On 3rd February 2025 the High Court approved the merger of the Arcadia Executive Scheme (“Executive Scheme”) with the Arcadia Staff Scheme (“Staff Scheme”). Key Point: The case revolves around whether proposed scheme amendments were for a scheme’s proper purposes.
More about Part 4 – High court approves scheme merger diluting surplusThe Pensions Ombudsman (“TPO”) has recently issued two noteworthy determinations with important implications for pension schemes and their members: (i) Mr H v Olivetti UK Limited Pension and Life Assurance Scheme (“Mr H’s Case”); and (ii) Mr N v Volkswagen
More about Part 3 – Pick of the pensions ombudsman’s decisionsBackground In 2005, Janus Henderson, the asset management group (formerly the Henderson Group) established an employee benefit trust to benefit employees and their families, and an employer-financed retirement benefit scheme in 2011 (established in anticipation of legislative changes), to benefit
More about Part 2 – High court decision – IHT mistake allowed for trust rescissionOn 28 January 2025, the UK Government announced proposed legislative changes aimed at unlocking scheme surpluses. The changes are aimed at allowing employers to access surplus funds ‘trapped’ within schemes to enable trustees and sponsoring employers the ability to boost
More about Part 1 – Defined benefit (DB) surplus – UK government plans major changes to trapped surplus regimePARLIAMENT Effective Date Effect Bills (and Acts not yet in force) Finance Bill 2024 – 2025 In House of Commons, due to be enacted by 5.4.25 Changes to treatment of transfers to QPOPS in EEA and conditions for QROPS in
More about Part 5 – Pensions ready reckoner December 2024At the Autumn Budget on 30 October 2024 the Chancellor produced at least one rabbit out of the hat: on a member’s death, any unused pension funds and death benefits will be subject to inheritance tax (IHT) from 6 April
More about Part 4 – Pensions and inheritance tax: Uneasy bedfellows?The Chancellor, Rachel Reeves, delivered her highly anticipated first Mansion House speech to city leaders on 14 November 2024. Whilst her speech touched on a broad range of financial services policy, it was her announcements on pensions that drew the
More about Part 3 – The Mansion House speech: Unlocking pension fund investment and driving economic growthThe recent case of Lefort v HMRC [2024], featuring one of Wedlake Bell’s very own Pensions Compass articles, serves as a costly reminder to fixed protection holders that inadvertent pension contributions will not be treated favourably by HMRC or the
More about Part 2 – Taxpayer’s mistake no defence to loss of his protectionBackground Mr Roy Thomas (the “Appellant“) applied for a cohabiting partner’s pension and a lump-sum death grant from the Southwark Pension Fund (the “Respondent“) following the death of his partner, Ms. Claudette Coke, on 11 March 2021. The Appellant and
More about Part 1 – Cohabitation and financial interdependence – A lesson from the high court