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
Hogan Lovells pension group is delighted to send you our November e-newsletter.
Featured are points to note regarding PPF contingent assets, new regulations related to IORP II and GMP equalisation. ...more
11/26/2018
/ Defined Benefit Plans ,
Employee Benefits ,
Guaranteed Minimum Pension ,
Levy ,
Pension Protection Fund (PPF) ,
Pension Schemes ,
Pensions ,
Regulatory Agenda ,
Regulatory Oversight ,
Regulatory Requirements ,
UK
2019/20 is the second year of the Pension Protection Fund (PPF)'s third levy "triennium" under the new levy framework.
...more
In a landmark decision which will impact most defined benefit (DB) pension schemes in the UK, the High Court held on 26 October 2018 that pension schemes must equalise for the effect of guaranteed minimum pensions (GMPs)...more
In a landmark decision which will impact most defined benefit (DB) pension schemes, the High Court held on 26 October 2018 that pension schemes must equalise for the effect of guaranteed minimum pensions (GMPs) providing...more
Pension scammers are becoming ever more sophisticated in their methods of parting scheme members from their pension funds, learning how to stay (just) on the right side of the law and to avoid breaching requirements of...more
The new directive on occupational pension schemes (IORP II) must be implemented in national law by mid-January 2019. UK pension schemes are already subject to most of the requirements under existing UK legislation. However,...more
9/12/2018
/ Annual Reports ,
Cross-Border Transactions ,
Employee Benefits ,
Investment ,
Investment Products ,
Pension Schemes ,
Pensions ,
Public Disclosure ,
Reporting Requirements ,
Risk Management ,
Trustees ,
UK ,
UK Brexit
Pension issues in corporate transactions can be complex when a defined benefit (final salary) scheme is involved. Factors to consider include -
- risks of action by the Pensions Regulator;
- penal fines and criminal...more
6/18/2018
/ Acquisitions ,
Complex Corporate Transactions ,
Defined Benefit Plans ,
Dividends ,
Employee Benefits ,
Employee Rights ,
Mergers ,
Pensions ,
Regulatory Oversight ,
Regulatory Standards ,
Share Purchase Agreements ,
UK
The European General Data Protection Regulation (GDPR) will apply directly in the UK from 25 May 2018, and will make some fundamental changes to the current requirements surrounding data protection. Key areas of change...more
3/12/2018
/ Breach Notification Rule ,
Cybersecurity ,
Data Breach ,
Data Processors ,
Data Protection ,
Employee Benefits ,
EU ,
EU Data Protection Laws ,
General Data Protection Regulation (GDPR) ,
International Data Transfers ,
Pension Schemes ,
Personal Data ,
Personally Identifiable Information ,
Popular ,
Recordkeeping Requirements ,
Risk Management ,
Trustees