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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 →
Uncategorized
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 →
Uncategorized
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 →
Uncategorized
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 →
News
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
News
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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 →
Uncategorized
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 →
News
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 →
News
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 →
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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 →
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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 →
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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 →
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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 →
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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 →
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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 →
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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 →
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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 →