The following Pensions practice note produced in partnership with Ginevra Gatrell of gunnercooke LLP provides comprehensive and up to date legal information covering:
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:
invalidity (ie ill-health benefits), or
survivors (ie death benefits)
Following the Beckmann and Martin cases, which both concerned transfers from public sector schemes, it became clear that rights under an occupational pension scheme which do not relate to old age, invalidity or survivors benefits do transfer under TUPE, eg rights to early retirement benefits and rights to redundancy pensions. These rights, which are known as 'Beckmann rights' or 'Beckmann liabilities', can potentially be
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