The following Pensions practice note Produced in partnership with Ginevra Gatrell of gunnercooke LLP provides comprehensive and up to date legal information covering:
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: Brexit and IP completion day—the implications for pensions.
THIS PRACTICE NOTE APPLIES IN RELATION TO OCCUPATIONAL PENSION SCHEMES
This Practice Note applies to business sales which are subject to the Transfer of Undertakings (Protection of Employment) Regulations 2006, SI 2006/246 (TUPE). For further information on TUPE, see Practice Note: TUPE—an overview for pensions lawyers.
Dealing with Beckmann liabilities on a business sale can be a complex area. Corporate lawyers looking at this should involve a pensions specialist at the earliest opportunity.
Until the Beckmann and Martin cases, it was generally understood that on a business sale none of the transferring employees’ contractual rights to pension benefits under an occupational pension scheme transferred from a seller to a buyer. This was due to the operation of the pensions exception under TUPE, SI 2006/246, reg 10, which excludes from a TUPE transfer provisions of an occupational pension scheme which relate to:
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