Julia Chirnside

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UK Pensions: Use of reasonable [en]force[ment] – unnerving for those on the receiving end?

Global Workplace InsiderBy Julia Chirnside on Posted in General, UK
Speaking to banking colleagues recently about what the Pensions Regulator’s stronger powers mean for them reminded me just how much turns on the Regulator’s view of what is reasonable. There has been a great deal of discussion about the wide range of circumstances in which the Regulator could use its various powers (what the Regulator … Continue reading

UK Pensions: Maximising your chances of recovering accidental overpayments: the state of play

Global Workplace InsiderBy Julia Chirnside on Posted in UK
2021 saw a number of Pensions Ombudsman decisions on reclaiming overpaid benefits.  The direction of travel was decidedly member-friendly.  I’m left wondering what schemes can do to improve the odds of being able to recover excess payments. What can stop a scheme from reclaiming overpayments? If benefits are overpaid, the starting point is that trustees … Continue reading

UK Pensions: Transfer processes – urgent action required before November 30, 2021, deadline

Global Workplace InsiderBy Julia Chirnside on Posted in UK
The DWP has now finalised its new rules about statutory pensions transfers. The new rules place statutory obligations on trustees to examine most transfers in greater detail and give trustees significantly greater scope to say no to a member request to transfer their pension to another pension scheme.  This is if they decide that certain … Continue reading

UK Pensions: SIPs for small schemes: law-making through the back door?

Global Workplace InsiderBy Julia Chirnside on Posted in UK
Last week’s interim consultation response from the Pensions Regulator addressed a common concern about the “Funding and Investment” section of the draft single Code of Practice: it confirmed that it would drop its proposal for a 20% cap on unregulated investments. This is a point that we are aware had been troubling some larger pension … Continue reading

UK Pensions: What’s TPR’s policy on policies?

Global Workplace InsiderBy Julia Chirnside on Posted in UK
One thing that jumps out at you the more you read the Pensions Regulator’s draft single Code of Practice is that trustees are expected to have a LOT of policies. We can see the logic: to have an effective system of governance, proper processes need to be in place and trustees will need to think … Continue reading

UK Pensions: Don’t ‘do’ pensions? Think again…

Photo of Claire O'DonnellBy Claire O'Donnell and Julia Chirnside on Posted in UK
The Pensions Regulator has had a busy lockdown. While some details of its new enforcement powers under the Pension Schemes Act 2021 remain to be finalised, the need to consider the implications of those changes when conducting a wide spectrum of corporate transactions is clear. Merger and acquisition dealmakers, board members and others should be … Continue reading

UK Pensions: Data transfers from the EU likely to continue uninterrupted

Global Workplace InsiderBy Julia Chirnside and Janine Regan on Posted in UK
We’re pleased to report what looks like some good news for pension schemes on data protection. The European Commission has published a draft decision as to the “adequacy” of the UK’s data protection laws. If the draft decision is formally approved by EU Member States, this would allow personal data to flow from the EU … Continue reading

UK: The end of the Brexit implementation period – implications for pensions

Global Workplace InsiderBy Julia Chirnside on Posted in UK
At 11pm on December 31, 2020, the Brexit implementation period ended and the last-minute trade deal agreed by UK and EU negotiators took effect through the EU-UK Trade and Cooperation Agreement (TCA).  What does this mean for UK pensions and what steps should employers and trustees be taking? What is the impact on UK pensions … Continue reading
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