The show that helps you maximize your wealth by turning complex financial situations into actionable advice. On Your Money. Your Mission., we answer the questions you’ve been asking about -- financial planning, investing, retirement and everything in between. Whether you’re navigating the complexities of the market or looking for the best ways to save or spend your money, tune in to hear from experienced financial advisors with JFG. Walk away from each episode with savvy tips and financial t ...
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The Month in Pensions discusses the latest developments in the UK pensions world with insight from the Pensions team at international law firm Gowling WLG. NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.
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The Month in Pensions discusses the latest developments in the UK pensions world with insight from the Pensions team at international law firm Gowling WLG. NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.
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In The Month In Pensions for December 2021, Ian Chapman-Curry looks at what a return to working from home and the broader shift to agile working means for the pensions industry. We then look over some of the key developments that have made the headlines in the world of pensions in December 2021, including: Deadline reminder for trustees to submit compliance statement to the CMA - Click here for the CMA’s order and reporting requirements FCA publishes final rules on facilitating a stronger nudge to Pension Wise guidance - Click here for the FCA’s final rules and guidance on the stronger nudge to guidance DWP consults on changes to the charge cap for default funds used for automatic enrolment - Click here for the DWP’s consultation ‘Consultation on enabling investment in productive finance (30 November 2021)’ TPR announces inclusion of the first superfund on its online register - Click here for TPR’s DB superfunds list and assessment TPR issues guidance on the governance and reporting of climate-related risks and opportunities - Click here for TPR’s guidance ‘Governance and reporting of climate-related risks and opportunities (16 December 2021)’ PPF publishes its final levy rules for 2022/23 - Click here for the PPF’s final levy rules We then look to the coming year to see what the key developments and trends will be for pensions in 2022. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3sZb05X For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
In The Month In Pensions for October 2021, Ian Chapman-Curry looks at what the Autumn budget and spending review covered on pensions (or, rather, what it didn't cover). In this month's interview, Ian Gordon takes us through two key cases ( Britvic and Axminster ), judgments for which were handed down in June. We also look over some of the other developments that have made the headlines in the world of pensions in October 2021, including: Pension Schemes Act 2021 brings in new TPR powers - ‘Pensions law is changing on 1 October 2021 - Are you ready? (29 September 2021)’ . TPR sets out how it intends to use its new powers - ‘The Pension Schemes Act 2021: The new landscape for DB schemes (26 October 2021)’. The PPF consults on its 2022/23 levy rules TPO issues guidance on communicating with members ‘Annual Report shines a spotlight on activity at The Pensions Ombudsman (7 October 2021)’ ; and TPO’s ‘Communicating with members (1 October 2021)’ . DWP finalises legislation for simpler annual benefit statements - ‘Government response: Simpler annual pension benefit statements (19 October 2021)’. DWP consults on portfolio alignment metrics for climate risk reporting - ‘Climate and investment reporting: setting expectations and empowering savers – consultation on policy, regulations and guidance (21 October 2021)’ . Then we take a quick look at what is coming down the tracks for pensions in November 2021. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3jY39Ac For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
In The Month In Pensions for March 2021, Ian Chapman-Curry looks at the wave of consultations that have been released by government departments and The Pensions Regulator. In this month's interview, Liz Wood explains the impact that the Pension Schemes Act 2021 will have on employers that sponsor defined benefit pension schemes. We also look over some of the other developments that have made the headlines in the world of pensions in March 2021, including: TPR launches consultation on draft single code of practice - Click here for TPR's ‘New code of practice consultation’ (17 March 2021) . DWP consults on information gathering powers - Click here for the DWP's consultation ‘Strengthening The Pension Regulator’s Powers: Contribution Notice and Information Gathering Powers Regulations 2021’ (18 March 2021) . TPR consults on employer resources test regulations - Click here for the DWP’s consultation ‘Strengthening The Pension Regulator’s Powers: Contribution Notice and Information Gathering Powers Regulations 2021’ (18 March 2021) . DWP consults on diversification of DC investment portfolios - Click here for DWP’s consultation ‘Incorporating performance fees within the charge cap’ (18 March 2021) . TPR issues its revised 15 year strategy for the future - Click here for TPR’s strategy paper ‘TPR Strategy: Pensions of the future’ (10 March 2021) . No surprises for pensions in the March Budget statement - Click here for HM Treasury’s Budget 2021 documents webpage . Then we take a quick look at what is coming down the tracks for pensions in April 2021. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3QF9JJl For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
In The Month In Pensions for February 2021, Ian Chapman-Curry looks at a survey of defined benefit scheme trustees that suggests the age of the quarterly trustee meeting is over. We also look over some of the other developments that have made the headlines in the world of pensions in February 2021, including: Government issues further consultation on climate change risk - See details of the new consultation 'Taking action on climate risk: improving governance and reporting by occupational pension schemes - response and consultation on regulations' on the Department for Work and Pensions' consultation webpage ; and Listen to our on demand webinar on ESG implementation – challenges and practical solutions . The Pensions Regulator (TPR) confirms increase in regulatory activity in Q4 2020 - Visit the TPR’s press release 'Enforcement activity rises as expected to protect savers (18 February 2021)' . Pensions Protection Fund (PPF) publishes levy rules and policy statement for 2021/22 levy year - See the PPF’s 2021/22 levy webpage for details. The Pensions Administration Standards Association (PASA) issues guidance on tax issues in GMP equalisation - Visit the PASA GMPEWG Guidance Note on Tax Issues . The Pension Schemes Act 2021 becomes law – Visit our Pension Schemes Act 2021 hub ; and See our one-page overview of what the Pension Schemes Act 2021 will mean for trustees . Then we take a quick look at what is coming down the tracks for pensions in March 2021. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3xlZF1g For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
