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Pensions weekly highlights—4 March 2021

The following Pensions news provides comprehensive and up to date legal information on Pensions weekly highlights—4 March 2021

City adapts to fading hope of EU market access deal

The following Banking & Finance news provides comprehensive and up to date legal information on City adapts to fading hope of EU market access deal

Normal Minimum Pension Age Consultation—issues for pension scheme trustees to consider

The following Employment news provides comprehensive and up to date legal information on Normal Minimum Pension Age Consultation—issues for pension scheme trustees to consider

Pensions weekly highlights—25 February 2021

The following Pensions news provides comprehensive and up to date legal information on Pensions weekly highlights—25 February 2021

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 This Practice Note has been archived and is not maintained.As well as the option to postpone auto-enrolment, employers which operate defined...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

Transfers of Section 9(2B) rights and GMPs before 6 April 2016 [Archived]

Contracting-out on a salary-related basis (also known as DB contracting-out) was abolished on 6 April 2016. Members of schemes that were...

7th Dec

Q&As

In the context of reg 11 of the Registered Pension Scheme (Authorised Payments) Regulations 2009, SI 2009/1171, does the term ‘related scheme’ include a former scheme operated by the same employer which has had a bulk transfer to the scheme wanting to make a small lump sum payment or can the term be interpreted to mean only schemes that are running concurrently?

In answering this Q&A, we have assumed you are referring to regulation 11 of the Registered Pension Scheme (Authorised Payments) Regulations 2009, SI...

7th Dec

Practice notes

Guaranteed annuity rates (GARs)

What is a guaranteed annuity rate (GAR)?Many pension policies issued before 1988 offered their members a GAR.A GAR is an entitlement to a specific...

7th Dec

Practice notes

Obtaining a DB contracting-out certificate before 6 April 2016 [Archived]

THIS PRACTICE NOTE APPLIES TO SCHEMES THAT WERE CONTRACTED-OUT SALARY-RELATED (COSR) SCHEMES BEFORE 6 APRIL 2016This Practice Note covers the...

7th Dec

Practice notes

Temporary absence and pension accrual

THIS PRACTICE NOTE APPLIES TO OCCUPATIONAL PENSION SCHEMES.There are no statutory requirements governing the treatment of members' pension rights...

7th Dec

Practice notes

Uncrystallised funds pension lump sums (UFPLSs)

THIS PRACTICE NOTE APPLIES IN RELATION TO MONEY PURCHASE ARRANGEMENTSWhat is an uncrystallised funds pension lump sum?From 6 April 2015, members of...

6th Oct

Practice notes

The Pension Wise standards before 1 January 2019 [Archived]

ARCHIVED: This archived Practice Note provides information on the standards applicable in respect of the Pension Wise guidance service before 1...

29th Sep

Practice notes

Retirement risk warnings—requirements for FCA-regulated pension providers

CORONAVIRUS (COVID-19) UPDATE: To enable providers to give effective retirement risk warnings, the FCA has produced a table suggesting questions...

26th Sep

Practice notes

Advising on DB to DC transfers

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

26th Sep

Practice notes

Flexible benefits vs safeguarded benefits

This Practice Note focuses on the meanings of 'flexible benefit', 'safeguarded benefit' and ‘safeguarded-flexible benefit’ for the purpose of the...

26th Sep

Practice notes

Requirement for appropriate independent advice on DB to DC transfers

FORTHCOMING DEVELOPMENT: In July 2019 the Pensions Administration Standards Association (PASA) DB Transfers Working Group released ‘Defined Benefit...

26th Sep

Practice notes

The secondary annuity market [Archived]

This Practice Note has been archived because on Tuesday 18 October 2016, the government announced its decision to cancel plans for the creation of a...

26th Sep

Practice notes

Buying out Section 9(2B) rights and GMPs before 6 April 2016 [Archived]

This Practice Note focuses on the considerations that were applicable before 6 April 2016, the date on which contracting-out on a salary-related basis...

26th Sep

Practice notes