News
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 →
Podcast Video
News
Welcome to our December 2019 edition of Pensions Compass. As we approach a very special event (I’m referring to Christmas rather than the general election or Brexit), we take a… Read more →
Bulletins
Welcome to our May 2019 edition of Pensions Compass. We are pleased to welcome Anna Giles to the team for a period of 6 months as part of her training… Read more →
Bulletins
Welcome to our May 2019 edition of Pensions Compass. We are pleased to welcome Anna Giles to the team for a period of 6 months as part of her training… Read more →
News
Debenhams is the latest high street retailer to hit the headlines with financial struggles potentially affecting its pension scheme. At the time of writing, a CVA (creditors’ voluntary arrangement) has… Read more →
Bulletins
We’re now at the end of the first quarter of 2019, and for many, at the end of the financial year. Brexit continues to rule the headlines and be a… Read more →
News
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 →
News
LifeSight is the first master trust to be authorised by TPR’s master trust authorisation and supervision regime which began on 1 October 2018 (see Alison’s article on the introduction of… Read more →
News
The Lifetime Allowance was introduced on 6 April 2016 and since then it has applied to the total of all the tax-free pension savings an individual has, including the value… Read more →
News
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 →
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 →
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 →
Bulletins
Auto-enrolment has been hugely successful at encouraging increased numbers of people to save towards their retirement. Part of the transitional arrangements which were integral to auto-enrolment were the stepped contribution… 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 →
Bulletins
We are now almost a month into 2019 and it has certainly been an eventful start to the year! Brexit continues to rule the headlines, and whilst Brexit will have… 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
Making changes to pension increases continues to be a popular option with sponsoring employers which, if effected in the proper manner, can provide significant cost savings. Indeed, many schemes continue… Read more →
News
In September 2018, the Court of Justice of the European Union (the “CJEU“) ruled that every occupational pension scheme member must receive at least half of their accrued old age… Read more →
News
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
News
Auto-enrolment has been hugely successful at encouraging increased numbers of people to save towards their retirement. Part of the transitional arrangements which were integral to auto-enrolment were the stepped contribution… 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 1 October 2018 legislation which regulates UK master trusts is due to come into force. From 1 October, in order to continue operating, a master trust will either: need… Read more →
News
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 →
Bulletins
A lot has happened since our last edition of Pensions Compass in July, including the hottest summer ever recorded in England! The pensions and employee benefits industry remains just as… 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 →
News
Summary New data and reports have suggested that local authority pension funds across the UK have invested over £9 billion in the international fracking industry. News about this has come… Read more →
News
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 →
News
Pensions Insurance Corporation has announced an £800m buyout of the new BHS pension scheme, BHS2, on 12 August. BHS2 members were approximately 9,000 BHS pension scheme members who did not… Read more →
News
Summary This determination involved Mr “N” who transferred his pension pot from the Police Pension Scheme (“PPS“) to the London Quantum Scheme (“LQS“) in 2014. (Note that LQS is not… 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
It’s been a scorching start to the summer, and we hope you’re all managing to make the most of the unprecedented weather! In the background the pensions industry has… Read more →
Bulletins
It has been estimated that in the region of £1bn of pension savings has been lost to scams (and $42m of this has gone missing since the pension freedom and… 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 →
Bulletins
Geoffrey Budd, Chairman of the trustee of the Dixons Carphone defined benefit pension scheme, was the recipient of a letter from Frank Field dated 1 June this year. The letter… 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
A recent investigation by TPR has found managers and directors at Workchain Ltd, a national recruitment company based in the Midlands, impersonating staff by opting them out of the auto-enrolment… 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 →
News
Wedlake Bell, is pleased to announce that Alison Hills (Pensions & Employee Benefits) and Jonathan Achampong (Residential Property) have been made up to Partners, effective from 1 April 2018, in… Read more →
Bulletins
Welcome to our March 2018 edition of the Pensions Compass. Spring is finally here and there are many exciting pensions issues bouncing around! On another exciting note, with effect from… 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
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
The High Court has ruled that Barclays’ pensions proposals will not hold up its ring-fencing plans, in a decision that considered widely relevant issues of restructuring defined benefit pension schemes… Read more →
Bulletins
In my last Pensions Compass article (17 January 2018) I wrote about the pensions issues surrounding a hostile bid made by Melrose, a turnaround company, in respect of the proposed… Read more →
Bulletins
Background Employers have faced the prospect of having to pay their statutory debt under section 75 of the Pensions Act 1995 when their last active member of a defined benefit… Read more →
Bulletins
