Tag archives: occupational pension schemes

UK Pensions: Are you sure you’re not a Professional Trustee?

If you are a pension scheme trustee, there is a risk that you might be considered a professional trustee without realising, and be subject to new standards for professional trustees that were published earlier this year. A new system of accreditation for professional trustees is also being introduced.

Am I a professional trustee?

A professional trustee is defined by the Regulator as “any person, whether or not incorporated, who acts as a trustee of the scheme in the course of the business of being a trustee.” The Regulator would not normally consider a remunerated trustee to meet this … Continue Reading

UK Pensions Regulator: a new rule-making ability?

On 16 May 2019, the Department for Work and Pensions (DWP) published a periodic, government-conducted review which examines the continuing need, efficiency and good governance of the Pensions Regulator (TPR). This tailored review was conducted between August and November 2018 and led by Jamey Johnson, the former Chief Officer for Pension Wise (which is now part of the Money and Pensions Service).

One of the review’s principal conclusions is that TPR’s current form remains the most appropriate for its functions, and rejects the idea of merger with the Financial Conduct Authority (FCA). As the two bodies regulate markets with … Continue Reading

BIC UK Ltd v Burgess [2019] – employer appeal successful: retrospective amendment re-wrote history to an impermissible extent

BIC UK Ltd v Burgess [2019] – employer appeal successful: retrospective amendment re-wrote history to an impermissible extent

The Court of Appeal (CA) has unanimously ruled that a retrospective amendment to the deed and rules of the BIC UK Pension Scheme (the Scheme) was invalid.

Last year, the High Court had ruled that whilst the relevant deed of amendment had involved “an element of re-writing history” it did “not involve doing so impermissibly”. The CA disagreed and said that “…the past cannot be rewound and replaced with a different version of history Continue Reading

Key employment law developments expected in 2017

A significant amount of new employment legislation is expected or is already in place for 2017. Key changes will be in the hiring of temporary workers through an agency (referred to as “personnel leasing” in Germany), employee protection and equal treatment.

Reform of laws regarding personnel leasing

One of the main developments in 2017 will be the long expected reform of the German Act on Temporary Employment (Arbeitnehmerüberlassungsgesetz – AÜG), as well as other related laws, with effect from 01 April 2017. Aiming to reinforce the rights of temporary workers during personnel leasing and in particular to prevent … Continue Reading

Company pensions need to be adjusted to inflation

Under German law, employers are obliged to check regularly (at least every three years) whether benefit payments from company pensions ought to be adjusted for inflation. In their check they may consider the company’s economic situation. Employers are not obliged to increase pension payments if they believe (and such belief is reasonable with a sufficient degree of probability) that they will not be able to meet the inflation adjustment from the company earnings in the following three years.

In a recent case the claimant had been working for Dresdner Bank for many years and was receiving a company pension. In … Continue Reading

Pension reforms in the Netherlands

If you are an employer currently offering your Dutch employees participation in a pension arrangement, then the below is a “must read”. In the Netherlands a legislative proposal is pending which may have an impact on the pension arrangements within your company.

As of 1 January 2015 the following changes may come into force:

For all employees

  • Yearly accrual percentages are decreased
  • This means that the annual amount which your employees may  save for their old age pensions is reduced
  • Pension premiums will decrease

As premiums are generally paid by both employers and employees, it is up to you as … Continue Reading

Occupational pension schemes in Germany

Occupational pension schemes are becoming more and more popular as trust in the governmental pension scheme fades. Therefore, occupational pension schemes are an attractive benefit which companies can offer to employees in the ever stronger competition for a qualified work force. Besides, due to mandatory regulations entitling employees to demand employee funded occupational pension schemes, it is nearly impossible for any employer in Germany to avoid this issue. 

As the German occupational pension system is very complex and differs hugely from both the English and American systems, the following background information should be considered in setting up an occupational pension … Continue Reading

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