In The Month In Pensions for January 2021, Ian Chapman-Curry focuses on the legislation that will become the Pension Schemes Act 2021. At the point of recording, the Pension Schemes Bill 2019 – 21 was on the cusp of receiving Royal Assent so this episode focuses on what it will mean for pension scheme trustees and employers. When enacted, the Pensions Schemes Bill 2019 – 21 will see changes to the funding regime for defined benefit pension schemes along with giving The Pensions Regulator more powers. It will also provide the statutory framework for pensions dashboards and collective defined contribution schemes. We've created one page overviews of the key issues and actions for trustees and scheme sponsors: Trustees for our one page overview for trustees ; and Sponsors for our one page overview for scheme sponsors . We'll also look over some of the other developments that have made the headlines in the world of pensions in January 2021, including: DWP publishing its response to default fund charge cap consultation ( DWP’s consultation response ‘Review of the Default Fund Charge Cap and Standardised Cost Disclosure’ ); Government announces expansion of Dormant Assets Scheme to certain pension assets ( press release issued by HM Treasury and the Department for Digital, Culture, Media & Sport ); TPR issues interim response to its funding code consultation ( TPR’s DB funding code of practice consultation interim response ); PPF issues response to its levy consultation ( the PPF’s ‘Outcome of the 2021/22 levy consultation’ ); and Small Pots Working Group issues report ( Small Pots Working Group Report ). You can find this episode and the accompanying transcript on our website: https://gowlg.co/3DfNlDs For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
In The Month In Pensions for December 2020, Ian Chapman-Curry focuses on the key trends and developments that will dominate the world of pensions in 2021. With a backlog of legislative, regulatory and policy developments, 2021 promises to be a busy year for anyone working in the pensions industry. The Pensions Schemes Bill 2019 – 21 will see changes to the funding regime for defined benefit pension schemes along with giving The Pensions Regulator more powers. It will also provide the statutory framework for pensions dashboards and collective defined contribution schemes. But 2021 will be about more than primary legislation. The Pensions Regulator will be updating its codes of practice as it moves towards a single code, environmental, social and governance issues will continue to be a trend, with an increasing emphasis on climate responsible investing and the government will tackle discrimination issues in public sector pension schemes. With so much going on, we've brought together ten key trends covering the most important issues that will dominate agendas and work streams throughout the year. Make sure that you stay ahead of the curve with our guide to pensions in 2021. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3RHeKCH For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
In The Month In Pensions for November 2020, we focus on two related and increasingly intertwined areas – pension scams and cyber crime - and ask are you ready for cyber scams? Ian Chapman-Curry is then joined by Charlotte Scholes, a principal associate in our specialist pension disputes team, to discuss the latest in GMP equalisation with the third judgment on Lloyds. Also covered in this month's edition are: TPR asks trustees to pledge to combat scams - Click here for TPR’s press release ‘Make a pledge to combat pension scams, industry urged (10 November 2020)’: https://bit.ly/2KZnPt3; PASA issues cyber crime guidance - Click here for PASA’s ‘Cybercrime Guidance (November 2020)’: https://bit.ly/2VoA447; DWP publishes statement of policy intent for guidance ‘nudge’; TPR publishes new trustee guidance on sponsoring employer distress - Click here for TPR’s guidance ‘Protecting schemes from sponsoring employer distress’: https://bit.ly/3qm2A4D; Pension Schemes Bill 2019-21 clears the House of Commons - Click here for the Parliamentary webpage on the Pension Schemes Bill: https://bit.ly/33ywg4M; Coronavirus Job Retention Scheme extended; High Court rules on trustee obligations on GMP equalisation and transfers out - Click here for our Insight ‘GMP equalisation: duty does extend to past transfers’: https://bit.ly/3mx3j0P Click here for the full text of the judgment in Lloyds Banking Group Pensions Trustees Ltd v Lloyds Bank PLC & Ors [2020] EWCh 3135 (Ch) (20 November 2020): https://bit.ly/3g2BGtV We also look forward to some of the developments to expect in December 2020. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3xeQiAn For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk . Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
In The Month In Pensions for October 2020, we join The Pensions Regulator in gazing into the future and consider what the world of pensions will be like in 15 years' time. See The Pension Regulator's 'Pensions of the future - a discussion on our strategy (16 October 2020)': https://bit.ly/3owKcp6 Also covered in this month's edition are: DWP gives green light to standardised simpler annual benefit statements for DC auto enrolment pension schemes (See the DWP’s response to its consultation ‘Simpler annual benefit statements for workplace pensions’: https://bit.ly/3kEp7GY ); PPF consults on the 2021/22 levy (See the PPF’s consultation ‘Have your say on our 2021/22 levy rules’: https://bit.ly/3mraS8D ); Public sector exit payment caps to come into force (See our insight ‘Public sector exit cap in force from 4 November 2020 (15 October 2020)’: https://bit.ly/3dZW91z ); TPR publishes new guidance on superfunds (See TPR's guidance 'Superfund guidance for prospective ceding trustees and employers (21 October 2020)’: https://bit.ly/35y6X3a ); Action Fraud reveals extent of pension scam activity in wake of COVID-19; and ECJ decides on VAT and pension management services case (See the full text in the judgment of United Biscuits (Pensions Trustees) Ltd. and another v Commissioners for HM Revenue and Customs (C‑235/19): https://bit.ly/2TvuDiW ). We also look forward to some of the developments to expect in November 2020. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3QCwspt For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk . Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
