News
The Deputy Pensions Ombudsman has dismissed a complaint by a member of a self-invested personal pension concerning the administrator’s decision not to transfer his pension to a small self-administered scheme… Read more →
News
Mistakes do happen. Unfortunately in the context of the long-standing and intricate nature of pension scheme documentation, mistakes can be costly. In the case of Viavi Solutions UK Ltd v… Read more →
News
Over the last few years we have witnessed significant developments for UK occupational pension schemes. Please refer to Pension Compass articles in March 2021 (click here), July 2021 (click here… Read more →
News
By way of background, an Excepted Group Life Policy (“EGLP”) is a death benefits arrangement that is not registered with HM Revenue & Customs (HMRC). It provides lump sum death… Read more →
News
The latest government initiative to improve the uptake of free, impartial guidance from Pension Wise by individuals before they start drawing money purchase/cash balance benefits (“flexible benefits“) or (in some… Read more →
News
Published in Pensions Age, Paul Ashcroft discusses volatility and Ukraine, including The Pensions Regulator (TPR)’s latest guidance. The Pensions Regulator (“TPR”) has set out its expectations following the Russian invasion… Read more →
News
Pension overpayments are a fact of life. Mistakes happen, erroneous scheme records are often left unchecked, benefits are transferred-out and members’ personal circumstances change. These factors and more can lead… Read more →
News
Over the last two years we have witnessed significant climate change developments for UK occupational pension schemes. This has been driven by a desire to secure effective governance and reporting… Read more →
News
Having come into existence over a decade ago, Qualifying Non – UK Pension Schemes (“QNUPS”) have dwindled in popularity but in recent months we have seen a resurgence in this… Read more →
News
A new regulatory framework…On 8 June 2021, Guy Opperman (Minister for Pensions and Financial Inclusion) announced the final versions of two sets of regulations 1 (which have now been laid… Read more →
News
BackgroundThe claimant in this case, Mr Ross Burns, applied for summary judgment in his claim of dishonest assistance against certain defendants (summary judgment is usually possible when one party wants… Read more →
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News
After several years in the making, the Pensions Schemes Act 2021 (the “Act”) has finally received Royal Assent. Whilst much has been written about “beefing up” of the Pension Regulator’s… Read more →
Podcast Video
News
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 →
News
The Covid-19 pandemic has sparked a tremendous amount of interest in employee benevolent societies or hardship funds. Sometimes described as one of the charitable sector’s best kept secrets these occupational… Read more →
News
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 →
News
In late August 2020 the Department for Work and Pensions (“DWP“) launched a new consultation seeking industry views on proposals effective 1 October 2021, to require trustees of (i) larger… Read more →
News
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 →
News
Many cases will be straightforward – lump sum benefits are usually paid to spouses or children of the deceased in accordance with up to date expression of wish forms. In… Read more →
News
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 →
News
The Covid 19 pandemic has impacted many aspects of lives. These unprecedented times continue to pose economic and operational challenges for pension schemes – trustees’ and sponsoring employers of defined… Read more →
News
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
2019 was a record year for UK pension scheme bulk buyouts. Total transactions exceeded £40bn. As employers and trustees continue to work towards the ‘pensions endgame‘ by off-loading their defined… Read more →
News
Where the parties to a transaction or other arrangement are required by law, or otherwise agree, to record their agreement in a written document, the applicable execution formalities will depend… Read more →
News
The Pensions Regulator (“TPR”) has recently closed a consultation exercise whereby it sought responses to draft guidance which seeks to help trustees comply with the new duties set out in… Read more →
News
Background In 2016 the Pensions Regulator (TPR) carried out extensive research which identified that many schemes were not being run to standards expected by TPR. Off the back of these… Read more →
News
Earlier this month the Pensions Regulator (“tPR”) released its 2019 Annual Funding Statement (the “Statement“) for defined benefit pension schemes. Its intended target – trustees and sponsoring employers who are… 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 →
