What is a contingent asset? A contingent asset is an asset that will generate cash for the pension scheme if certain specified (ie contingent) events occur (eg a...
THIS PRACTICE NOTE RELATES TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES One of the most controversial issues that can arise in relation to a defined benefit...
THIS PRACTICE NOTE APPLIES TO REGISTERED OCCUPATIONAL PENSION SCHEMES IN WIND-UP (EXCEPT THOSE ENTERING THE PENSION PROTECTION FUND) A key aspect of the winding-up...
When pension contributions are recoverable This practice note addresses two questions: • whether a bankrupt’s pension arrangement falls within the bankruptcy estate and •...
The position of a personal pension on bankruptcy A bankrupt’s estate automatically vests in the official receiver (or an insolvency practitioner if instead appointed at...
The implications of Lehmans/Nortel cases The Supreme Court decision in the case of Nortel/Lehman has clarified the status of Financial Support Directions (FSDs) issued...
This note considers the implications of the Bonas case for those concerned with pre-pack administrations. The case was brought by the Pensions Regulator under section 38...
What is the Local Government Pension Scheme? The main pension scheme for local authorities is the Local Government Pension Scheme (LGPS). The LGPS is a statutory, public...
THIS PRACTICE NOTE APPLIES ONLY TO DEFINED BENEFIT AND HYBRID OCCUPATIONAL PENSION SCHEMES A payment to the sponsoring employer(s) of a pension scheme must be an...
This Practice Note examines the issues that can arise when the sponsoring employer(s) of a pension scheme is the subject of a ‘pre-packaged administration’ (also known as...
This guide is primarily aimed at trainees, newly qualified lawyers and other persons who are new to or unfamiliar with pensions law. This beginners’ guide considers...
This Practice Note focuses on the practical issues arising on the winding-up of defined benefit (DB) pension schemes. In circumstances where a scheme winding-up is...
Criteria for eligibility for the Financial Assistance Scheme The Financial Assistance Scheme (FAS) closed to Notification and Qualification of new schemes on 1 September...
THIS PRACTICE NOTE APPLIES TO SCHEMES ENTERING THE FINANCIAL ASSISTANCE SCHEME FROM 1 JANUARY 2012. Where a scheme, its employer(s) and individual members have satisfied...
THIS PRACTICE NOTE APPLIES TO DEFINED BENEFIT AND HYBRID OCCUPATIONAL PENSION SCHEMES The Pension Protection Fund (PPF) pays members' benefits up to a certain level in...
What is an assessment period? When a qualifying insolvency event occurs in relation to a sponsoring employer of an eligible scheme, the scheme will enter a Pension...
FORTHCOMING DEVELOPMENTS: With effect from 2 October 2018, the PPF (Pensionable Service) and Occupational Pension Schemes (Investment and Disclosure) (Amendment and...
THIS PRACTICE NOTE APPLIES ONLY TO DEFINED BENEFIT AND HYBRID OCCUPATIONAL PENSION SCHEMES Determining normal pension age under the scheme’s admissible rules Members’...
Requirements for PPF entry The requirements for a scheme to enter the PPF are: • the scheme must be an eligible scheme—see: What schemes are eligible? below • either: ◦ a...
In order to determine whether a multi-employer scheme qualifies for PPF entry and how the scheme is treated for PPF purposes, and to calculate the PPF risk-based levy, it...
FORTHCOMING DEVELOPMENT: On 19 December 2019, the Pension Protection Fund (PPF) launched a consultation on a new Dun & Bradstreet (D&B) methodology for the calculation of...
FORTHCOMING DEVELOPMENT: On 19 December 2019, the Pension Protection Fund (PPF) launched a consultation on a new Dun & Bradstreet (D&B) methodology for the calculation of...
THIS PRACTICE NOTE APPLIES ONLY TO DEFINED BENEFIT AND HYBRID OCCUPATIONAL PENSION SCHEMES Purpose of admissible rules During an assessment period, the trustees must...
THIS PRACTICE NOTE APPLIES ONLY TO DEFINED BENEFIT AND HYBRID OCCUPATIONAL PENSION SCHEMES In most cases, the process of entry into the PPF will begin when the sponsoring...
THIS PRACTICE NOTE ONLY APPLIES TO OCCUPATIONAL PENSION SCHEMES This Practice Note looks at examples of: • where the Pensions Regulator (the Regulator) has issued an...
When making decisions, trustees are required, among other things, to: • act in the best interest of scheme beneficiaries • act for a proper purpose • have a level of...