What can we expect from the next Pensions Bill?

Although making any kind of political prediction at present is a fool's errand, it seems to be a question of when, rather than if, we get the next Pensions Bill. The indications are that a Bill will be included in the next Queen's speech. It now appears that this will take place "at the end of May". However, with the timing of her departure still unknown, your bet is as good as mine as to when the Bill will actually emerge.But, what can we expect when it is finally introduced? Read more

GMP conversion – a silver bullet?

Just before Easter, the DWP published its long-awaited guidance on GMP conversion. Since the High Court confirmed the need for schemes to equalise pensions for the effect of GMPs in the Lloyds Bank case in October last year, GMP conversion has been seen by many as the solution likely to be preferred by most schemes. … Read more

GMP equalisation – Beware the forfeit!

One of the more surprising elements of the decision in the recent Lloyds Bank case is that the judge, Justice Morgan, held that the payment of arrears that become due when a scheme implements GMP equalisation are not subject to a statutory limitation period on the basis that the claim is a claim for recovery … Read more

Regulator’s annual funding statement raises the funding bar

The Pensions Regulator has published its 2019 annual funding statement for defined benefit (DB) schemes. The statement: reflects the Regulator’s tougher approach confirms the Regulator’s focus on reducing the length of deficit recovery plans and requiring schemes to set a long term funding target, and makes clear the Regulator’s intention to police the payment of … Read more

Should the Ombudsman act as a mediator?

This is one of the questions posed by the DWP in its consultation on the Pensions Ombudsman's dispute resolution powers and jurisdiction issued just before Christmas. The consultation lacks detail on what is meant by mediation, simply suggesting that provision should be made for an Early Resolution Service and to allow the Pensions Ombudsman to ‘mediate’ and ‘resolve’ complaints and disputes before a determination.It is important that this consultation is taking place now, because the role of the Pensions Ombudsman's service is evolving. Read more

Global M&A report 2019

Our latest Global M&A report looks at the themes that we expect to see in M&A transactions in 2019. In 2018, global M&A volumes reached their highest point since the financial crisis. Despite a noted slowdown in pace during Q4, deal activity recorded near peak levels in many markets – a positive and unanticipated result … Read more