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PART 4 – Dashboards dashed?
Key message despite the uncertainty in connection staging dates, schemes should continue to keep dashboard connection high on their agenda. (1) Overview The grand old Duke of York marched his… Read more →
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Key message despite the uncertainty in connection staging dates, schemes should continue to keep dashboard connection high on their agenda. (1) Overview The grand old Duke of York marched his… Read more →
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PARLIAMENT Effective Date Effect Bills (and Acts not yet in force) GMP Conversion – Conversion of GMPs Act (Royal Assent 28/4/2022) Not yet in force Will facilitate converting GMPs once… Read more →
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(1) Notifiable Events Amendment Regulations DWP consulted on the draft Regulations long ago in September 2021. There was much adverse comment. It seems revised Regulations are being worked on to… Read more →
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PARLIAMENT Effective Date Effect Forthcoming Bills (and Acts not yet in force) GMP Conversion – Conversion of GMPs Act (Royal Assent 28/4/2022) Not yet in force Will facilitate converting GMPs… Read more →
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Key Points: • Effective date for the Strategy Requirements remains uncertain – may be October 2023• Will probably apply only for Valuations with “as at” dates on or after October 2023;•… Read more →
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PARLIAMENT Effective Date Effect Forthcoming Bills (and Acts not yet in force) GMP Conversion – Conversion of GMPs Act (Royal Assent 28/4/2022) Not yet in force Will facilitate converting GMPs… Read more →
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Key points • DC Scheme trustees will have to report on their illiquid investments (and other investment holdings) in their Statement of Investment Principles/Annual Chair Statement. • An exemption from… Read more →
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Clive Weber, Consultant, Pensions & Employee Benefits Team. Please contact Clive with any queries on this Ready Reckoner. PARLIAMENT Effective Date Effect Recent Acts Finance Act 2022 6 April 2022… Read more →
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Key points: Nominally funding is still to be scheme specific but the rules are tightened particularly for mature schemes; Removing deficit as soon as the employer can reasonably afford may… Read more →
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Clive Weber, Consultant, Pensions & Employee Benefits Team. Please contact Clive with any queries on this Ready Reckoner. PARLIAMENT Recent Legislation Effective Date Effect Finance Act 2022 6 April 2022… Read more →
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Key Points: The Guidance is useful, but must be read in context In particular, scheme trustees must consider their legal duties Introduction HMRC’s April 2022 Guidance on GMP equalisation is… Read more →
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Clive Weber, Consultant, Pensions & Employee Benefits Team. Please contact Clive with any queries on this Ready Reckoner. PARLIAMENT Recent Legislation Effective Date Effect Finance Act 2022 – Royal Assent… Read more →
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Overview The short answer is, yes it can do. The scheme’s independent trustee was unsure and sought Court approval. This was given by the High Court in its decision on… Read more →
Legal Podcast
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Clive Weber, Consultant, Pensions & Employee Benefits Team. Please contact Clive with any queries on this Ready Reckoner. PARLIAMENT Recent Legislation Effective Date Effect Pension Schemes Act 2021 (Royal Assent… Read more →
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A brief visit to the High Court decision in Mitchells & Butlers Pension Plan, 12 November 2021 What happens when a new Principal Employer (PE) finds the scheme rules in… Read more →
Legal Podcast
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PARLIAMENT Recent Legislation Effective Date Effect Pension Schemes Act 2021 (Royal Assent 11/01/2021) – key provisions: Climate Change 1/10/2021 Climate Change Regulations imposing reporting obligations on large… Read more →
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The more one looks at the night sky the more stars appear, just like new developments the pensions universe! Below are a few selected super stars likely to blaze a… Read more →
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Clive Weber, Consultant, Pensions & Employee Benefits Team. Please contact Clive with any queries on this Ready Reckoner. PARLIAMENT Recent Legislation Date Effect Pension Schemes Act 2021 Royal… Read more →
News
Employers, trustees and others concerned with defined benefit schemes: are you ready for 1 October 2021 when the new Contribution Notice grounds and Criminal Offences apply? Do contact your usual… Read more →
Legal Podcast
