Katherine Carter

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The High Court has held that directors of the sponsoring employer of two pension schemes did not, as trustees of those schemes, owe any fiduciary duties to the employer. H and W were directors of a company and were trustees of the company’s main and executive pension schemes (the schemes). After H and W left the company, it issued proceedings against them, arguing that H and W had breached the directors’ duties that they owed…
Defined benefit (DB) pension schemes promise their members a pension for life. However, while one member may live to age 75, another might live to age 95. When working out how much money a DB scheme needs to fund the benefits it has promised members, trustees (or rather their actuarial advisers) therefore have to make an assumption about how long, on average, members will live – a longevity assumption. If that longevity assumption proves to…
On 6 April, the quality requirements that pension schemes being used for automatic enrolment (“qualifying schemes”) must meet are changing. DC schemes – what’s changing? At present, for a DC scheme to be a qualifying scheme: The employer must make a contribution of at least 2% of the worker’s qualifying earnings. The total contributions paid by the employer and the worker must be at least 5% of the worker’s qualifying earnings. From 6 April, the…
In his latest podcast, Richard Goldstein looks at some legal developments and deadlines in the pensions industry that will occur, or are expected to occur, during the course of 2019. You can access the podcast here. Listen to or subscribe to our UK Pensions Law podcast series via iTunes here. Please note that subscribing using this link will only work on a device with iTunes installed. Alternatively, if you don’t have iTunes, you…
Employers and trustees who use a guarantee or charge to reduce their pension scheme’s Pension Protection Fund (PPF) levy may need to re-execute that guarantee/charge in order for it to be taken into account in calculating the scheme’s 2019/20 PPF levy. The PPF provides protection for members of DB pension schemes whose sponsoring employer becomes insolvent. It is funded in part by an annual levy payable by DB pension schemes.…