Amendment of occupational pension schemes—employer and trustee considerations
Amendment of occupational pension schemes—employer and trustee considerations

The following Pensions practice note provides comprehensive and up to date legal information covering:

  • Amendment of occupational pension schemes—employer and trustee considerations
  • Employer considerations
  • Duty of trust and confidence
  • Contractual considerations
  • Statutory requirement to consult employees
  • Trustee considerations
  • Considerations for both employers and trustees
  • Exercising the power of amendment in a scheme's trust deed and rules
  • Restrictions on amendments under the scheme's amendment power
  • Statutory restriction on amendments
  • More...

CORONAVIRUS (COVID-19) UPDATE: On 9 April 2020, the Pensions Regulator (TPR) granted a regulatory easement for employers until 30 September 2020 whereby TPR would not take regulatory action in respect of a failure to carry out a full 60-day consultation on decreasing employer pension contributions under the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, SI 2006/349, if all of the following applied:
—the employer had furloughed staff for whom it was making a claim under the Coronavirus Job Retention Scheme (CJRS)
—the employer proposed to reduce the employer contribution to its defined contribution scheme in respect of furloughed staff only
—the reduced contribution rate for furloughed staff would only apply during the furlough period, after which time it would revert to the current rate, and
—the employer had written to its affected staff and their representatives to describe the intended change and the effects on the scheme and on furloughed staff

Despite this easement, TPR encouraged employers to carry out as much consultation as they could in any event. For further information, see Practice Note: The Coronavirus Job Retention Scheme—the pensions implications — Can pensions contributions payable be reduced to the legal minimum?

THIS PRACTICE NOTE APPLIES TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES

Sponsoring employers and trustees of defined benefit occupational pension schemes may need to amend a scheme's provisions for a

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