News
The article was first published by The Times on December 1, 2018. Women win first battle over pension age discrimination Older women were unfairly discriminated against by a £5 billion… Read more →
News
On 26 August 2018 the Department for Business, Energy and Industrial Strategy (“BEIS“) published the Government’s response to the consultation on measures designed to improve corporate governance within companies which… Read more →
Bulletins
Welcome to the Summer edition of our In Counsel publication In this update we will outline the most recent legal developments affecting your business, in particular, the implications of the… Read more →
Bulletins
In Kostal UK Ltd v Mr D Dunkley and Others[1] the Employment Appeal Tribunal (EAT) has upheld an employment tribunal’s decision that an employer had unlawfully induced workers to vary… Read more →
Bulletins
On 4 April 2018 HM Revenue & Customs (HMRC) announced that existing EU State Aid approval for the tax-advantaged share option known as Enterprise Management Incentive (EMI) would expire on… Read more →
Bulletins
Many Sponsoring Employers and Trustees continue to look at ways of controlling defined benefit pension scheme liabilities to reduce cost, to reduce volatility and to manage risks. For regulatory reasons… Read more →
Bulletins
Wedlake Bell’s Pensions & Employee Benefits Team has significant experience in assisting employers and trustees in navigating liability management exercises similar to those being proposed by BT. Sponsoring Employers and… Read more →
Bulletins
Towards the end of last year BT kicked off a statutory 60 consultation period as part of its proposal to manage its staggering £14bn pension deficit. A consultation document was… Read more →
Bulletins
The Pension Ombudsman has directed that a professional trustee company pay £2,000 to compensate a member for the significant distress and inconvenience caused by its maladministration in relation to a… Read more →
Bulletins
A restructuring proposal by Hoover Limited in relation to its largest defined benefit pension scheme, The Hoover (1987) Pension Scheme (the 1987 Scheme), was approved by the Pensions Regulator (tPR)… Read more →
Bulletins
Background: Mrs Y separated from her husband, Professor Y, a retired member of the Universities Superannuation Scheme (the “USS”) in 1996. In 2004, at age 52, Mrs Y enquired with… Read more →
Bulletins
In October 2016, telecoms provider TalkTalk was fined £400,000 by the Information Commissioner’s Office (ICO) for failing to protect customers’ personal data, breaching the Data Protection Act 1998 (DPA). This… Read more →
Bulletins
It is no secret that Brexit could have an impact on the City. In the coming months banks and other financial institutions will be making tough decisions on whether to… Read more →
Bulletins
In the Summer and Autumn 2016 In Counsel update and the May 2016 Pensions Bulletin we examined the well-publicised BHS pensions debacle. Since then, a considerable amount of time, effort… 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
The Pensions Ombudsman (PO) has given a determination in a complaint by a Mr N that the respondents were not under a duty to inform his wife, Mrs N, that… Read more →
Bulletins
The High Court has overturned a decision of the Pension Ombudsman which had allowed a personal pension scheme to decline a member’s transfer request where there were concerns about the… Read more →
Bulletins
Following the statement made by the Chancellor in the Spring 2016 Budget, further changes may be made to legislation to combat what has been commonly termed as ‘disguised remuneration’. Background… Read more →
Bulletins
Justin McGilloway discusses the extent of the pensions problem in the case of former high street giant BHS. The well-publicised BHS debacle continues to grip the country. The former high… Read more →
Bulletins
When did you first become interested in the law? At school. I took part in a mock trial at the local Crown Court when I was 15. I successfully defended… Read more →
Bulletins
The Pensions Ombudsman has held that an employer “unjustifiably” stopped a member’s monthly pension payments which it had funded for some years following the winding-up of its occupational pension scheme.… Read more →
Bulletins
The Pensions Ombudsman has upheld a complaint against the Police and Crime Commissioner of South Wales, on the basis that it had a duty of care as an employer to… Read more →
Bulletins
A recent decision of the High Court, that an Income Payments Order could not be made against a bankrupt’s unexercised rights to draw his pension, has contradicted an earlier decision… Read more →