In The Month In Pensions for September 2020, we go back to school and consider what is coming down the tracks for trustees and employers in the final third of 2020. Ian Chapman-Curry is also joined by Gowling WLG pensions partner Christopher Stiles to discuss his latest Insight on GMP equalisation: https://bit.ly/30zranJ Also covered in this month's edition are: TPR's confirmation of the end of the COVID-19 easements on reporting payment failures; Government consultation on ESG and climate change ( https://bit.ly/36iUO4e ); Government consultation on investment innovation and improving outcomes for DC members ( https://bit.ly/2EHVpko ); Pensions Minister confident that the Pension Schemes Bill 2019 - 21 will be in law this year; Government confirms plans to increase the minimum pension age ( https://bit.ly/36dwtg5 ); Pensions Dashboard Programme to publish initial data standards for dashboards by the end of 2020 ( https://bit.ly/30j7Z11 ); and High Court rectifies successive deeds in summary judgment ( https://bit.ly/2G9l5ap ). We also look forward to some of the developments to expect in October 2020. You can find this episode and the accompanying transcript on our website: https://gowlingwlg.com/en/insights-resources/podcasts/2020/the-month-in-pensions-september-2020/ For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk. Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
In The Month In Pensions for July 2020, we focus on the role that technology will play in improving customer service in the pensions industry. Ian Chapman-Curry is also joined by Gowling WLG pensions partner Joanne Tibbott to discuss the Department for Work and Pensions' review of the charge cap that is applicable to certain defined contribution schemes. For the full text of Joanne's Insight, visit: https://gowlingwlg.com/en/insights-resources/articles/2020/dwp-kicks-off-charge-cap-review/ Also covered in this month's edition are: - the Pension Schemes Bill 2019 - 21 delayed until autumn; - Government consultations on changes to public sector pension schemes; - PLSA publish a simple guide to GMP equalisation Click here for the PLSA’s ‘Simple Guide to GMP Equalisation’; Click here for the first part of our introductory Insights on GMP equalisation; Click here for the second part of our introductory Insights on GMP equalisation . - High Court rectifies pension scheme’s increase rules to remove hardwired RPI provisions (Univar UK Limited v Stephen Smith and others [2020] EWHC 1596 (Ch) Click here for our Insight ‘High Court rectifies pension scheme’s increase provisions to remove hardwired RPI’; Click here for the full text of the judgment . - High Court rectifies pension scheme’s increase rules to remove hardwired RPI provisions (Safeway Ltd v Newton & Ors (Rev 1) [2020] EWCA Civ 869 (13 July 2020) Click here for our Insight ‘Court of appeal rules that normal pension ages under Safeway pension scheme were equalised retrospectively’; Click here for the full text of the judgment . We also look forward to some of the developments to expect in August 2020. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3DljYzJ For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk . Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
In The Month In Pensions for June 2020, have we reached a tipping point for consolidation in the pensions industry? Is it time for superfunds and collective defined contribution? And, in a month with plenty of sobering economic news, what are the options for pension scheme trustees and employers in distress? Ian Chapman-Curry is joined by Christopher Stiles to discuss his latest Insights on the options that are available for those faced with difficult market conditions and what a new insolvency regime means for trustees of defined benefit occupational pension schemes. For the full text of Christopher's Insights, visit www.tinyurl.com/TMIP2006C and www.tinyurl.com/TMIP2006D Also covered in this month's edition are: - TPR updating its measures on helping pension schemes tackle COVID-19 challenges (see TPR's press release at www.tinyurl.com/TMIP2006A ); - the Financial Conduct Authority's package of measures on defined benefit transfers and transfer advice (see the FCA's DB transfer webpage at www.tinyurl.com/TMIP2006B ); and - TPR's new interim guidance regime for the emerging superfund pension market (visit www.tinyurl.com/TMIP2006E for our Insight on TPR's interim guidance). This episode finishes with a roundup of key developments in the world of pensions for July 2020. You can get in touch with Ian Chapman-Curry at www.tinyurl.com/GWLGICC . For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk . NOT LEGAL ADVICE Information made available as part of this update or on our website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.…
In The Month In Pensions for May 2020, is COVID-19 accelerating the pace of change and the adoption of technological and digital solutions in the pensions industry? Ian Chapman-Curry is joined by Jason Coates to discuss his latest Insight on how coronavirus has not ushered in a 'new normal' in pensions but has, instead, been the catalyst for an accelerated normal. Pre-existing trends have been brought to the forefront and change is, if anything, speeding up. For the full text of Jason's Insight, visit www.tinyurl.com/TMIP2005C . Also covered in this month's edition are: - The Pension Regulator's new and updated guidance on dealing with COVID-19 in pensions (see our Insight on this at www.tinyurl.com/TMIP2005A ); - The Pension Regulator's Annual Funding Statement (our full Insight on this is at www.tinyurl.com/QU202002A ); and - the High Court deals with CPI / RPI issues twice (see www.tinyurl.com/ QU202002X for the full text of Ove Arup & Partners International Ltd ) . This episode finishes with a roundup of key developments in the world of pensions for June 2020. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3d8az3L For more Insights, or to find out more about the pensions team at Gowling WLG, please visit www.gowlingwlg.com/pensions-uk . Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
The Month In Pensions looks at the key developments in the UK pensions industry over the previous month. For April 2020, we focus on the continued impact that COVID-19 is having on the pensions industry, delays to government and regulatory consultations and the impact of the lockdown on pension scheme deficits. We also look forward to some of the developments to expect in May 2020. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3BoSMyD Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
The Month In Pensions looks at the key developments in the UK pensions industry over the previous month. For March, we focus on the impact that coronavirus is having on business continuity planning, the progress of the Pension Schemes Bill 2019 – 21, the increased attention on ESG matters and the much anticipated TPR consultation on the revised defined benefit funding code. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3TVF8u7 We also look forward to some of the developments to expect in April. Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
