Notifiable events—scheme and employer-related events
Notifiable events—scheme and employer-related events

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

  • Notifiable events—scheme and employer-related events
  • The statutory framework
  • Which schemes does the notifiable events framework apply to?
  • What events need to be notified?
  • Scheme-related events
  • Employer-related events
  • Who makes the notification and how?
  • When should the notification be made?
  • What information should be included in the notification?
  • Penalties for non-compliance
  • More...

STOP PRESS: On 11 February 2021, the Pension Schemes Bill received Royal Assent, becoming the Pension Schemes Act 2021 (PSA 2021). Among other things, the PSA 2021 creates a secondary notifiable events regime targeting certain employer-related notifiable events in relation to a DB scheme. The nature of these notifiable events is to be prescribed in regulations that have yet to be published and which are expected to include the sale of a controlling interest in a sponsoring employer, the sale of the business or assets of a sponsoring employer and the granting of security on a debt in priority to the scheme. Corporate planners will have to make a declaration of intent to TPR (copied to the trustees) in relation to such events.

On 11 January 2021, the Pensions Minister, Guy Opperman, confirmed that none of the provisions in Part 3 of the Act (which include the provisions relating to the declaration of intent) will be retrospective.

For further information, see: Pension Schemes Bill receives Royal Assent.

THIS PRACTICE NOTE APPLIES TO OCCUPATIONAL DEFINED BENEFIT SCHEMES AND THE DEFINED BENEFIT ELEMENT OF HYBRID ARRANGEMENTS

One of the statutory objectives of the Pensions Regulator (TPR) is to protect the Pensions Protection Fund (PPF) from claims for compensation. To achieve this objective, TPR requires pension scheme trustees and their sponsoring employers to formally notify it of

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