Trustees

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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 This Practice Note has been archived and is not maintained.As well as the option to postpone auto-enrolment, employers which operate defined...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 9th Nov

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 9th Nov

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 9th Nov

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 9th Nov

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 Jovana Nedeljkov of Bankside Chambers 9th Nov

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...

9th Nov

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. 9th Nov

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 9th Nov

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 9th Nov

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 9th Nov

Most recent Trustees content

Practice notes

Types of pension trustees

THIS PRACTICE NOTE APPLIES TO TRUST-BASED OCCUPATIONAL PENSION SCHEMESIndividual trustees v corporate trusteeThe most common trustee structures used...

23rd Oct

Precedents

Confidentiality agreement (pensions)

This Deed is made the [insert day] day of [insert month] 20[insert year]Parties1[Insert full company name] registered in England and Wales with...

Produced in partnership with Blake Morgan LLP 20th Oct

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 20th Oct

Precedents

Conflicts of interest policy

1Background1.1This policy applies to the [trustees (‘the Trustees’) OR directors of [insert company name] (‘the Trustees’), in its capacity as...

Produced in partnership with Christopher Stiles of Gowling WLG 16th Oct

Practice notes

Discretionary decisions—what must pension trustees do?

THIS PRACTICE NOTE APPLIES TO TRUSTEES OF ALL PENSION SCHEMESA power is a legal authority conferred on a person to deal with, and dispose of, property...

Produced in partnership with Oliver Hilton of Radcliffe Chambers 13th Oct

Practice notes

Duties of pension trustees

FORTHCOMING DEVELOPMENT: The March 2018 White Paper ‘Protecting Defined Benefit Pension Schemes—A Stronger Pensions Regulator’ identified concerns...

13th Oct

Practice notes

Trustee Knowledge and Understanding (TKU)

FORTHCOMING DEVELOPMENT: On 10 February 2020, the Pensions Regulator (TPR) published the response to its consultation on the future of trusteeship...

13th Oct

Practice notes

Investment powers and duties of pension trustees

CORONAVIRUS (COVID-19) UPDATE: The market volatility caused by coronavirus has led to an increase in DB scheme deficits (see News Analysis:...

13th Oct

Practice notes

Appointment, removal and substitution of pension trustees

Occupational pension schemes are generally constituted by a trust, and as such are governed by a board of trustees, whether individual trustees or a...

2nd Oct

Q&As

Where a company is appointed as a corporate trustee of a pension scheme in place of a board of individual trustees (as part of which the individual trustees become directors of the corporate trustee), is there a need to re-run the MNT/MND process following the appointment of the corporate trustee?

If the pension scheme has individual trustees, their replacement by a corporate trustee needs to comply with the provisions of the sections 241–243 of...

29th Sep

Q&As

Does a professional trustee, for example, a pension trustee, have to register at Companies House, a charge granted by it over property which it holds in trust?

Pursuant to section 859A of the Companies Act 2006 (CA 2006), all charges created by a UK registered company or LLP are registrable at Companies House...

29th Sep

Q&As

Does a claim by a pension fund have to be issued in the names of the individual trustees in their capacity as trustees of the pension fund?

A pension scheme set up under trust does not have an individual legal personality (eg pension scheme assets are held not by the scheme, but by the...

28th Sep

Q&As

A member in a pension scheme has dementia. The member’s children are attorneys under a registered lasting power of attorney (LPA). The member’s wife has asked that the member’s pension now be paid into a joint account. The attorneys have been blocking this, but the member’s solicitors say the member has validly revoked the LPA and to support this they have produced a deed of revocation. If the LPA has been revoked, is there any way that the trustees of the pension scheme can take instructions from the children? Is it possible the revocation could be invalid?

The trustees of the pension scheme will be governed by the trust deed and rules of the scheme.The pension trust will require the trustees to pay any...

28th Sep

Q&As

Can a person who is a director of a company also be a trustee of the company's occupational pension scheme?

Yes, but that person should not put themselves in a position where their duty to act in the best interests of the beneficiaries of the pension scheme...

28th Sep

Q&As

Does a scheme's exoneration and indemnity clauses protect trustees of an occupational pension scheme from personal liability?

A scheme's exoneration and indemnity clauses will protect trustees from personal liability but that protection will not apply in all...

28th Sep

Q&As

A former member-nominated director (MND) (who has just lost their position as MND) of a corporate trustee would like to challenge the result of the election as they believe one of the newly elected MNDs did not follow the rules of the process. Should the former MND bring a challenge through the scheme’s IDRP process or go straight to the Pensions Regulator?

We have assumed that the pension scheme concerned is a defined benefit scheme and that the former MND is a member of the scheme.Whether the former MND...

28th Sep

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...

28th Sep

Q&As