The Court of Appeal has today (25 July 2024) dismissed the employer’s appeal against a High Court decision last year that historic amendments to members’ contracted-out rights were void. This increased the value of accrued...more
Recovering overpayments of benefits is a challenge often faced by pension trustees. Pension scheme benefits are complex and it is no surprise that mistakes can arise and lead to members being paid more than they are entitled...more
The Court of Appeal last week heard appeals by the sponsoring employers in two important pension cases. In both cases the employers had wished to amend (or to explore amending) the scheme rules to reduce the cost of future...more
Legislation in a hurry... Pensions tax is never simple, and the legislation abolishing the lifetime allowance (LTA) on 6 April 2024 (“L-Day”) bears this out. Regulations issued mid-March correct some, but by no means all, of...more
The government has ambitious plans for the future of defined benefit (DB) pension schemes, many of which, it is hoped, will help the UK economy through increased investment in productive finance. In particular, the...more
The Autumn Statement confirmed that the lifetime allowance (LTA) will be abolished from 6 April 2024 (“L-Day”). The legislation to achieve this is contained in the Finance Bill, issued on 29 November, of which a whopping 100...more
The government is keen to see continued reduction in the number of DC trust-based occupational pension schemes, believing that a smaller number of large, well-run schemes will result in better outcomes for members while...more
On 28 November 2023, we held our recent developments in pensions seminar covering legal updates from the pensions industry from the recent months.
Topics members of our team covered included: Autumn Statement 2023: what...more
Pension trustees and sponsoring employers may have seen commentary on the recent case of Virgin Media v NTL Pension Trustees Ltd and others, which concerned procedural requirements for historic amendments in relation to...more
We run a comprehensive programme of pension training for clients and their advisers, including training for new pension trustees, training for experienced trustees and regular morning seminars reviewing legal developments in...more
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 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
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
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
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 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 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
- 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