Clive Weber discusses the Appeal Court judgment on 17 July 2021 Pension Protection Fund and another v Hughes. The September 2020 Pensions Compass includes an article on the June 2020… Read more →
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PARLIAMENT Recent Legislation Date Effect Pensions Schemes Act 2021 Royal Assent 11/02/2021 The Act applies in stages once ancillary Regulations have been made and brought into effect in October 2021… Read more →
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Axminster is the latest case to ‘give the axe’ to limitation under the Limitation Act to claims for pension arrears in a mammoth judgment which surveys the history of limitation… Read more →
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RecapThe new criminal offences and additional grounds for contribution notices (“CNs”) under Pension Schemes Act 2021 are expected to take effect in about two months’ time on 1 October 2021.… Read more →
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IntroductionMost would agree the planet is endangered by climate change. Governments worldwide are taking action. None more so than the UK Government with its legislative changes (click here for Justin’s… Read more →
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Clive Weber, Consultant, Pensions & Employee Benefits Team. Please contact Clive with any queries on this Ready Reckoner. PARLIAMENT Recent Legislation Date Effect Administration Regulations Made 29/03/2021 and into force… Read more →
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A digest of some recent cases: Members suing SIPP operatorIn Adams v Options SIPP (formerly Carey Pensions), the Court of Appeal decided on 1 April 2021 the member’s agreement with… Read more →
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PARLIAMENT Recent Legislation Date Effect Pensions Schemes Act 2021 Royal Assent 11/02/2021 The Act will come into effect in stages once ancillary Regulations have been made and brought… Read more →
Bulletins
Prevention is better than cure. The criminal offences and new grounds for Contribution Notices (“CNs“) under the Pension Schemes Act 2021 (the “Act“) are nasty illnesses – but employers and… Read more →
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A recent Supreme Court ruling has highlighted that transfers between registered pension schemes can have unintended inheritance tax (“IHT”) consequences. In this case, the late Mrs Staveley (“Mrs S”) was… Read more →
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To all our many readers – Happy Christmas and a very Healthy New Year. Despite the challenges of COVID, pensions law has continued non-stop and we are here to help you… Read more →
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PARLIAMENT Forthcoming Legislation Date Effect Pension Schemes Bill Royal Assent expected by 31 December 2020 The Bill is progressing speedily through Parliament and includes the expected new criminal offences for… Read more →
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This article focuses on Superfunds including ‘Clearance’ aspects. Where are we now with Superfunds? In our recent article on Superfunds (published in Investment & Pensions Europe, 7 August 2020) we… Read more →
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Background On 11 March 2020 the Treasury and the United Kingdom Statistics Authority (UKSA) jointly consulted on the UKSA proposal to adopt the CPIH (consumer prices index with a housing… Read more →
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The High Court Judgment in the Lloyds Bank Transfer case on 20 November 2020 provides answers but leaves plenty undecided. Here is a bird’s eye view of what was decided,… Read more →
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Clive Weber (Pensions Partner) and Paul Ashcroft (Pensions Solicitor), Wedlake Bell LLP, identify key lessons from the High Court’s decision in SPS Technologies UK Pension Plan (the “Scheme”). Please see… Read more →
Podcast Video
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Welcome to our Autumn 2020 Edition of Pensions Compass. We hope readers have enjoyed some relaxation over the Summer. 1. PODCASTS – In the Autumn we usually hold our Oktoberfest pensions event including… Read more →
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Parliament Forthcoming Legislation Date Effect Pension Schemes Bill 2019-21 Royal Assent expected in 2020 or Q1 2021 The Bill has completed its House of Lords stages and started in the… Read more →
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INTRODUCTION Transfers between registered pension schemes can be problematic for members on many fronts, but not usually due to Inheritance Tax (IHT). The exception is where the member concerned is… Read more →
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On 20 August 2020, battles lines were drawn and appeals lodged in the Hughes judicial review litigation. The PPF’s appeal concerns its approach to the requirement for members to receive… Read more →
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PARLIAMENT Recent Legislation Date Effect Corporate Insolvency & Governance Act 2020 25/6/2020 Attempt to provide lifeline to struggling companies. Measures include suspending enforcement of certain debts, introduction to the UK… Read more →
