The following Pensions precedent Produced in partnership with Christopher Stiles of Gowling WLG provides comprehensive and up to date legal information covering:
IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s withdrawal from the EU. At this point in time (referred to in UK law as ‘IP completion day’), key transitional arrangements come to an end and significant changes begin to take effect across the UK’s legal regime. This document contains guidance on subjects impacted by these changes. Before continuing your research, see Practice Note: Brexit and IP completion day—the implications for pensions.
This policy applies to the [trustees (‘the Trustees’) OR directors of [insert company name] (‘the Trustees’), in its capacity as corporate trustee] of the [insert name of pension scheme] (‘the Scheme’).
It is the duty of each Trustee to act impartially and to promote the purposes of the Scheme, taking account of the interests of the beneficiaries of the Scheme as a whole. Beneficiaries include [active members,] pensioners and deferred members and those claiming through them, such as dependants.
The Trustees may also take account of the interests of [insert name of sponsoring employer] (the ‘Employer’), as the Scheme sponsor, provided that this does not conflict with their fiduciary duty to the beneficiaries. Legal advice should be taken if it is necessary to establish whether a separate fiduciary duty is also owed to the Employer.
The Trustees recognise
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Fraud by false representationFraud by false representation applies to a broader range of conduct than the offences under the preceding legislation (the Theft Act 1968 (TA 1968)). No gain or loss need actually be made, and no deception need operate on the mind of the deceived for the Fraud Act 2006
BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance on
Having established that a duty of care exists (see Practice Note: Negligence—when does a duty of care arise?), it is then necessary to consider whether or not there has been a breach of that duty. This will depend on a number of factors outlined below and considered against the general background of
Brexit: The UK's departure from the EU on exit day ie Friday 31 January 2020 has implications for practitioners dealing with provisions in the CPR relevant to cross border matters, including CPR 5.4C (discussed below). For guidance on the impact of Brexit on the CPR, see Cross border
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