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Pensions update: major Virgin Media development
The Government has announced that it will introduce a legislative 'fix' to give pension schemes the ability to retrospectively obtain written actuarial confirmation that historic benefit changes met the necessary standards.
GMP equalisation – clarification on requirements for past transfers out
The long-awaited conclusion to the guaranteed minimum pensions equalisation litigation, concerning the Lloyds Banking Group’s defined benefit scheme, was handed down on Friday, 20 November 2020.
Pension fund management services provided to defined benefit schemes not exempt from VAT
The Court of Justice of the European Union (CJEU) has put an end to any suggestion that pension fund management services provided to occupational pension schemes are VAT exempt on the basis of an insurance exemption.
GMP equalisation and approaches
A question frequently kicked into the long grass by the pensions industry was whether guaranteed minimum pensions had to be equalised between male and female members. If so, how?
Media coverage: Under The Pensions Regulator's microscope
With the financial system in flux and pension schemes' funding under the spotlight, many trustees and businesses will find themselves engaging ever more with The Pensions Regulator (TPR). Chris Edwards-Earl and Stephen Richards offer some tips for those finding themselves under TPR's microscope.
Click here to view. The article is behind a paywall.
Court of Appeal judgment closes the door on retrospective closure of the Barber window (except in very limited circumstances)
The Court of Appeal has handed down its judgment in the case of Safeway v Newton which confirms that the introduction of section 62 of the Pensions Act 1995 was sufficient to close the Barber window of the Safeway Pension Scheme retrospectively with effect from 1 January 1996.
New fears for the position of pension schemes on a corporate insolvency
The Corporate Insolvency and Governance Bill (the "Bill") was published on 20 May 2020. The Bill introduces a new type of ‘moratorium’ whereby eligible companies can take 40 days to restructure without the threat of enforcement action from creditors.
Landmark Supreme Court decision on pension scheme trustee ESG investing
Case: R (on the application of Palestine Solidarity Campaign Limited and another) v Secretary of State for Housing, Communities and Local Government - Supreme Court
COVID-19 - Pensions
The COVID-19 pandemic has presented pension scheme trustees with some unprecedented financial, legal and practical risks.
In this pensions update we:
- summarise the guidance recently provided by the Pensions Regulator (TPR) on those risks; and
- suggest actions that trustees could take in order to manage those risks.
We also briefly consider the principles which TPR suggests trustees should keep in mind when considering a sponsor request to defer the payment of deficit repair contributions (DRCs) to the scheme.
The journey to buy-out
For many defined benefit schemes, the end-game strategy culminates in the trustees buying out the members’ benefits sin full with an insurer. We have helped trustees and sponsoring employers take the first steps on the journey to buy-out by preparing a due diligence report. This sets out an overview of the issues which need to be considered when deciding whether and how to buy-out benefits.
Important TPR update for Trustees including the flexibility to reduce or suspend deficit repair contributions (DRCs) for three months
Trustees may decide to reduce or suspend deficit repair contributions (DRCs) for three months
Managing the COVID-19 risks: Guidance from the Pensions Regulator and actions for pension scheme trustees
In this pensions update we summarise the guidance recently provided by the Pensions Regulator (TPR) on those risks; and suggest actions that trustees could take in order to manage those risks.
Data protection and GDPR
Conducting your pension scheme's annual data protection review.
Could PPF levies be on the rise?
The Pension Protection Fund (PPF) has recently had to re-think the level of benefits it provides members following the Court of Justice of the European Union (CJEU) decision of Hampshire.
The Pension Schemes Bill – new powers for the Pensions Regulator
The Pension Schemes Bill proposes changes to a number of areas of pensions law. This briefing takes a look at some of the key points that sponsors and trustees should be aware of if the Bill becomes law.