In the final part of our General Data Protection Regulation (GDPR) and pensions series, we look at when and how trustees will have to communicate the GDPR changes with their members. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3RKdSg7 Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
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The Month in Pensions - Gowling WLG
In part four of our General Data Protection Regulation (GDPR) and pensions series, our experts focus on the important decisions trustees need to make in terms of the legal grounds for processing the scheme's personal data. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3qmDALW Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
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The Month in Pensions - Gowling WLG
Under the General Data Protection Regulation (GDPR), data processors will, for the first time, have direct legal duties under data protection legislation. Many pension scheme trustees use third parties for professional advice and to help run their schemes. What will trustees have to do to ensure compliance by these third parties? You can find this episode and the accompanying transcript on our website: https://gowlg.co/3U5C4f5 Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
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The Month in Pensions - Gowling WLG
Data controllers are responsible for the processing of personal data. In order to comply with their legal duties, data controllers need to understand what personal data they hold, what they do with it and who they share it with. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3BmoNqS Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq…
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The Month in Pensions - Gowling WLG
On 25 May 2018, pension schemes will need to comply with tough new data protection legislation. Get ready for the GDPR with the first in our series of essential guides on the legal issues and practical steps that everyone involved in pensions will need to think about. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3B27Pwv Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
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The Month in Pensions - Gowling WLG
Key points Tax relief in the context of pensions (both during the saving phase and at the point of access) requires care and attention. Under the current UK tax regime, pension savings which exceed the "Annual Allowance" or "Lifetime Allowance" are subject to taxation. Employers may want to consider altering benefit structures for high earners. Taxation at the point of accessing pension savings depends upon the manner in which those savings are accessed. There are "unauthorised payments" and "authorised payments", with tax levied depending on the precise type of payment. From 6 April 2015 changes were made to make access to DC pension savings more flexible (with taxation rules also changed). You can find this episode and the accompanying transcript on our website: https://gowlg.co/3QtQW3w Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
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The Month in Pensions - Gowling WLG
Key points Trustees cannot act lawfully when unduly influenced by a conflict of interest; A conflict of interest can impact on the validity of a trustee decision and on the management of the pension scheme; The Pensions Regulator has issued guidance around conflicts of interest; Trustees need to understand, identify and manage conflicts of interest including adviser conflicts; Trustees should adopt a conflicts of interest policy; A conflict can arise in relation to confidential information; and Separate Companies Act 2006 requirements apply to trustee directors. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3Qt7HvY Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
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The Month in Pensions - Gowling WLG
1 Pensions in 30: 28. The Transfer of Undertakings (Protection of Employment) Regulations and pensions 10:44
Key Points TUPE is a very complicated area of employment law. It is particularly difficult when it interacts with pension rights. Specific legal advice is advised if you are dealing with pension rights under TUPE. TUPE does not generally apply to pension benefits. As a result, an employee's entitlement to pension benefits do not generally transfer under TUPE. There are, however, three key exceptions to this rule: Beckmann and Martin rights – rights to certain enhanced redundancy benefits and early retirement benefits may transfer under TUPE; minimum pension rights that apply in certain specific circumstances and, if they apply, provide transferring employees with limited protection by requiring the receiving employer to provide pension benefits in line with prescribed minima; and personal pension schemes – an individual's contractual rights in respect of a personal pension scheme (e.g. a Group Personal Pension (also known as GPPs)) will transfer automatically. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3x93tTf Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
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The Month in Pensions - Gowling WLG
Key Points Calculating pension loss can be complex, especially where the employee was defined benefit pension scheme. The Employment Tribunal service published a 2003 guidance note which suggested two methods for approximating pension loss without the need for actuarial advice, but this guidance has now been withdrawn. During April and May 2016, the President of the Employment Tribunals (England and Wales) consulted on a new approach to calculating pension loss. The response to this consultation is awaited. In higher value cases, the parties may wish to take actuarial advice on pension loss. In the context of a negotiated exit, there are several ways to compensate for pension loss. The cooperation of the pension scheme administrators or trustees may be required to implement some of these. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3BoTsDZ Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key points Under a pensions salary sacrifice arrangement an employee gives up part of their cash salary in return for pension benefits Typically the employee's salary is reduced by the amount that they were previously paying as employee contributions to a pension scheme and the employer pays an equal amount to the pension scheme as an employer contribution Salary sacrifice results in cost savings on National Insurance contributions To introduce a salary sacrifice arrangement an employer needs to vary the terms of the employee's contract of employment As salary sacrifice involves a reduction to the employee's salary, it could have some disadvantages (though most of these can be avoided if the arrangement is set up carefully) You can find this episode and the accompanying transcript on our website: https://gowlg.co/3xcY7GB Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
