Tag archives: pensions

UK Pensions: Pension scams and amber flags: is the future orange?

By Sabrina English on September 17, 2021 Posted in UK

In recent years, many defined benefit (DB) pension scheme members have taken advantage of the ability to transfer their DB pension pots out of their schemes, to be able to access their money in different and more flexible ways. In practice, this often means a transfer to a self-invested personal pension (SIPP). However, the industry … Continue reading

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

By Julia Chirnside on September 1, 2021 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?

By Julia Chirnside on July 7, 2021 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…

By Claire O'Donnell and Julia Chirnside on June 25, 2021 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

By Julia Chirnside and Janine Regan on March 9, 2021 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

By Julia Chirnside on January 13, 2021 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

UK Pensions: Pensions Regulator calls on trustees to pledge to stop scammers

By Sabrina English on November 16, 2020 Posted in UK

Last week, the Pensions Regulator (TPR) launched a new initiative that asks pension scheme trustees, administrators, advisers and providers to publicly pledge that they are taking appropriate action to protect their scheme members from scammers. The pledge is aimed to encourage better understanding of the warning signs of a scam, and to improve internal processes … Continue reading

Talking Turkey – Salvation for Investors from UK Defined Benefit Schemes?

By Lesley Browning on August 3, 2020 Posted in UK

The UK Pensions Regulator has offered some comfort to investors and funds which may have been deterred from investing in UK companies with historic defined benefit liabilities. It is unusual, as a matter of English law, for the corporate veil to be capable of being pierced – normally the liability incurred by one group company … Continue reading

UK Pensions: DB Funding Statement 2020: NRF survey gives the Pensions Regulator a thumbs-up

By Lesley Harrold on May 29, 2020 Posted in UK

DB Funding Statement 2020: NRF survey gives the Pensions Regulator a thumbs-up Sophy Lelliott, a trainee in our pensions team writes: the UK Pensions Regulator published its annual funding statement later than usual on 30 April 2020. The Statement is aimed at trustees and sponsoring employers of defined benefit (DB) schemes with valuation dates between … Continue reading

UK Pensions – Covid-19: top tips for virtual trustee meetings

By Lesley Harrold on April 27, 2020 Posted in Coronavirus, UK

The current situation is constantly evolving and here we look at some useful pointers for pension scheme trustees to enable the smooth running of their virtual meetings. Do the scheme’s rules allow virtual meetings? With face-to-face meetings being impossible, governing provisions on virtual meetings need checking. Do your scheme rules, and the articles of association … Continue reading

UK Pensions – is the current annual allowance limit unfair and unworkable?

By Lesley Harrold and Lesley Browning on August 13, 2019 Posted in UK

UK Pensions – is the current annual allowance limit unfair and unworkable? The Revenue has been forced, finally, to face up to the fact that the annual allowance changes in relation to pensions contributions which attract tax relief, and which were brought into force in April 2016, are unfair and unworkable. The Treasury announced on … Continue reading

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

By Sabrina English and Lesley Harrold on June 6, 2019 Posted in Europe, UK

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 … Continue reading

UK pensions: Does an employer have a duty to advise a dying employee on the implications of taking ill-health benefits early?

By Lesley Harrold on May 8, 2019 Posted in Europe, General, UK

The smooth operation of a pension scheme depends on an efficient flow of information between the employer and the member. Frequently, the Pensions Ombudsman is asked to consider scheme trustees’ and employers’ duties on providing benefit information to members. Where the law is silent, this can be a tricky area to navigate and considerable uncertainty … Continue reading

Bilanzsteuerrechtliche Risiken bei älteren Betriebsrentensystemen

By Claudia Posluschny and Frank Weberndörfer on November 9, 2017 Posted in Europe, Germany

Ältere Versorgungsordnungen nehmen hinsichtlich des Anspruchsbeginns häufig nicht ausdrücklich auf die aktuelle gesetzliche Regelaltersgrenze Bezug, sondern verweisen nach wie vor auf die starre Altersgrenze von 65 Jahren. Gleichwohl erbringen die meisten Unternehmen in der Praxis erst ab dem gesetzlichen Regelrentenalter Versorgungsleistungen und bilden auch ihre Rückstellungen entsprechend. Fallen folglich Schriftform und Rückstellungen auseinander, so kann … Continue reading

Limited Liability Partnerships members’status as workers

By Amanda Sanders (UK) on May 29, 2014 Posted in Europe, General, UK, Whistleblowing

This post was co-written by Lesley Harrold, Senior Knowledge Lawyer (Pensions), Norton Rose Fulbright LLP (London) Employment Status Since its introduction in 2000 the limited liability partnership (“LLP”) has become a popular corporate vehicle for professional services providers in the UK, especially legal and accountancy firms, many of which have converted from traditional partnerships to … Continue reading