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Welcome to our July 2020 Edition of Pensions Compass. The legal consequences of Covid-19 are inevitably still to the forefront. The following articles consider the impact in different areas as well… Read more →
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Introduction The Corporate Insolvency and Governance Act 2020 (the “Act”) became law on the 25th June 2020. The aim of the Act is to assist the survival of companies in… Read more →
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Wedlake Bell Pensions & Employee Benefits Team Update – TPR’s Annual Funding Statement 2020 On 30th April 2020 the Pensions Regulator (“TPR”) published the above Statement aimed at employers and… Read more →
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Alison described the February 2020 Edition as a “fun packed edition to help blow away the winter doldrums”. As the new Pensions Compass Editor, I follow in her footsteps in attempting… Read more →
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Clive Weber, Partner, Pensions & Employee Benefits Team. Please contact Clive with any queries on this Ready Reckoner. PARLIAMENT Proposed Legislation Date Effect Pension Schemes Bill 2020 Uncertain due to… Read more →
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Given the precipitous decline in value of many defined contribution members’ pension pots, the trustees of defined contribution schemes (“DC Schemes“) are particularly at the sharp end. Trustees of defined… Read more →
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In these exceptional times, how can trustees and employers best take legally watertight decisions? When life returns to normal, present decisions need to stand up to legal scrutiny if challenged.… Read more →
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Employers are facing an unprecedented set of circumstances as Covid-19 sweeps the country. Whilst the primary objective is, and should be, to halt the spread of the virus and to… Read more →
Uncategorized
Welcome to our first 2020 Edition of Pensions Compass! As usual we have a fun packed edition to help blow away the winter doldrums. Our first edition of Pensions… Read more →
Bulletins
New Rules – Introduction There is no shortage of challenges for trustees of defined benefit schemes and their sponsoring employers. In this article we consider two game changers, namely (1)… Read more →
Bulletins
LIBOR’s farewell A seismic change is taking place in the financial world. At the instigation of the Financial Regulators, the global markets are preparing to transition away from the London… Read more →
Bulletins
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Will the proposed new criminal offences and other measures stop another Sir Philip Green in his tracks? Introduction The Pension Schemes Bill published in October 2019 includes a raft of… Read more →
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Clive Weber, Partner, Pensions & Employee Benefits Team. Please contact Clive with any queries on this Ready Reckoner. PARLIAMENT Recent Legislation Date Effect Statement of Investment Principles – Investment Disclosures… Read more →
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PARLIAMENT Recent Legislation Date in force Effect Age Discrimination – Equality Act Exemptions Order 15 May 2019 Consequential on increases in State Pension Ages, permits schemes to continue paying bridging… Read more →
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In this article Clive Weber reviews the recent interesting Court of Appeal judgment on 10 May 2019 in BIC UK Limited v Burgess. The Court concluded there was no legal… Read more →
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Clive Weber, Partner, Pensions & Employee Benefits Team. Please contact Clive with any queries on this Ready Reckoner. PARLIAMENT Recent Legislation Date Effect Financial Guidance and Claims Act Enacted 10… Read more →
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Just what is wilful or reckless behaviour in relation to a pension scheme? That is the test at the heart of a new crime proposed in the Conservative party’s 2017… Read more →
Clive Weber and Caroline Miller are discussing the key considerations for estate and pension planning and looking at the various options available when considering the best way of devolving ones… Read more →
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Background: Readers may recall the “Staveley” Inheritance Tax (“IHT) case on pension transfers. See our February 2017 Pensions Bulletin when we commented on the Upper Tax Tribunal’s January 2017 decision.… Read more →
Brexit
Are you ready? Brexit is going to impact on our laws. It is too early to know what the repercussions will be but it is certain that there will be… Read more →
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Clive Weber, Partner, Pensions & Employee Benefits Team. Please contact Clive with any queries on this Ready Reckoner. PARLIAMENT FROM THE COURTS FORTHCOMING COURT DECISIONS THE ROAD AHEAD OTHER MATTERS
