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Latest Pensions News

Investing in the future—what role do pension funds play in mitigating climate change?

The following Energy news provides comprehensive and up to date legal information on Investing in the future—what role do pension funds play in mitigating climate change?

Financial services should see coronavirus (COVID-19) shock as climate-change ‘wake-up call’, Aviva chairman says

The following Energy news provides comprehensive and up to date legal information on Financial services should see coronavirus (COVID-19) shock as climate-change ‘wake-up call’, Aviva chairman says

What does Brexit mean for dispute resolution in England and Wales?

The following Banking & Finance news provides comprehensive and up to date legal information on What does Brexit mean for dispute resolution in England and Wales?

The European Green Deal—a clear vision for EU climate change action?

The following Banking & Finance news provides comprehensive and up to date legal information on The European Green Deal—a clear vision for EU climate change action?

Featured Pensions content

Retirement Annuity Contracts (RAC)—older types of personal pension schemes

Personal pension schemes—central role in private pensions sectorPersonal pension schemes, in their various forms, play a central and important role in...

Retirement schemes for executives—UURBS, FURBS and EFRBS

Just as executives tend to enjoy better salary packages than the ordinary workforce, so is it often the case that they receive better pension...

Auto-enrolment—the transitional period for DB and hybrid schemes [Archived]

ARCHIVED. This Practice Note has been archived and is not maintained.As well as the option to postpone auto-enrolment, employers which operate defined...

The pre A-day pensions tax regime

The pensions tax regime under the Finance Act 2004 came into effect on 6 April 2006, otherwise known as A-day. The pre A-day regime may still be of...

Practice notes

What does ‘contracting-out’ mean for pension lawyers?

Interaction with the additional State pensionBefore 6 April 2016, there were two levels of State pension provision:•the basic State pension—this was a...

9th Nov

Practice notes

Pension attachment orders

The power to make pension attachment orders (previously referred to as earmarking orders) arises from the insertion of sections 25B–25D of the...

Produced in partnership with Rebecca Dziobon of Penningtons Manches Cooper 12th Jan

Practice notes

The Electricity Supply Pension Scheme

The Electricity Supply Pension Scheme (‘ESPS’) is a trust-based scheme established by the Electricity Council by a resolution dated 20 January 1983 as...

Produced in partnership with Gary Delderfield of Eversheds Sutherland 12th Jan

Practice notes

Pension bulk transfers—beginners’ guide

This guide is primarily aimed at trainees, newly qualified lawyers and other persons who are new to or unfamiliar with pensions law.THIS PRACTICE NOTE...

Produced in partnership with Wyn Derbyshire of gunnercooke LLP 12th Jan

Practice notes

Introduction to retained EU law

This Practice Note provides an introduction to retained EU law, which is an entirely new legal concept introduced to UK domestic law in preparation...

9th Nov

Brexit

Practice notes

Bridging pensions

Bridging pensions—backgroundBridging pensions are a form of pension provided by some (but not all) defined benefit occupational pension schemes in...

Produced in partnership with Wyn Derbyshire of gunnercooke LLP 12th Jan

Practice notes

Beddoe applications

When trustees are engaged in trust litigation, issues often arise as to how their litigation costs are to be funded. A Beddoe application is the best...

Produced in partnership with Kate Davenport QC of Outer Temple Chambers and Adele Isaacs of Bankside Chambers 12th Jan

Practice notes

How to deal with Beckmann liabilities on a business sale

THIS PRACTICE NOTE APPLIES IN RELATION TO OCCUPATIONAL PENSION SCHEMESThis Practice Note applies to business sales which are subject to the Transfer...

Produced in partnership with Ginevra Gatrell of gunnercooke LLP 12th Jan

Precedents

Execution clause—company—deed

Option 1—deed executed by a company under its common seal (model articles, where the authorised signatory is an...

9th Nov

In-house

Practice notes

How to deal with a section 75 debt—an introduction

THIS PRACTICE NOTE APPLIES IN RELATION TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMESThis Practice Note looks at the alternative methods available to...

9th Nov

Practice notes

Personal pension schemes—disclosure requirements before 6 April 2014 [Archived]

THIS PRACTICE NOTE APPLIES TO PERSONAL PENSION SCHEMES This Practice Note looks at the disclosure requirements that were applicable to trustees (or...

9th Nov

Practice notes

Calculating pension loss in employment tribunal claims

Pension loss will generally only arise in cases where an individual has lost their job and the pension provision that went with that job. An...

Produced in partnership with Keith Bryant QC of Outer Temple Chambers. 12th Jan

Precedents

Deed of substitution

Date: [insert date](1)[Name of Former Principal Employer](2)[Names of Trustees](3)[Name of the New Principal Employer]Deed of Substitution of...

Produced in partnership with Blake Morgan LLP 12th Jan

Precedents

Month definition

Month means a calendar month; Close This is a suggested definition for the term 'month', which...

9th Nov

Practice notes

Anti-franking

The conceptIt used to be the case that contracted-out salary-related (COSR) schemes could revalue a deferred member's guaranteed minimum pension (GMP)...

Produced in partnership with Peter White 12th Jan

Precedents

The employment contract—sample pensions clauses

The following pension clauses set out the pensions information to be included in an employment contract, depending on the type of...

Produced in partnership with Wyn Derbyshire of gunnercooke LLP 12th Jan

Most recent Members and benefits content

Practice notes

Indexation and revaluation of pensions—changing from RPI to CPI

THIS PRACTICE NOTE APPLIES TO OCCUPATIONAL PENSION SCHEMESSubject to certain exceptions, legislation requires occupational pension schemes to increase...