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The Month in Pensions - Gowling WLG
Key Points Whether pension benefits should continue to build up whilst an employee is on family leave depends on whether the employee is on a period of paid or unpaid family leave. Pension benefits should continue (and contributions be paid) in respect of an employee on leave as detailed below for any period of paid leave (whether statutory or contractual). The extent to which there is an obligation on employers to continue to provide pension benefits during periods of unpaid family leave is an area of unsettled law. Many practitioners agree that during periods of unpaid leave, employers are under no legal obligation to pay contributions or provide benefit accrual unless the employee has a specific contractual right to such contributions or accrual. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3d7ghmh Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
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The Month in Pensions - Gowling WLG
Discrimination: Sex Key Points This note is primarily focussed on the sex discrimination issues which have arisen in relation to occupational pension schemes (rather than personal pension schemes), because this is where most of the sex discriminatory practices have been identified. The Equality Act 2010 (the "Act") applies to both employers participating in occupational pension schemes and the trustees of such schemes. The Equality Act 2010 also inserts an overriding non-discrimination rule into occupational pension schemes if they do not already contain such a provision. Under the Act, persons (including trustees of pension schemes) are prevented from directly or indirectly discriminating, victimising or harassing someone because of their sex. The key cases of Barber v Guardian Royal Exchange and Coloroll Pension Trustees Limited v Russell established that pension schemes had to equalise pension benefits between men and women, with effect from 17 May 1990 (i.e. the date of Barber decision), and outlined how they should equalise them. Specifically, men and women were required from this date to build up benefits by reference to the same normal retirement age ("NRA"). Before this, women typically had an NRA of 60 and men an NRD of 65. This difference in NRA meant that, in broad terms, men were required to work for longer than women in order to build up an equivalent pension. Many pension schemes have a gap between the 17 May 1990 (when they were legally required to equalise benefits for both sexes) and the date that a legally valid equalisation of the pension benefits was actually effected. This is known as a 'Barber window'. The main reason many schemes have a 'Barber window' is because there was a lack of clarity for a number of years as to how pension schemes were required to validly equalise. Equalisation of Guaranteed Minimum Pensions ("GMPs") was not addressed in the Barber case and remains a difficult area. Much of the case law and legislation referred to in this note involves European directives and rulings by the European courts. The requirement to equalise pension benefits between the sexes it is not expected to materially change following the UK's withdrawal from the European Union. Discrimination: Marital and Civil Partnership status Key Points The Equality Act 2010 (the "Act") applies to both employers participating in occupational pension schemes and the trustees of such schemes. The Act also inserts an overriding non-discrimination rule into occupational pension schemes if they do not already contain such a provision. Under the Act, persons (including trustees of pension schemes) are prevented from directly or indirectly discriminating or victimising someone because the individual is married or a civil partner. Harassment protection does not apply in relation to marital or civil partnership status. Same-sex partners have a right to any dependents’ pensions provided by pension schemes once they enter into a civil partnership or marry. An exemption allows pension schemes to restrict this right to benefits that accrued from 5 December 2005 (i.e. when legislation permitting civil partnerships came into force). The exemption was the subject of a government review published in June 2014. The government is yet to make a final decision on any legislative changes to the exemption. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3eEKYzT Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
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The Month in Pensions - Gowling WLG
Part one - discrimination and part-time employees Key points A part-time worker must not be treated less favourably than a comparable full-time worker doing the same or largely the same job unless the less favourable treatment can be objectively justified. This extends to less favourable treatment in respect of the provision of pension benefits. A part-time worker can bring a claim for less favourable treatment under the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000. The other potential claim a part-time worker can bring in relation to pensions discrimination is a claim for indirect sex discrimination under the Equality Act 2010. Preston v Wolverhampton Healthcare NHS Trust clarified that men or women excluded from their employer's pension scheme on grounds of indirect sex discrimination are entitled to claim access to the pension scheme. ‘Off-sets’ (notional deductions equal to the basic state pension made from a worker’s salary to calculate contributions and pension benefits) may be indirectly discriminatory but are capable of objective justification. Part two - Discrimination and fixed-term employees Key Points Fixed-term employees must not be treated less favourably than a comparable permanent employee doing the same or largely the same job unless the less favourable treatment can be objectively justified. This extends to less favourable treatment in respect of the provision of pension benefits. A fixed-term employee can bring a claim for less favourable treatment under the Fixed-term employees (Prevention of Less Favourable Treatment) Regulations 2002. Employers may be able to defend a specific unfavourable practice by demonstrating that the fixed-term employee's overall benefits package is comparable to their permanent employee comparator. In order to rely on objective justification the employer would have to demonstrate that the less favourable treatment amounted to a legitimate aim and that the less favourable treatment was a proportionate method of achieving that legitimate aim. