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Pensions & Employee Benefits
Pension matters have never been so challenging. Our Pensions & Employee Benefits team uses its detailed knowledge of pensions law to tackle issues around affordability, business survival, HR policy and retirement savings options.
Radical upheavals in the pensions industry – coupled with rapidly changing legislation and case law – present difficult choices for employers, trustees and scheme members.
That is why our legal advice is always constructive and pragmatic with a recognition that the decisions made today will have an impact on employers’ costs, scheme management and members’ lives for many years to come.
It has never been more important to offer our pensions clients dedicated expertise from a range of legal disciplines. We work in combination with the Finance team (on the establishment of security structures), the Insolvency & Restructuring team (on distressed employer restructurings and scheme entry to the Pension Protection Fund) and the Commercial Property and Intellectual Property teams (on alternative asset funding structures) as well as the Family team (on matrimonial pension issues).
When it comes to Employee Benefits, we advise a range of clients on how they can maximise their reward and retention policies in a tax efficient way – key to which is an understanding of our clients’ commercial objectives. We also have particular expertise in advising on the disguised remuneration framework and establishing Enterprise Management Incentive Plans.
- Advising a Scandinavian parent company on the Pension Regulator's powers and jurisdiction.
- Advising non-UK residents on the tax efficient transfer of their UK pension benefits to various jurisdictions.
- Advising a Channel Island trustee company on its international pension offering.
- Establishing Enterprise Management Incentive Plans for a number of SMEs.
- Advising a Guernsey based trustee company on the disguised remuneration regime and its historic EBT arrangements.
- Advising a Swedish parent company on its UK share incentive arrangements.
Pensions – What savings can you make and what can you reclaim in respect of furloughed employees?
Employers and employees alike are facing extreme financial difficulties. Whilst cutting pension provision is not necessarily a wise step long-term, making temporary changes to your pension provision can have a… Read more →
Coronavirus – How can our People Services team help your business with the challenges it is facing?
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 →
Pensions Compass February 2020
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 →
Contingent Asset Recertification Deadline Looms
Contingent assets can be of fantastic benefit to trustees and employers involved with defined benefit occupational pension schemes, particularly when cash is tight and employers wish to avoid the risk… Read more →
Winning the Pensions Endgame
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 →
DB Schemes Abolition of LIBOR and (possibly) RPI
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 →
THE END OF LIBOR: A CALL TO ACTION!
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 →
Double Trouble for BT
BT v HM Treasury (“HMT”) The Court of Appeal has published its judgment in relation to the judicial review proceedings brought by BT against HMT. It is the second set… Read more →
Pensions Ready Reckoner – October 2019
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 →
Pensions Compass – January 2019
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 →
GKN and Melrose… the battle continues
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 →
The New Debt Regulations – Is the ability to defer section 75 debts as good as it sounds?
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 →
Streamlining how disputes are dealt with
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 →
British Airways Pension Scheme Trustees are Flying High!
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 →
Brexit – Implications for pension schemes
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 →
Duties of Attorneys under a Lasting Power of Attorney (‘LPA’) for Financial Affairs
1. When does an Attorney’s authority begin? An LPA cannot be used until it has been registered with the Office of the Public Guardian (‘OPG’). If the LPA contains a… Read more →
New PPF requirements will cause trustees a real(isable) headache
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 →
A very responsive team that provides practical advice'
— Legal 500, 2020
'Justin McGilloway provides pragmatic, timely advice, is very proactive and nice to deal with'
— Legal 500, 2020
'Justin McGilloway, Clive Weber and new partner Alison Hills are all very sound and pleasant to work with'
— Legal 500, 2020
"The ‘very good’ team at Wedlake Bell LLP ‘always gives clients proactive information about legislative changes’, and provides ‘very practical advice’."
— Legal 500, 2017
"The team is led by the ‘very responsive’ Justin McGilloway, who has been advising the trustees of the Steamship Insurance Management Services Pension Scheme on various regulatory matters. McGilloway also acted for the trustees of the Telereal Pension Plan regarding scheme funding and closure to future accrual during a complex valuation process."
— Legal 500, 2017
"Clive Weber acted for the trustees of the Buhler Pension Scheme on the sale of the employer to another company."
— Legal 500, 2017