A document setting out the contributions required to be paid by the sponsoring employer of a defined contribution scheme. It also provides for the due dates of these contributions.
style="width: 100%">CORONAVIRUS (COVID-19) UPDATE: In light of the coronavirus pandemic, TPR temporarily extended the period after which a payment failure becomes material, and must thus be reported, from 90 days to 150 days to give trustees and providers more time to work with employers to bring payments up to date. TPR has asked schemes to return to the normal, maximum 90-day late payment from 1 January 2021. Recognising that it may take time to adjust systems and processes to reflect this change, it will only become mandatory to report payments that are 90-days outstanding from 1 April 2021.For more information, see Practice Note: Coronavirus (COVID-19)—the pensions implications for trustees.THIS PRACTICE NOTE APPLIES TO OCCUPATIONAL PENSION SCHEMES AND PERSONAL PENSION SCHEMES.In view of the nature of defined contribution pension schemes and particularly the fact that the retirement benefits ultimately provided by such arrangements are dependent on a host of factors, including the contributions paid to them, it is unsurprising that the prompt and accurate payment of such contributions is treated seriously both under the general law and by the Pensions Regulator. For further information on defined contribution schemes, see Types of pension arrangements for employees and Money purchase benefits—the statutory definition.Employers—requirement to make pension contributions on behalf of employeesUntil recently, there was no general requirement
Introduction to the HGCRA 1996 The need for legislation in the construction industry Throughout the 1980s and the early 1990s, the construction industry was characterised by inefficiencies, disputes and high levels of insolvency, particularly among contractors and sub-contractors. In 1994, Sir Michael Latham was commissioned to undertake a report on the issues affecting the construction industry. In his report, entitled ‘Constructing the Team’, Latham identified two areas which were pivotal to the issues affecting the industry: • disputes • payment Latham found that the industry needed a specific mechanism of dispute resolution which was accessible, quick and inexpensive to reduce the disputes culture within the industry. Latham also thought that ensuring cash flow to all levels of the industry would reduce contractor and sub-contractor insolvency, and create stability of employment. The HGCRA 1996 The legislative response to Latham's report was contained in Part II of the Housing Grants, Construction and Regeneration Act 1996 (HGCRA 1996), which was enacted in 1996 and came into force in May 1998. The HGCRA 1996 sets out requirements relating to adjudication and payment that construction contracts must include. Some of the key points to note, as discussed in more detail below, are: • the HGCRA 1996 was amended by Part 8 of LDEDCA 2009. The changes introduced by LDEDCA 2009 are not retrospective, so only apply to construction contracts entered into after it came into force in 2011—see below Introduction
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MVNO agreement This Agreement is made on [insert date] Parties 1 [insert name] a company incorporated in [England and Wales] under number [insert registered number] whose registered office is at [insert address] (Supplier); and 2 [insert name] a company incorporated in [England and Wales] under number [insert registered number] whose registered office is at [insert address] (MVNO) (each of the Supplier and the MVNO being a party and together the Supplier and the MVNO are the parties). Background (A) The Supplier is a mobile network operator in the Territory. (B) The MVNO is a mobile virtual network operator in the Territory. (C) The Supplier has agreed to provide wholesale mobile electronic communications services to the MVNO for resale [on a pre-pay basis OR on a post-pay basis OR on a pre-pay and post-pay basis] in the Territory in accordance with the terms and conditions of this Agreement. The parties agree: 1 Definitions and interpretation 1.1 In this Agreement: Account Manager • means the primary point of contact for each party as notified by each party to the other on or before the date of this Agreement (or in accordance with clause 20.3); Affiliate • means any entity that directly or indirectly Controls, is Controlled by, or is under common Control with, another entity; Business Day • means a day other than a Saturday, Sunday or bank or public holiday in England; Charges • means any amounts that have been paid or
Settlement agreement (employment) (short form) This Agreement is made on [insert date] Parties 1 [Insert Employer’s name] whose registered office is at [insert Employer’s address], company registration number [insert Employer’s company number] (Employer); and 2 [Insert Employee’s name] of [insert Employee’s address] (you) the parties agree: 1 Termination of employment 1.1 Your employment with the Employer [will terminate OR terminated] by reason of [insert reason for termination] on [insert date] (Termination Date). 1.2 You [will be OR have been] paid your accrued basic salary (less deductions for income tax and primary class 1 (employee) National Insurance contributions (PAYE Deductions)) and [will have OR have] received your contractual benefits[, including a payment of £[insert amount] in respect of [insert number] days’ accrued but untaken holiday entitlement] [ [ and] including any relevant contributions to your personal pension scheme] (less PAYE Deductions) for the period up to and including the Termination Date via payroll in the normal way. 1.3 [Any sums due from you to the Employer[ including [a deduction of £[insert amount]] in respect of [insert number] days’ holiday taken in excess of your accrued entitlement for the period up to and including the Termination Date] [ and] [ including a deduction of £[insert amount] in respect of [set out details of other relevant deductions, eg loan repayments]] [will be OR have been] deducted from the payment referred to in Clause 1.2 before it is made to you.]
