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Pensions weekly highlights—14 January 2021

The following Pensions news provides comprehensive and up to date legal information on Pensions weekly highlights—14 January 2021

The Brexit trade deal—what it really means for financial services

The following Banking & Finance news provides comprehensive and up to date legal information on The Brexit trade deal—what it really means for financial services

Key insurance regulations to watch in 2021

The following Financial Services news provides comprehensive and up to date legal information on Key insurance regulations to watch in 2021

Climate related disclosures for UK financial institutions—new UK mandatory requirements

The following Banking & Finance news provides comprehensive and up to date legal information on Climate related disclosures for UK financial institutions—new UK mandatory requirements

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 This Practice Note has been archived and is not maintained.As well as the option to postpone auto-enrolment, employers which operate defined...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

Q&As

How is the EU-UK Trade and Cooperation Agreement implemented in UK law, and how does this impact domestic statutory interpretation?

This answer refers to the provisions for implementation of the EU-UK Trade and Cooperation Agreement (TCA), and associated agreements, under Part 3 of...

Produced in partnership with Eleonor Duhs of Fieldfisher and Louise Laing of Brodies LLP, Fieldfisher Counsel for EU and International Law, House of Commons 15th Jan

Q&As

What are the consequences for pension scheme trustees if pensions are paid to members on the ‘Consolidated List of Financial Sanctions Targets’ issued by the Office of Financial Sanctions Implementation? What obligations do pensions trustees have to carry out due diligence to safeguard against pensions being paid to such individuals?

UK sanctions regimeFinancial sanctions in the UK may be imposed by the UN Security Council, through UN Security Council Resolutions. These are...

11th Jan

Q&As

What is retained EU law?

Retained EU law is a legal concept describing EU-derived legislation, rights and principles the UK plans to preserve in UK law after Brexit. It is a...

Produced in partnership with Mathias Cheung of Atkin Chambers 11th Jan

Brexit

Q&As

In a company which had a ‘multi-employer’ pension scheme, the administrators are willing to admit the scheme trustee’s debt (based on a valuation of the deficit including a section 75 (of the Pensions Act 1995) certificate). Must the administrators also accept the Pension Protection Fund’s subsequent claim for the entirety of the deficit (ie including all the deficits of all the employers as against only one of them)?

Double proof in the administrationAdministrators may make distributions to creditors of a company in administration either to: preferential creditors,...

Produced in partnership with Caroline Clark 8th 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 8th Jan

Q&As

What might be a 'reasonable period' for the purposes of physical movement of assets on a block transfer?

A reasonable period for the physical movement of assets on a block transfer is mentioned in HMRC's Pensions Tax Manual (PTM062240) on protected...

Produced in partnership with Max Ballad of Arc Pensions Law LLP 8th Jan

Q&As

In a pensions context, are death benefit trusts for the benefit of minors exempted from TRS registration under Schedule 3A to the Money Laundering and Terrorist Financing (Amendment) (EU Exit) Regulations 2020?

For an understanding of what was intended by the government in relation to the proposed exemptions, as set out in its response to the consultation...

Produced in partnership with Emily Campbell of Wilberforce Chambers 8th Jan

Q&As

Does PSA 1993, s 24G(4) exempt pension schemes in winding up that are undertaking GMP conversion from the need to satisfy condition 5 under PSA 1993, s 24B?

The obligation to provide guaranteed minimum pensions (GMPs) is set out in sections 13(1) and 17(1) of the Pension Schemes Act 1993 (PSA 1993) (all...

Produced in partnership with Alastair Meeks of Pinsent Masons 8th Jan

Q&As

Are there any restrictions on, or tax consequences arising as a result of, UK pension scheme trustees (whether individual or corporate) being resident outside the UK?

This Q&A asks whether there are any restrictions on, or tax consequences as a result of, trustees of UK-based pension scheme being resident out of the...

Produced in partnership with Oliver Hilton of Radcliffe Chambers 8th Jan

Q&As

What is the impact of Brexit on international transfers of personal data?

This Q&A looks at the impact of Brexit on cross-border transfers of personal data involving the UK and EEA, under the General Data Protection...

5th Jan

Brexit

Q&As

For the purposes of complying with Article 28 of the General Data Protection Regulation, is a pension scheme auditor classed as a 'processor' or 'controller'?

The definitions of 'controller' and 'processor' under Regulation (EU) 2016/679, the General Data Protection Regulation (the GDPR) are set out in...

26th Dec

Q&As

Is relief from stamp duty land tax available to beneficiaries of a private pension scheme who buy a property from their own pension scheme?

There is no specific relief from stamp duty land tax (SDLT) for an acquisition of real property from a private pension scheme.Subject to some...

18th Dec

Q&As

How do the bridging pensions exceptions in Equality Act 2010 (Sex Equality Rule) (Exceptions) Regulations 2010, SI 2010/2132, reg 2 apply to the Barber case?

These exceptions apply in respect of bridging pensions, which are the subject of the Practice Note: Bridging pensions.As explained in the Practice...

14th Dec

Q&As

Can a scheme member request that the trustees divest from fossil fuel investments?

From 1 October 2019, trustees of occupational pension schemes will be required to state in their statement of investment principles their policy on...

7th Dec

Q&As

On a Transfer of Undertakings (Protection of Employment) Regulations 2006, SI 2006/246 transfer in relation to a personal pension scheme, does the transferee acquire pre-transfer pension liabilities where those liabilities relate to pension contributions owed to the pre-transfer pensions provider in respect of the transferring employees?

This Q&A considers personal pension schemes.If a transferor has contracted with an employee to contribute to the employee’s personal pension scheme,...

7th Dec

Q&As

Will funds paid out of a funded unapproved retirement benefit scheme (FURBS), established before A-day, be subject to inheritance tax if no additional contributions have been made to the FURBS after A-day?

Inheritance tax treatment pre A-dayMost employer-financed retirement benefit schemes (EFRBS) are trust-based and will be treated as relevant property...

7th Dec

Q&As

Do trustees have a right to call an actuarial valuation before the end of the three year interval?

We refer you to Practice Note: Actuarial funding valuations, which explains that:•under section 224 of the Pensions Act 2004 (PeA 2004), the trustees...

7th Dec

Q&As

If a UK company contributing to a personal pension scheme wants to move to a new pension provider (with the intention of encouraging members to transfer to the new scheme), does the company have to consult with its employees under the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006, SI 2006/349?

Subject to certain conditions, employers are required under sections 259–261 of the Pensions Act 2004 and under the Occupational and Personal Pension...

7th Dec

Q&As

Do the Best Value Authorities Staff Transfers (Pensions) Direction 2007 (Best Value Direction) have statutory force? If this is breached, how is this enforced? If an employer fails to obtain admitted body status, this will result in the employer having to provide a comparable pension scheme under the Best Value Direction—should the employer provide information about this during the Transfer of Undertakings (Protection of Employment) Regulations 2006 consultation process?

We refer you to the following Practice Notes below which you may find helpful including:•Local government outsourcing—the pension issues•TUPE—an...

7th Dec

Q&As

In relation to the Teachers' Pension Scheme (TPS), is it correct that employees who work full-time will automatically join the TPS unless they complete a form to opt out of the TPS, however employees who work part-time will be required to complete a form to join the TPS?

As explained in Practice Note: The Post-2015 Teachers' Pension Scheme, the Teacher's Pension Scheme (TPS) is open to all teachers, both full-time and...

7th Dec