Welcome to Hogan Lovells UK pension team's October 2022 newsletter. The past fortnight has demonstrated how pension schemes can be significantly impacted by unexpected turmoil in financial markets. ...more
Welcome to Hogan Lovells UK pension team’s July 2022 newsletter. An unusual case in the Employment Tribunal has raised the potential for claims for age discrimination in respect of service before 1 December 2006 (when age...more
Welcome to Hogan Lovells UK pension team’s April 2022 newsletter, covering highlights from the previous month. Contents GMP equalisation update Encouraging DC schemes to invest in illiquid assets Notifiable events update ...more
Pension scheme (and other) trustees must register certain trusts with HMRC by 1 September 2022, following the implementation in the UK of the Fifth Money Laundering Directive (5MLD). While the new requirements do not apply to...more
Welcome to Hogan Lovells pensions UK team's March 2022 newsletter, covering highlights from the previous month. Contents Our recent pensions and ESG webinar Ukraine: Pensions Regulator guidance Pension dashboards: action...more
A requirement to tell the Pensions Regulator (tPR) about certain events (“notifiable events”) has long been part of tPR’s armoury in its ongoing campaign to strengthen funding of defined benefit (DB) pension schemes....more
The Act introduces two new offences – conduct risking accrued DB benefits and avoidance of employer debt, as explained below. Each offence is punishable by up to seven years' imprisonment and / or an unlimited fine. There are...more
The passage of the Pension Schemes Act 2021 (the Act) into the statute books has received press coverage far beyond the usual pension industry commentary. New criminal offences and civil penalties, plus increased powers for...more
8/17/2021
/ Criminal Liability ,
Defined Benefit Plans ,
Employee Benefits ,
Employer Liability Issues ,
Failure to Comply ,
Fines ,
Pension Schemes ,
Pensions ,
Retirement Plan ,
The Pensions Regulator (TPR) ,
UK
After the Carillion and BHS debacles, the Pensions Regulator (tPR) announced it was going to be “clearer, quicker and tougher”. The new Pension Schemes Act 2021 (the Act), which received Royal Assent on 11 February 2021,...more
8/17/2021
/ Criminal Liability ,
Defined Benefit Plans ,
Employee Benefits ,
Employer Liability Issues ,
Failure to Comply ,
Fines ,
Pension Schemes ,
Pensions ,
Retirement Plan ,
The Pensions Regulator (TPR) ,
UK
After the Carillion and BHS debacles, the Pensions Regulator (tPR) announced it was going to be "clearer, quicker and tougher". The new Pension Schemes Act 2021 (the Act), which received Royal Assent on 11 February 2021,...more
HM Treasury and HMRC are consulting on the implementation of the increase to normal minimum pension age (NMPA) from 55 to 57 from 2028. The consultation chiefly addresses how individuals with a right to early retirement...more
A further judgment from the High Court has clarified what pension schemes must do in relation to previous transfers out after 17 May 1990 (the date of the Barber decision) where the transferring member had a right to a...more
Significant changes are taking place to certain inter-bank offered rates (IBORs) commonly used as interest rates in derivatives and other financial contracts. In the UK, LIBOR (the London inter-bank offered rate) is expected...more
The DWP is consulting on measures to ensure that trustees of large occupational pension schemes focus on the impact of climate change on their investments and (for defined benefit schemes) the employer covenant.
The...more
Pension scheme investment and governance have been occupying policymakers and regulators both in the UK and in Europe. Pension trustees are faced with a challenging array of new requirements, recommendations, statements of...more
The Pensions Regulator has issued guidance for supervising the commercial consolidation of defined benefit (DB) pension schemes into Superfunds. ...more
The government's Coronavirus Job Retention Scheme (CJRS) has thrown a lifeline to many employers and to their employees who might otherwise have lost their jobs in the current Covid-19 crisis. For employers taking advantage...more
The Pensions Regulator has published guidance on how it expects pension contributions to be paid during the current pandemic and, in particular, in respect of employees on furloughed leave.
...more
The COVID19 crisis has changed the landscape for pension scheme trustees.
This note discusses the potential impacts and actions trustees should consider taking in relation to the following areas.
...more
3/30/2020
/ Coronavirus/COVID-19 ,
Death Benefits ,
Employee Benefits ,
General Data Protection Regulation (GDPR) ,
Governance Standards ,
Investment ,
Pension Protection Fund (PPF) ,
Pension Schemes ,
Pensions ,
Retirement Plan ,
Trustees ,
UK
The Pension Protection Fund (PPF) has issued a helpful statement concerning the practicalities of certifying contingent assets in the current, highly-unusual, circumstances....more
The Pension Protection Fund (PPF) has today issued a helpful statement concerning the practicalities of certifying contingent assets in the current, highly-unusual, circumstances....more
As expected, following the general election the new government has reintroduced the Pension Schemes Bill and is taking forward changes consulted on in 2018. The Bill will significantly increase the Pension Regulator's powers...more
2/19/2020
/ Criminal Liability ,
Defined Benefit Plans ,
Employee Benefits ,
Failure to Comply ,
Fines ,
Legislative Agendas ,
Penalties ,
Pension Schemes ,
Pensions ,
Retirement Plan ,
The Pensions Regulator (TPR) ,
Trustees ,
UK
After the Carillion and BHS debacles, the Pensions Regulator (tPR) announced it was going to be "clearer, quicker and tougher". The new Pension Schemes Bill (the Bill) currently going through Parliament will give tPR...more
2/19/2020
/ Criminal Liability ,
Defined Benefit Plans ,
Employee Benefits ,
Employer Liability Issues ,
Failure to Comply ,
Fines ,
Pension Schemes ,
Pensions ,
Retirement Plan ,
The Pensions Regulator (TPR) ,
UK
After the BHS debacle, the Pensions Regulator (TPR) announced it was adopting a "clearer, quicker and tougher approach". But what does that mean in practice for the sponsors of UK defined benefit (DB) schemes?
...more
- Most defined benefit (DB) pension schemes in the UK are affected by the High Court decision in October last year that schemes must equalise for the unequal effect of guaranteed minimum pensions (GMPs) on men and women.
-...more