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Can you make a Part 36 offer to settle for a sum payable by instalments? Can a defendant make a Part 36 offer to pay by instalments? With one exception, no. Under CPR 36.6(1) a defendant who is defending a claim and who wishes to make a Part 36 offer to pay a sum of money to settle the claim against them must offer to pay a single sum of money. Note also that for a defendant's offer to be effective as a Part 36 offer then any offer to pay the sum of money (or part of it) at a date later than 14 days following the date of acceptance will not be treated as a Part 36 offer, unless the offeree accepts it. This is subject to CPR 36.18(3) and CPR 36.19(1), see: Can you make a Part 36 offer to settle for a sum payable by instalments? — Personal injury claims—future pecuniary loss and provisional damages. CPR 36.6 applies as much to a claimant who is seeking to settle a counterclaim by payment of a sum of money, as it does a defendant to a claim. See the final paragraph of CPR 36.2 which notes that CPR 20.2 and CPR 20.3 provide that counterclaims and other additional claims are treated as claims and that references to a claimant or a defendant include a party bringing or defending
Where a material late payment has been reported to The Pensions Regulator (TPR) and members informed that TPR has been notified, in accordance with Code 5 of TPR's Code of Practice, if the next payment missed is also reported to TPR by adding details to the previously opened TPR report, do the members have to be informed again that the employer has been reported to TPR? Do members have to be informed after each missed payment that is added to the TPRs exchange portal, or is the original notification to members legally sufficient? Code 5 of The Pension Regulator’s (TPR) Code of Practice relates to the reporting of late payments to money purchase occupational pension schemes or occupational pension schemes with a money purchase section. It is directed to the trustees or managers of such schemes. Under section 90 of the Pensions Act 2004 (PeA 2004), TPR has a statutory duty to issue a Code of Practice relating to reporting material late payment by an employer of (1) contributions deducted from employees’ earnings and (2) the employer’s own contributions. The concept of material late payment and the reporting requirement have statutory origins. Section 49(9) of the Pensions Act 1995 (PA 1995) imposes a duty on the trustees or managers to make a report where a payment of contributions is not made with the prescribed period (defined by
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Restructuring & Insolvency analysis: This article looks at how Finland has implemented Directive (EU) 2019/1023 as part of the Joint Project between INSOL Europe and Lexis®PSL to track implementation. Written by Jan Lilius (INSOL Europe’s Country co-ordinator for Finland), Mikko Tavast, and Olli Mäkelä of Hannes Snellman Attorneys Ltd.
Family analysis: This case concerned an application by the husband (made in April 2020) to set aside parts of a final financial order (made only in October 2019) on the basis that the coronavirus (COVID-19) pandemic constituted a Barder event which justified setting aside parts of the final financial order. The judgment makes important references to the Thwaite jurisdiction, the variability or otherwise of a lump sum payable by instalments and the move away from anonymity in financial remedy judgments. Although the primary issue may have been the Barder principle, arguably the biggest aspect for practitioners is the warning regarding the lack of anonymity in the reporting of future financial remedy judgments and the impact this will have on the way parties choose to litigate the financial disputes relating to their separation. This is especially so where judges at all levels are being encouraged to report 10% of their judgments annually, which is of significance not only in big money cases. Michael Allum, partner at the International Family Law Group LLP, analyses the issues.
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