The following Pensions practice note Produced in partnership with Wyn Derbyshire of gunnercooke LLP provides comprehensive and up to date legal information covering:
The term 'joint venture' (JV) has no specific legal meaning under UK law. It is essentially a commercial arrangement between two or more parties who agree to pool their resources for the purpose of accomplishing an intended project (or other business activity). The JV vehicle can, for example, take the form of a limited liability company where each party is a shareholder.
For more information on JVs, see Overview Document (available to those with a subscription in Lexis®PSL Corporate).
The process of establishing a JV between two or more sponsoring parties requires the parties to the JV to identify the various pensions issues arising from setting up such a vehicle. The pensions issues fall into three categories:
the requirement to make pension provision for the employees of the JV vehicle
problems arising from pension schemes operated by one or more of the sponsoring parties prior to the establishment of the JV (particularly relevant to the employees who become employed by the JV vehicle following its establishment), and
the issue of how any pension arrangements operated during the lifetime of the JV will be dealt with when the JV is finally terminated
An important first step in dealing with such issues, is to identify what pension rights, if any, employees
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