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There is never a dull year in pensions and 2021 has been no exception. Looking ahead, there are several notable cases to look out for next year including the RPI judicial review and the novel legal challenge against the trustee directors of the Universities Superannuation Scheme (USS). There are also a number of evolving risks … Read more
In a recent judgment, the High Court ordered the rectification of the pension increase rule contained in 3 successive sets of rules of the Mitchells & Butlers Pension Plan. Mitchells & Butlers Pensions Limited, the sole corporate trustee of the Plan, brought the claim on behalf of members who stood to lose out as a … Read more
In this latest podcast in our Pension Schemes Act 2021 Soundbite series, Senior Associate, Philip Lis from our restructuring and insolvency team, joins Professional Support Consultant, Tim Smith, to discuss the impact the new pensions criminal offences and regulatory sanctions are likely to have on corporate restructuring and insolvencies where a company or group has … Read more
As part of the UK Government’s aim to encourage UK defined contribution (DC) pension funds to invest more in infrastructure and other illiquid assets, the Department for Work and Pensions (DWP) has published a new consultation on Enabling Investment in Productive Finance. The proposals also reflect the Government’s commitment to shift the focus of DC … Read more
Since 1 October 2021, directors, lenders, investors and advisers (including insolvency practitioners in some contexts) face the spectre of criminal prosecution and regulatory sanctions if they take action which is deemed to be materially detrimental to a defined benefit (DB) pension scheme without a reasonable excuse. The offences and sanctions are broadly drafted and despite … Read more
Trustees of occupational pension schemes mainly administered in the UK (with limited exceptions) have until 7 January 2022 to submit their annual compliance statement together with a signed certificate to the Competition and Markets Authority (CMA), confirming that they have complied with the requirements of the Investment Consultancy and Fiduciary Management Market Investigation Order 2019 … Read more
The new statutory transfer conditions, which are designed to help identify and prevent potential pension scams, come into force today. Trustees, pension providers and administrators have faced a race against time to implement the changes needed to comply with the final regulations which were only laid before Parliament on 8 November 2021. They are also … Read more
As we enter dividend season Pensions Partner, Rachel Pinto, joins Professional Support Consultant, Tim Smith, to discuss how directors should approach decisions over the payment of dividends in light the Pensions Regulators extended powers which came into force on 1 October 2021. In particular, Rachel shares her views on: • what directors need to be … Read more
The Government has laid final regulations which will introduce new transfer conditions from 30 November 2021, one of which must be satisfied before a pension scheme can make a statutory transfer on behalf of a member. Trustees, providers and administrators must ensure they are ready by the end of this month to carry out the … Read more