Produced in partnership with Wyn Derbyshire of gunnercooke LLP 27th Jan

Q&As

What claims, if any, can an employee bring in the employment tribunal in respect of an employer's failure to exercise its powers to consider ill-health early retirement under a pension scheme?

Possible claims against employer in respect of ill-health early retirementPossible claims against an employer in respect of ill-health early...

27th Jan

Practice notes

Equalisation of guaranteed minimum pensions (GMPs)

What are guaranteed minimum pensions?Guaranteed minimum pensions (GMPs) arrived on the pension scene on 6 April 1978, at the same time as the State...

Produced in partnership with Elizabeth Ovey of Radcliffe Chambers 27th Jan

Practice notes

Retirement risk warnings—requirements for occupational DC schemes

FORTHCOMING DEVELOPMENT: On 28 October 2020 the Department for Work and Pensions (DWP) issued a Statement of Policy Intent announcing measures to...

26th Jan

Practice notes

Retirement communications in occupational DC schemes

CORONAVIRUS (COVID-19) UPDATE: On 29 April 2020, TPR issued guidance requiring DB trustees to issue a letter template to all members requesting a CETV...

26th Jan

Practice notes

Pension freedoms—an introduction

FORTHCOMING DEVELOPMENT: On 28 October 2020 the Department for Work and Pensions (DWP) issued a Statement of Policy Intent announcing measures to...

26th Jan

Practice notes

Individual transfers—DB occupational pension schemes

CORONAVIRUS (COVID-19) UPDATE: Until 30 June 2020, the Pensions Regulator (TPR) allowed trustees of DB schemes to suspend cash equivalent transfer...

26th Jan

In-house

Practice notes

Individual transfers—DC occupational pension schemes

CORONAVIRUS (COVID-19) UPDATE: On 13 May 2020, the Pensions Regulator (TPR) updated its DC investment and transfer value guidance to set out its...

Produced in partnership with William Sutton of Reed Smith LLP 26th Jan

Practice notes

The pensions guidance offered by the Money and Pensions Service (MaPS) since 1 January 2019

FORTHCOMING DEVELOPMENT: On 28 October 2020 the Department for Work and Pensions (DWP) issued a Statement of Policy Intent announcing measures to...

26th Jan

Q&As

A pilot trust has been established to receive the death benefits from a retirement annuity contract (RAC). If the RAC funds are subsequently transferred to a self-invested pension plan (SIPP), could the pilot trust receive death benefits payable under the SIPP?

We have assumed that:‘…the member of the RAC has provided a written nomination to the trustees of the retirement annuity contract, requesting (but...

22nd Jan

Q&As

The settlor of a life insurance trust wishes to terminate the trust and have the policy transferred to them so that the proceeds of the policy will form part of their estate on death. Is this possible and, if so, how can it be achieved?

Life insurance policiesThere are two main types of life insurance policies:•whole of life—which pays out the proceeds no matter how long a person...

Produced in partnership with Lynne Counsell of 9 Stone Buildings 22nd Jan

Q&As

Does a refund of contributions from a defined benefit pension arrangement, following the death of a member in deferment, form part of the deceased member’s estate for inheritance tax purposes (as per section 151 of the Inheritance Tax Act 1984, and IHTM17055) even where the refund of contributions is paid via discretionary trusts?

HMRC has confirmed that a refund of member contributions payable on a member’s death under the scheme rules is a defined benefit payable as a defined...

22nd Jan

Practice notes

Maternity and other statutory family leave—the pension requirements

THIS PRACTICE NOTE APPLIES TO OCCUPATIONAL PENSION SCHEMES (DEFINED BENEFIT AND MONEY PURCHASE)Protection of pension rights during periods of family...

22nd Jan

Practice notes

Pension rights of spouses and civil partners on member’s death

FORTHCOMING DEVELOPMENT: On 20 July 2020, a written ministerial statement was made announcing that changes will be made to the Teachers’ Pension...

22nd Jan

Practice notes

International pension transfers

CORONAVIRUS (COVID-19) UPDATE: Through Pension Schemes Newsletter 118 and Pension Schemes Newsletter 121, HMRC announced that it will cancel penalties...

Produced in partnership with Sean McNulty of Blake Morgan 19th Jan

Practice notes

The Money and Pensions Service

Scope of this Practice NoteThe Money and Pensions Service (MPS) was set up by the government to enhance the understanding and knowledge of the public...

17th Jan

Practice notes

Retirement options—DB members

Ways of drawing benefitsMembers of defined benefit (DB) occupational pension schemes may draw their benefits in a number of ways depending on the...

16th Jan

Practice notes

Flexible retirement

THIS PRACTICE NOTE RELATES MAINLY TO REGISTERED OCCUPATIONAL PENSION SCHEMESOne consequence of the recent pensions legislation reforms, including the...

Produced in partnership with Wyn Derbyshire of gunnercooke LLP 16th Jan

Practice notes

What does ‘contracting-out’ mean for pension lawyers?

Interaction with the additional State pensionBefore 6 April 2016, there were two levels of State pension provision:•the basic State pension—this was a...

16th Jan

Practice notes

Death benefits—money purchase schemes

FORTHCOMING DEVELOPMENT: The Office of Tax Simplification (OTS) has released a report outlining recommendations to make considerable aspects of the...

Produced in partnership with Louise Howard of Universities Superannuation Scheme (Ltd) 16th Jan