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LNB News 29/10/2018 102. The government has allocated an additional £500m of funding for its preparation for the UK’s exit from the EU. This funding aims to help departments manage… Read more →
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Pensions Ready Reckoner Clive Weber, Partner, Pensions & Employee Benefits Team. Please contact Clive with any queries on this Ready Reckoner. PARLIAMENT Recent Legislation Enacted Effect Data… Read more →
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British Airways (“BA“) has successfully appealed against the BA pension scheme Trustees’ award of pensions increases. The Court of Appeal reversed the High Court decision in favour of the Trustees… Read more →
Bulletins
Clive Weber, Partner, Pensions & Employee Benefits Team. Please contact Clive with any queries on this Ready Reckoner. PARLIAMENT Legislation Enacted Effect Finance Act 2018 15 March 2018… Read more →
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Partner in our Pensions & Employee Benefits team, Clive Weber, has had his comments published by Professional Pensions in relation to British Airways’ pension scheme dispute. On the issue, Clive… Read more →
Bulletins
Pensions Ready Reckoner Clive Weber is a Partner in our Pensions & Employee Benefits Team. Please contact Clive with any queries on this Ready Reckoner. PARLIAMENT Topic Bills… Read more →
Bulletins
PARLIAMENT Topic Bills Data Protection Bill The Bill was introduced in Parliament on 13 September 2017 and is intended to give effect to the EU General Data… Read more →
Bulletins
In this article Employment Partner Blair Adams and Pensions Partner Clive Weber jointly comment on the important Court of Appeal decision in IBM v Dalgleish on 3 August 2017 (IBM Decision)… Read more →
Bulletins
Clive Weber, Partner, Pensions & Employee Benefits Team. Please contact Clive with any queries on this Ready Reckoner. PARLIAMENT Topic Key Acts of Parliament Finance Bill 2017 The following provisions… Read more →
Bulletins
Help is at hand for employers which accidentally cease to have active members, or is it? Problem One can liken section 75 for employers in DB multi-employer schemes to a… Read more →
Bulletins
Clive Weber, Partner in Pensions and Employee Benefits was quoted in Pensions Age, the leading pensions magazine. Risk reduction is a “key driver” of increased gilts investments by pensions funds,… Read more →
Bulletins
The BHS Scheme saga rumbles on. Meanwhile, the Department for Work and Pensions has published a ‘Green Paper’ for consultation on reform of defined benefit pensions, entitled ‘Security and Sustainability… Read more →
Bulletins
The Upper Tribunal has recently given its decision in an interesting case concerning inheritance tax (“IHT”) and pension schemes. The case turned on very specific facts, including importantly, that the… Read more →
Bulletins
Relief for members and disappointment for employers: on 2 November 2016 the Court of Appeal upheld the High Court decision in Buckinghamshire v Barnardo’s, thus precluding the Barnardo’s scheme trustees… Read more →
Bulletins
Having consulted on draft Regulations in 2012, DWP has now issued a further Consultation proposing a new approach and method for GMP equalisation. This article considers whether the new proposals… Read more →
Bulletins
Good news for debtors but disappointing for creditors: the Court of Appeal has decided, in its recent Horton v Henry decision, that a bankrupt individual’s pension rights cannot be exercised… Read more →
Bulletins
The Court of Appeal has declared that trustees of the Barnardo’s pension scheme cannot switch its indexed linked payments from the Retail Price Index (RPI) to the Consumer Price Index… Read more →
Bulletins
US owners or would be owners of UK companies should take extra care in the case of a UK defined benefit pension scheme (“DB Scheme”), sometimes known as a ‘final… Read more →
Bulletins
Introduction Not content with its Report on the BHS Scheme (issued on the 20 July 2016) the Parliamentary Select Committee (the Committee) announced on 8 August 2016 a wide ranging… Read more →
Bulletins
Much of EU source UK pensions law is sensible and at most should need minor adjustment. Broadly speaking the following areas are in this category (but see below re GMPs… Read more →
Bulletins
Stuck with an annuity or deferred annuity? Don’t worry, help is close at hand. From April 2017, you can sell your right to income for a capital amount! This is… Read more →
Bulletins
A recap of latest developments in the ever-changing world of occupational pension schemes. PARLIAMENT Topic Legislation Budget – 16 March 2016 Key pension tax changes in the Chancellor’s… Read more →
Bulletins
“Miscellaneous” amendment regulations are often tidying up exercises and of no great consequence. However the DWP’s recent consultation on its proposed Miscellaneous Amendments Regulations 2016 are a different kettle of… Read more →
Bulletins
Even though the first Pensions Ombudsman took office as long ago as 1990, the relationship between the Pensions Ombudsman and the Courts remains work in progress. History Essentially there has… Read more →