across the pensions industry.
September 2012: Pensions update download
An overview of issues facing the pensions sector, covering public sector pension reforms and data protection issues.
November 2012: Pensions update download
An overview of issues facing the pensions sector, with attention to recent government reforms.
July 2012: Pensions update download
An overview of issues facing the pensions sector, covering automatic enrolment and age related factors in financial services.
December 2012: Pensions update download
An overview of legal issues facing the pensions sector in the new year.
IBM trustee success in rectification claim: active members entitled to an unreduced early retirement pension download
In a case brought by the trustee of the IBM Pension Plan (advised by Nabarro partners Jennifer Bell and Neal Gibson) the High Court has ruled that the scheme documents should be rectified to confirm that active members have a right to retire without employer consent from age 60.
May 2012: Pensions update download
Analysis of recent developments in the pensions sector, including the High Court judgment on the BBC’s pensionable salary cap and age discrimination law.
In the pensions industry, 2012 is the year of automatic enrolment, the impact of very low gilt yields on deficits, Europe imposing sex equal annuity rates and the early stages of defined aspiration as a new type of pensions saving.
This Alert summarises recent rulings interpreting when private equity funds could have exposure for the qualified pension liabilities of a portfolio company.
Recent announcements by Business Secretary Vince Cable suggest that major employment reforms aimed at encouraging businesses to hire again might be implemented soon.
From October 2012, the new UK pensions auto-enrolment regime will start to apply to the largest employers in the UK, being employers with 120,000 or more “eligible jobholders”.
The UK Government will be liable for the pensions of 8,000 part-time judges following a ruling in the Court of Justice in Luxembourg (CJEU) yesterday (1 March).
A major pensions dispute for the Port of Tyne Authority has been dropped just hours before the legal fallout over the PNPF Trust Company litigation was due to be heard by the Court of Appeal.
Osborne Clarke has hired CMS Cameron McKenna pensions partner Keith Webster for its Bristol practice.
The Court of Appeal (CoA) has dismissed an appeal by Nortel and Lehman Brothers International (Europe) against the Pensions Regulator over obligations to members of their respective pension schemes.
Cost-cutting measures see PPF’s legal roster touted to Government watchdogs for same fees
The Department of Work and Pensions (DWP) is set to redraft pensions legislation after defeat in a key pensions case in the Supreme Court this morning.
Herbert Smith, CMS Cameron McKenna, Linklaters and Stephenson Harwood all landed roles on TUI Travel’s cost-cutting pension schemes revamp.
Raquel Agnello QC and Thomas Robinson report on the implications of a ruling that helps to clarify the relationship between the Upper Tribunal and the Pensions Regulator
?Stephanie Biggs and Lisa Cawley ask whether the proposed shake-up of financial regulation in the UK is really as dramatic as it seems
Clifford Chance has named Chris Davies as head of its City tax, pensions and employment (TPE).
Macfarlanes and Sacker & Partners have advised on a pensions deal that has seen record company EMI agree to pay almost £200m into its pension scheme.
Baker & McKenzie, Hammonds and Herbert Smith have worked on a pensions deal that has seen Alliance Boots offload the liabilities on the smaller of its two pension schemes to insurer Pensions Insurance Corporation (PIC).
Pensions boutique Sacker & Partners posted a strong set of financials for the last reporting year, although the firm expects its profits for the current year to be hit by an impending move to new premises.
Linklaters and Slaughter and May and have advised on an innovative deal that will see drinks company Diageo use maturing whisky to help plug its £862m pension deficit.
A Brick Court Chambers barrister has successfully appealed an earlier decision which found that a male-to-female transsexual should not receive a pension from the age of 60.
Eversheds and Linklaters have advised on a crucial pension recovery agreement between British Airways (BA) and its two final salary pension funds that should clear the way for the airline’s merger with Iberia.
When a trustee is aware of all beneficiaries and creditors, matters of trust can be plain sailing. Fenner Moeran looks at what happens when things don’t go according to plan
Allen & Overy (A&O), Eversheds and Lovells are advising on the pension issues thrown up by the recent demerger of Cable & Wireless Worldwide from the Cable & Wireless Group.
Speechly Bircham has grown its pensions practice with the hire of Wedlake Bell partner Jane Wolstenholme - the firm’s sixth lateral partner appointment in the past six months.
Advisers bet on hedging as trustees, employers go all-out to cut risk. By Margaret Taylor
Barlow Lyde & Gilbert (BLG), LG and Norton Rose have won roles on the transfer of £3bn of pension liabilities from BMW’s pension scheme to Abbey Life Assurance Company.
Herbert Smith has bolstered its pensions practice with the hire of a partner from Freshfields Bruckhaus Deringer.
Berwin Leighton Paisner (BLP) is advising the administrators of the Reader’s Digest Association (RDA), with the company going into administration after failing to reach an agreement over the funding of its pension scheme.
Field Fisher Waterhouse (FFW) has picked up the position as sole adviser on employment and HR issues for the Department for Work and Pensions (DWP).
Lovells has been drafted in by Pearl Group to advise on the £4.5bn restructuring of subsidiary Phoenix & London Assurance Limited’s (Palal) with-profits fund.
?Changes to the Pensions Act aim to remove some of the penalties employers face when exiting pension schemes. Jay Doraisamy and Ewan Nelson report
As the global financial situation improves, so too is interest in trust-based structures in the Gulf region. By Paul Perris
The Department for Work and Pensions (DWP) is looking for a single firm to advise it on employment and HR issues.
A trio of UK firms has scored lead roles on the buyout of three Denso Manufacturing Midlands (DMML) pension schemes.
Pensions body the personal accounts delivery authority (PADA) has named a former Freshfields Bruckhaus Deringer partner as its general counsel.
Eversheds pensions head Anthony Arter has been named as the firm’s next London senior partner.
Pinsent Masons has advised the trustee of one of Babcock International Group’s pension schemes, the Devonport Royal Dockyard Pension Scheme, on a longevity swap.
DWF HAS bolstered its pensions practice after hiring a three-strong team from Newcastle-based Dickinson Dees.
Welter of litigation predicted as pension trustees eye legal actions over alleged bad advice in the 1990s
Many companies have been tempted to ease their financial woes by delisting from AIM. But this is not a decision to be taken lightly, say Claire Clarke and Stephen Hamilton
Employers are keen to find ways of keeping pension liabilities in check as the recession continues to bite. By David Saunders