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3qoCnUi Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key Points The overriding principle under the Equality Act 2010 is that it is unlawful to discriminate against an individual based on their age unless the treatment can be objectively justified. In relation to pension schemes, a number of important exceptions apply to the general principle that it is unlawful to discriminate on the basis of age. These are contained in the Equality Act (Age Exceptions for Pension Schemes) Order 2010 (SI 2010/2133). Where a particular practice does not fall within one of the exceptions, for that practice to be lawful it must be shown to be 'objectively justified' – that is, a proportionate means of achieving a legitimate aim. 'Cost' alone is not sufficient to objectively justify a discriminatory practice, although the case of Woodcock v Cumbria Primary Care Trust [2012] EWCA Civ 330 did call into question how much additional evidence from an employer is needed for the practice to be objectively justified. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3qmeqNH Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key points The Equality Act 2010 prohibits direct discrimination and indirect discrimination on the grounds of a protected characteristic. The protected characteristics listed in the Equality Act 2010 are sex, age, religion or belief, race, sexual orientation, gender reassignment, pregnancy & maternity, marriage and civil partnership, and disability. With the exception of age, direct discrimination cannot be objectively justified, but indirect discrimination can be. There are particular exemptions in the Equality Act 2010 and associated regulations that apply to pension schemes, notably in relation to age. Trustees of occupational pension schemes are liable to their members or prospective members if they discriminate in terms of the offer of membership or benefits provided under the scheme, for example. All occupational pension schemes are deemed to include a non-discrimination rule, regardless of what the rules say. The Equality Act 2010 also applies (with certain important exceptions) to providers of goods and services. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3cVIJYx Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
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The Month in Pensions - Gowling WLG
Key points Winding up an occupational pension scheme means that the scheme will come to an end, the trustees will collect in the scheme's assets and distribute them for the benefit of the scheme’s beneficiaries. The trustees will need to carry out data reconciliation of member records. Benefits may be secured by transferring benefits to another scheme and/or by buying annuities with an insurance company. The trustees must notify The Pensions Regulator of the scheme wind up. Where a defined benefit scheme is in deficit upon wind up, an "employer debt" may become payable under s75 of the Pension Act 1995. If wind up is triggered because an employer suffers an insolvency event, it may enter a PPF assessment period and ultimately go into the PPF. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3BswRXj Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key Points TPR has statutory objectives which include protecting pension scheme members' benefits TPR has a broad range of investigative, remedial and anti-avoidance statutory powers TPR's stated approach is to educate, enable and enforce TPR regularly publishes reports on the considerations given by it to the exercise of its powers and functions You can find this episode and the accompanying transcript on our website: https://gowlg.co/3RP2lwa Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key Points Anyone who employs workers in the UK will have to comply with new employer duties with effect from their 'staging date'; An employer's 'staging date' is set out in legislation and falls between 1 October 2012 and 1 February 2018 depending on how many people work for the employer; Employer duties are to: assess and categorise their workers; automatically enrol any workers who meet the criteria to be 'eligible jobholders'; and are not members of a 'qualifying scheme' into an 'automatic enrolment scheme'; issue communications to all workers including certain prescribed information; process opt-in and opt-out requests; pay contributions for jobholders in pension savings in line with statutory minima; and provide The Pensions Regulator with a confirmation of how they have complied with their duties. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3RNa2Tx Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
The pensions industry has one year to prepare for new regulations coming its way. Europe's new data protection legal framework is set out in the General Data Protection Regulation (GDPR) which will come into force in all EU Member States on 25 May 2018, including the UK. While the changes are not radically different to the current legal requirements, there are important developments that the pensions industry needs to be aware of ahead of May 2018.…
Every quarter, the Gowling WLG pensions team prepare a legal update covering the most relevant issues and developments for trustees and employers. The update covers new legislation, regulatory changes, pensions taxation and administration, scheme governance, investment and funding and pension cases and Ombudsman determinations.…
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The Month in Pensions - Gowling WLG
Key points Prior to 6 April 2016, an occupational pension scheme could contract out of the Additional State Pension on a defined benefit (DB) basis. Prior to 6 April 2012, an occupational or a personal pension scheme could contract out of the Additional State Pension on a defined contribution (DC) basis. In a contracted-out scheme, the member and his employer paid a lower rate of National Insurance contributions. The member receives an amount of pension from their contracted-out scheme which is at least as good as the Additional State Pension given up. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3L5brm7 Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key points Pensions in the UK are provided in a number of different ways: state pensions versus private pensions; occupational versus personal pensions; and trust-based versus contract-based. Employers provide pensions to fulfil legal obligations, because they are a tax-efficient benefit and to retain and attract employees. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3xd7J4l Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key points The employer and members of a scheme can contractually agree that the member's entitlement under the scheme will be different to that under the scheme rules The case of South West Trains v Wightman established that such "extrinsic contracts" could be effective Extrinsic contracts cannot affect benefits which it is agreed have been earned by members' employment before the extrinsic contract is concluded, because of section 91 of the Pensions Act 1995 Extrinsic contracts can be useful for employers looking to make changes to future pension benefits but they should always be used with care and only after taking legal advice You can find this episode and the accompanying transcript on our website: https://gowlg.co/3x71dMb Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key points The Imperial case ( Imperial Group Pension Trust Ltd. v. Imperial Tobacco Ltd. [1991] 1 W.L.R. 589) established that an employer owes a duty to pension scheme members (including employees, former employees and dependants of members) when exercising its powers under the scheme. Summarised, the employer's duty is not, without reasonable or proper cause, to act in a way calculated or likely to destroy or damage the relationship of trust and confidence between employer and scheme member. For the employer to have acted in breach of duty, it needs to be shown that it acted irrationally or perversely, in a way in which no reasonable employer acting in good faith would. Although it is entitled to take into account its own interests in deciding what to do, those interests need to be weighed against any reasonable expectations which employers had created. The IBM case ( IBM (UK) Holdings Ltd v Dalgleish [2014] EWHC 980 (Ch) ) has recently considered this area. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3eDorTO Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key points Employers with more than 50 employees are required to consult with 'affected members' if they propose making certain types of changes to pension schemes. These changes are known as 'listed changes'; The minimum consultation period is 60 days; Affected members include active members and employees who have an entitlement to join the pension scheme (i.e. prospective members); Affected members must be provided with information. The requirements for what needs to be in this information are set out in legislation. In addition, the Pensions Regulator has provided guidance on what it expects to see in consultation information. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3eyhHGW Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key points Amendment or modification powers generally are found in scheme rules not in pensions legislation Pensions legislation restricts the way a scheme's modification power can be used Pensions Act 1995: Section 67 onwards protects accrued rights to pension benefits Section 67 also restricts the way changes can be made from defined benefit or final salary benefits to defined contribution or money purchase benefits Section 67 also restricts the way changes can be made which might reduce the rate of a pension Trust law requires trustees to act in members' interests and this applies to decisions to agree to scheme modifications Section 68 Pensions Act 1995 provides a statutory power to make specific modifications regardless of the powers contained in the scheme rules Additional considerations arise where the scheme is contracted out and section 37 of the Pension Schemes Act 1993 imposes additional formalities in such cases You can find this episode and the accompanying transcript on our website: https://gowlg.co/3TXYfU3 Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key Points The Pension Protection Fund (PPF) provides compensation for members of defined benefit (DB) pension schemes whose sponsoring employers have become insolvent. It was established by the Pensions Act 2004. To qualify for entry to the PPF a scheme must be an eligible scheme. The Pension Protection Fund (Entry Rules) Regulations 2005 detail schemes that are not eligible. PPF entry is more complex for multi-employer schemes. The process will depend on the scheme's rules and whether or not the scheme is sectionalised or segregated (for example, on the insolvency of an employer). Detail is provided in the Pension Protection Fund (Multi-Employer Scheme)(Modification) Regulations 2005. The PPF is funded through levies on eligible DB schemes. If a scheme enters the PPF, the PPF will provide compensation to the scheme's members in place of their accrued pension. This compensation is subject to a cap which (usually) increases slightly each year. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3d4ZqAM Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key points Independent trustee of pension scheme may be appointed Other trustees' discretionary powers fall away Employer as sole trustee ceases to act Employer debt: Section 75 Pensions Act 1995 and Occupational Pension Scheme (Employer Debt) Regulations 2005 may apply Scheme may qualify for entry to Pension Protection Fund under Pensions Act 2004 Section 126 onwards Trustees will be unsecured creditors in employer's winding up unless they have previously obtained security (such as a charge over assets) You can find this episode and the accompanying transcript on our website: https://gowlg.co/3DgLkH1 Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key Points Options range from amending benefits to sophisticated investments The employer needs to consider its duty of good faith RPI/CPI You can find this episode and the accompanying transcript on our website: https://gowlg.co/3KYxFq5 Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key points There are circumstances in which a defined benefit pension scheme may have a funding surplus. Refund of surplus to an employer is permitted if certain requirements are met, which differ depending on whether the scheme is ongoing or in wind-up. The requirements include: Ongoing scheme: power in the rules, refund within limit specified by actuary, in members’ interests to exercise power, 3 months’ notice to members. Scheme in wind-up: power in the rules, scheme liabilities fully discharged, any power to pay surplus to others considered, 3 months’ notice to members. Section 251 of the Pensions Act 2004 provides that, for an ongoing scheme, the refund or surplus power is lost unless the Trustees pass a resolution meeting the requirements of section 251 to retain the power by 5 April 2016. In practice, this means Trustees must have given written notice of their intention to make such a resolution to members and employers by 4 January 2016. Under the Finance Act 2004, a refund of surplus payment will attract a 35% tax charge payable by the Trustees, which should be deducted from the surplus payment before it is paid. