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We are delighted to announce that our award winning HR legal portal “Global Edge” now contains a new special feature on UK pensions law. Global Edge gives instant access (via mobile device or desktop) to a vast array of employment law topics and the latest legal developments in 37 countries plus the EU. If, for example, you want to know what your employment law obligations would be when purchasing a company that operates in Spain,…
It was inevitable that at some point the Pension Protection Fund standard guarantee would be put to the test in the courts. That’s exactly what happened when a guarantee in favour of the Caribonum Pension Scheme was triggered by sponsor insolvency. Although not a surprising outcome, trustees of pension schemes which have Type A PPF guarantees in place can now sleep easier in the light of the court’s ruling granting summary judgment to the Scheme,…
It’s that time of year again: the weather is wintry, despite it being nearly Spring; the New Year TV dramas have finished with nothing to replace them; and we are into the final few days of implementing Pension Protection Fund (PPF) levy saving measures. Are you on track to meet the PPF’s deadlines? Trustees that have the benefit of a contingent asset guarantee should check with their actuarial advisers whether the levy saving could generate £100,000…
UK Prime Minister, Theresa May, has indicated that the Article 50 exit negotiation will be triggered by the end of March 2017. Absent the unanimous agreement of all other 27 EU member states, the UK will automatically cease to be in the EU and subject to its rules and regulations two years after the notice is given. In the meantime, the EU’s new General Data Protection Regulation (GDPR) will come into force across the EU…
The UK Companies Act 2006 currently allows companies to appoint a corporate director as long as at least one of the directors is an individual. As most professional trusteeship providers operate as companies, the law effectively allows them to be appointed as a corporate director of the corporate trustee of a pension plan. However, the Small Business, Enterprise and Employment Act 2015 is set to change that (part of UK’s response to G20 commitments to increase corporate transparency…
The latest iteration of the Sun Capital litigation has confirmed once again what many restructuring professionals have known for a long time – that pension liabilities have a nasty habit of kicking investors where it hurts, often when least expected. Our recent blog explains the decision and provides some insights on the case. One of those insights is that the case provides a “road map” for joint investors that want to isolate withdrawal liability in…
From April 2016 companies and limited liability partnerships (“LLPs”) (except for publicly traded companies) will be required to create and maintain a register of persons with “significant control” over the company (“PSC Register”) and in due course send that information to Companies House where it will be publically searchable. What’s the purpose of the new regulations? The introduction of the statutory PSC Register (together with other measures) manifest the government’s G8 focus on corporate transparency.…
What would be the effect of a Brexit on the UK pensions sector? The short answer is nobody really knows. Nobody can know, in fact, until the two-year exit negotiations have been concluded and, even then, one suspects that the nitty gritty detail will take years to work out thereafter. Let’s begin with what a Brexit can’t change in the UK pensions context. Trust law, contracting-out (although that’s about to end), indexation, preservation, pensions taxation,…
What would be the effect of a Brexit on the UK pensions sector? The short answer is nobody really knows. Nobody can know, in fact, until the two-year exit negotiations have been concluded and, even then, one suspects that the nitty gritty detail will take years to work out thereafter. To see an article posted earlier on our Compensation and Benefits Global Insights Blog.…
For those UK pension trustee boards out there who are incorporated (i.e. as a trustee company), from 6 April 2016 there will be a new requirement to keep a register of your “persons with significant control” (PSC).  In addition, from 30 June 2016 this information will need to be delivered to Companies House where it will be made publicly available.  Key details about the new requirements and what constitutes a PSC are set out in…