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The writing may not always be on the wall in terms of validating scheme amendments where historic documentation is scarce and in terms of recovering overpayments to pensions. An interesting case involving the BIC UK Pension Scheme (yes, “BIC” as in the pen that you may be holding) highlights a new way forward for trustees struggling with limitation periods and gives further hope to schemes wanting to rely on employer agreement to changes that took…
You never know who is listening! Back in April last year we told the tale of the “granny turned wolf” as the Pensions Regulator (TPR) began to bare its teeth and prosecute those who had failed to comply with notices issued under s72 Pensions Act 2004 requiring information/documentation to be provided to it to assist in the exercise of its regulatory functions. In this blog we examine the disclosure of restricted information under s82…
“All the better to eat you with, my dear.” And so our precautionary tale begins. Chapter 1 – Lost in the woods Once upon a time the Pensions Act 2004 (the Act) was introduced and it gave a variety of enforcement powers to the newly formed Pensions Regulator (TPR). For a time at least, employers and trustees alike were wary of the stick attached to non-compliance, wondering how and when TPR would strike. As the…
In February this year, Squire colleagues Paul Muscutt and Helen Kavanagh wrote about the Carrington Wire Defined Benefit Pension Scheme, where  the UK Pensions Regulator accepted a payment of £8.5m to settle warning notices of £17.7m issued to Russian companies that had guaranteed sums due from Carrington Wire to the Scheme (“the Guarantee”). For the previous blog and background to the Carrington Wire case please click on the link here. The Regulator had also issued a warning notice to Richard Williams, the…