Members of the HSBC (Midland Bank) Scheme, reportedly backed by Unite, have called on MPs to “lobby the government over the legal but “shameful” practice known as clawback.” Pension “clawback”,… Read more →
Bulletins
Summary Trustees are expected to take on greater responsibility, be more pro-active and take initiative on being a good trustee and fulfilling their fiduciary role, now more than ever. Alongside… 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
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
Final salary funding deficits are all around us and they cause headaches for a number of people, not least: pension scheme members who worry about the security of their retirement… Read more →
Bulletins
British Airways’ pension arrangements are in the news yet again. After much-publicised High Court proceedings over indexation of pension increases under the Airways Pension Scheme (essentially relating to the trustee’s… Read more →
Bulletins
As the legal adviser to many trustee boards and many employer bodies alike we see it as part of our job to help keep our clients away from complaints and… 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
According to a survey by Employee Benefits and Staffcare, 84% of employer respondents allow staff to contribute to their DC pension through a salary sacrifice arrangement. This represents an increase… Read more →
Bulletins
The High Court recently ruled on an application from British Airways challenging the actions of the pension scheme’s trustees regarding the payment of pension increases. Historically any attempt by the… Read more →
Bulletins
Background The Court of Appeal have recently overturned a judgement concerning a defined benefit pension scheme and how an underpin should operate in relation to increases to pensions in payment. … Read more →
Bulletins
The Pensions Regulator (“TPR”) has recently published a report in relation to the failure of Johnsons Shoes Company (“Johnsons”) to comply with its automatic enrolment obligations as an employer. Johnsons’… 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 →
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According to data provided in a Freedom of Information request to Salisbury House Wealth by the Pensions Regulator, 80,000 workers transferred out of their employer’s defined benefit (also known as… Read more →
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The High Court judgment in Dalriada Trustees Limited v Mcauley and others (18 January 2017) concerns trustees’ investment duties when making “liberation” investments. The judgment is a clear warning to… Read more →
Bulletins
The index used for the purposes of determining revaluation of deferred benefits and increases to pensions in payment is a topic which many trustee boards and employers alike are watching… Read more →
Bulletins
A partner of a law firm and his firm were recently ordered to pay more than £16,000 in fines and costs and a charity boss was fined £6,500 for refusing… 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 →
News
Wedlake Bell is pleased to announce that Kim Lalli has been elected as the firm’s Senior Partner. This will be for a four year term that begins on 1st January… 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
This case was brought by six high court judges but affected 210 judges at various levels within the judiciary. The claim was made against the Lord Chancellor and Secretary of… 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
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
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
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
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
In August 2016 the Regulator issued three £2,000 fines against an independent trustee company following their failure to produce a signed chair’s statement before the statutory deadline. Since 6 April… Read more →
Bulletins
Summary of the parliamentary inquiry Since our last update on the BHS saga, in the July 2016 edition of Pensions Compass, the parliamentary inquiry and public sessions run by the… Read more →
Bulletins
Welcome to the March 2016 edition of our pensions Bulletin. Happy Easter! Competitive edge There was quite a low (aka zero!) take-up for the competition we set in January’s Bulletin:… Read more →
Bulletins
The High Court has overturned a decision of the Pensions Ombudsman which supported Royal London’s decision not to transfer a member’s benefits to another pension arrangement due to pensions liberation… 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
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
Trustees have until midnight on 31 March 2016 to re-certify existing contingent assets and certify new contingent assets, but given the changes to this year’s guidance, can trustees be certain… Read more →
Bulletins
Sometimes it is not certain whether an objective in a contract can be achieved, for example obtaining planning permission or entering into a contract with a third party. Rather than… 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
The Pension Protection Fund’s “levy determination” for the 2016-17 levy year has now been published. A key feature is the PPF’s recognition of the importance of stability as regards amounts… Read more →
Bulletins
Problems with pension scheme documentation are sadly all-too-common these days. The precise meaning of decade-old provisions is one perennial headache for schemes and their trustees; blatant drafting errors, that give… 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
Welcome to the January 2016 edition of our Pensions Bulletin. Happy New Year! Team news You will undoubtedly be very pleased to hear that the 3 members of our team… Read more →
Bulletins
Since April 2015, HMRC has been firing on all cylinders to ensure that any overseas pension scheme claiming to be a Qualifying Recognised Overseas Pension Scheme (or “QROPS”) satisfies the… 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 →
Bulletins
We write to update you on the recent High Court decision in Singer & Friedlander v Corbett[1] which considered the circumstances in which a section 75 debt could be assigned and which… 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 →