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3L8ygFB Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key Points There are no statutory restrictions on membership of a UK pension scheme by persons who do not live or work in the United Kingdom. Restrictions on benefits accrued or provided under a registered pension scheme may be relaxed where a member does not benefit from UK tax relief because he or she is a "relevant overseas individual" or a transfer has been made into the scheme from a "recognised overseas pension scheme". A registered pension scheme may only make a transfer into an overseas pension scheme that is approved for the purpose by HMRC (a "qualifying recognised overseas pension scheme" - QROPS). Transfers to a QROPS (and onwards from a QROPS to another QROPS) are subject to the Overseas Transfer Charge (OTC) of 25% of the transferred value from 9 March 2017, unless certain exemptions apply. A member who comes to the UK as an existing member of a qualifying overseas pension scheme may benefit from migrant member relief on UK income tax. A scheme may only accept contributions from a "European Employer" if it is authorised to act as a cross-border pension scheme. Onerous funding requirements apply to cross-border defined benefit schemes. Despite the first bullet point above, it is worth noting that having a scheme member who is subject to the labour and social security laws of another EEA state (i.e. who works elsewhere in the EU in a scheme) makes that a cross-border scheme with onerous funding consequences. The European parliament and Council has agreed a revised IORP Directive (IORP II) which will make changes to cross-border pension arrangements (subject to how the Directive is applied in the UK as a result of the UK leaving the EU). Changes to the taxation of "Foreign Pensions" from 6 April 2017 are substantial. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3Rv9hyM Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key Points Contingent assets are additional employer or group assets that trustees can access on the happening of a specific event or events Examples of contingent assets are guarantees, charges and letters of credit Contingent assets may be used to give increased flexibility in terms of the approach taken to scheme funding by employers and trustees or to give trustees greater comfort as to the security of the pension scheme Trustees need professional advice before agreeing to accept a contingent asset so they can be satisfied that the contingent asset is validly given and can be enforced by them if the contingent event occurs The PPF has standard form documents for some types of contingent assets You can find this episode and the accompanying transcript on our website: https://gowlg.co/3TRSuYl Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
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The Month in Pensions - Gowling WLG
Key points Ceasing to employ active members in a defined benefit pension scheme at a time when another employer continues to employ active members into that scheme can trigger a potentially crippling debt. There are various mechanisms which can be deployed to avoid the effects of this lawfully. These should be considered before the debt is triggered. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3Bs0fNe Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key points Most defined benefit pension schemes are funded through a combination of employer contributions and investment returns, although the requirement for member contributions is increasing Rules exist that seek to ensure that pension schemes will be able to afford to pay member benefits when they fall due Pension schemes have an ongoing "statutory funding objective" to have sufficient and appropriate assets to cover their technical provisions (i.e. the actuarially-assessed value of each scheme's liabilities) Pension schemes must undergo an actuarial valuation every three years in accordance with section 224 of the Pensions Act 2004 Trustees must put in place various documents as part of an actuarial valuation, including a statement of funding principles (section 223 of the Pensions Act 2004), a recovery plan (section 226 of the Pensions Act 2004) and a schedule of contributions (section 227 of the Pensions Act 2004) You can find this episode and the accompanying transcript on our website: https://gowlg.co/3B3dZN3 Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key Points The Pensions Regulator's (TPR) anti-avoidance powers include contribution notices and financial support directions. They can be used if employers fail to support a scheme, cause material detriment to the chances of a person receiving benefits or the employer is insufficiently resourced or is a service company. Advance clearance is possible for specific transactions. TPR regularly publishes reports on the considerations it gives to the exercise of its powers and functions. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3eqAyDF Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key points Employers and trustees have a statutory duty to notify the Pensions Regulator if certain prescribed events occur in an occupational pension scheme. Some prescribed events do not have to be notified if certain conditions are met e.g. if the scheme is fully funded on the PPF basis. If an event occurs it must be notified in writing to the Pensions Regulator as soon as reasonably practicable. Civil penalties can be imposed for non-compliance. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3x78ICP Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
Key Points Trustees, managers, administrators, participating employers, professional advisers and those otherwise involved in advising trustees are under a duty to report breaches of the law. It is essential that companies put in place procedures to comply with the Pension Regulator's Code of Practice on reporting breaches of the law. Trustees must bear in mind the need to act within the powers and responsibilities afforded to them in the trust deed and rules. When deciding whether to report, two points arise: (a) has there been a breach of law and (b) is it of material significance to The Pensions Regulator? It is important to have a reporting system in place and to be aware that one party's report does not automatically remove the duty from another party to report the same breach. The Pensions Regulator has the power to impose fines and report advisors to their professional governing bodies if they fail to report materially significant breaches. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3d1sR6F Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East. We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41 Want to get to know us? Follow us on: LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq This podcast may contain information of general interest about current legal issues, but does not give legal advice.…
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