Scheme amendment, restructuring and closure

Scheme amendment, restructuring and closure guidance:

THIS PRACTICE NOTE APPLIES TO OCCUPATIONAL PENSION SCHEMES Amending the amendment power Any attempt to widen (or restrict) a scheme's amendment power can be fraught with...

Practice Note

THIS PRACTICE NOTE APPLIES TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES Sponsoring employers and trustees of defined benefit occupational pension schemes may need to...

Practice Note

This Practice Note focuses on the considerations applicable on and from 6 April 2016, the date on which contracting-out on a salary-related basis (also known as DB...

Practice Note

Employees’ pensions rights under an occupational pension scheme can be categorised as: • pension rights arising under the trusts of the relevant pension scheme, and •...

Practice Note

Reducing the financial burden of defined benefit schemes on employers Recent years have seen many employers seeking to escape or limit their exposure to the rising costs...

Practice Note

THIS PRACTICE NOTE APPLIES TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES Many employers operating defined benefit (DB) occupational pension schemes have sought to close...

Practice Note

THIS PRACTICE NOTE APPLIES TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES In the current economic climate, an increasing number of companies are deciding to close their...

Practice Note

At the core of DB consolidation is the idea that scale matters, with the aim being to harness the benefits of scale within the occupational pension scheme regime to...

Practice Note

THIS PRACTICE NOTE APPLIES ONLY TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES The increase in the number of underfunded defined benefit occupational pension schemes...

Practice Note

THIS PRACTICE NOTE APPLIES TO OCCUPATIONAL PENSION SCHEMES An amendment to an occupational pension scheme made using the amendment power written into the scheme's trust...

Practice Note

Employers are required by statute to consult with members or their representatives for at least 60 days before making a ‘listed change’ to occupational or personal...

Practice Note

While pension scheme incentive exercises allow employers to manage and minimise liabilities under defined benefit (DB) schemes, such exercises present potential dangers...

Practice Note

THIS PRACTICE NOTE ONLY APPLIES TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES For employers who operate more than one defined benefit occupational pension scheme within...

Practice Note

Employers with final salary pension schemes (a type of defined benefit scheme) have been looking for ways to reduce their exposure to financial liability and many have...

Practice Note

An employer may propose the restructuring of a defined benefit pension scheme for a variety of reasons. These include: • the need to ensure that the pension scheme...

Practice Note

Although each insurance company will have its own policy documentation, they usually include similar processes and provisions. Typically, the documentation will be made...

Practice Note

This Practice Note sets out some practical considerations for both trustees (and sponsoring employers) in operating a defined benefit (DB) pension scheme which has been...

Practice Note

THIS PRACTICE NOTE APPLIES IN RELATION TO OCCUPATIONAL PENSION SCHEMES The regime under sections 67–67I of the Pensions Act 1995 (PA 1995) (sometime referred to as the...

Practice Note

Demonstrating an employer has breached its duty of good faith is no easy matter. The implied duty of good faith (known as the implied duty of trust and confidence in the...

Practice Note

THIS PRACTICE NOTE LOOKS AT PENSIONS REDUCTION IN THE CONTEXT OF ONGOING REGISTERED DEFINED BENEFIT PENSION SCHEMES The reduction of a person’s pension entitlement (ie a...

Practice Note