The following Restructuring & Insolvency practice note produced in partnership with Laura Sayer of Mills & Reeve LLP provides comprehensive and up to date legal information covering:
The main pension scheme for local authorities is the Local Government Pension Scheme (LGPS). The LGPS is a statutory, public service pension scheme for local government and related employees in England and Wales. There are separate schemes in Scotland and Northern Ireland. For more detail on these generally see: Local government pensions—overview.
Participation in the LGPS as an admission body, a scheduled body or designated body comes with a number of significant obligations and risks. For further information on the categories of employers that participate in the LGPS see Practice Note: The Local Government Pension Scheme—admission agreements.
One of the biggest obligations will be the funding of benefits in the LGPS, which is generally well known and anticipated by employers participating in the fund. One of the lesser known risks, however, is what happens on the failure of certain types of LGPS employer due to insolvency or other employer restructuring. This has received a great deal of attention in the context of employers in the education sector due to funding cuts.
This Practice Note explores the LGPS issues that need to be considered where there is an insolvency or restructuring of such employers operating in the education sector. It does not cover how these employers should seek to manage the financial risks of their participation in the LGPS.
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BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance on
On the disposition of a property (whether by way of conveyance, transfer or charge), the party making the disposition will normally provide a title guarantee which implies standard form covenants for title. A landlord may give a title guarantee when granting a lease, but this is rare in practice.
The Financial Conduct Authority Handbook (FCA Handbook) includes sourcebooks to regulate the conduct of business by a regulated firm relevant to insurers: the Conduct of Business Sourcebook (COBS) and the Insurance Conduct of Business Sourcebook (ICOBS). This Practice Note considers how these
For guidance on the basic features of the doctrine of estoppel and the different classifications it has been subject to, see Practice Note: Estoppel—what, when and how to plead and related content.Promissory estoppel—what is it?Where A has, by words or conduct, made to B a clear and unequivocal
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