Annuity that starts to pay out from a future date.

A scheme member who has left employment, or otherwise ceased to be an active member of the scheme while remaining in employment, but retains an entitlement to benefits from the scheme.

Pensions analysis: The Deputy Pensions Ombudsman has upheld a complaint about an enhanced early retirement pension. Martin Scott of gunnercooke LLP looks at the decision.

Pension due to be paid to a deferred member.

An agreement between a prosecutor and an organisation, approved by court, under which the prosecution of the organisation is deferred provided the organisation agrees to comply with the requirements imposed on it. Only available for certain offences in accordance with Schedule 17 to the Crime and Courts Act 2013.

On 30 October 2020, Mrs Justice May, sitting in Southwark Crown Court, gave her approval to the deferred prosecution agreement (DPA), which had been provisionally approved and is made between the Serious Fraud Office (SFO) and Airline Services Ltd (ASL), a company operating in the airline industry.

What is a deferred prosecution agreement? A deferred prosecution agreement (DPA) is an agreement between an organisation and a designated prosecutor to enable the latter to defer a prosecution by staying an indictment on specific terms (see Practice Note: Terms and content of a DPA). It encompasses a power given to the court to approve the terms that have been negotiated between the company and the prosecutor as part of the DPA process (see Practice Note: DPA process). No proceedings in relation to the matters covered by the DPA may be instituted against the organisation while the DPA remains in force. A DPA therefore allows an organisation to continue without the threat of a lengthy criminal investigation and a costly prosecution hanging over it. Thereafter, once it expires, the proceedings will be discontinued (see Practice Note: Discontinuance of a DPA). The company's employees, shareholders and other stakeholders can therefore take comfort from the agreement that the organisation will not be prosecuted in relation to specific events. However, this will be subject to strict terms or conditions,

Corporate Crime analysis: This claim for judicial review concerned the decision to publish a de-anonymised judgment in respect of a deferred prosecution agreement (DPA). The Divisional Court dismissed the claim for judicial review and upheld the decision of May J (as she then was) to publish her DPA judgment in a de-anonymised form. The court held that the process of approving a DPA under paragraph 8 of Schedule 17 to the Crime and Courts Act 2013 (CCA 2013) is part of the administration of justice to which the common law principle of open justice applies. That is subject to an exception: namely that the names of individuals cannot be published if it is necessary to protect any Convention rights, such as the right to respect for private life under Article 8, or any common law rights. On that basis, the court held that the starting point and the balancing exercise applied by May J were correct. The claim was dismissed. Written by Eleanor Fox, barrister at 2 Hare Court.

Corporate Crime analysis: What’s the latest on deferred prosecution agreements (DPAs)? Chris Stott and Matthew Burn, lawyers in Clifford Chance’s litigation and dispute resolution practice, give an update on this relatively new tool for UK prosecutors.

A sentence which is determined after a delay to allow the court to assess any change in the person’s conduct or circumstances after his or her conviction.

A deferred share bonus plan is an employee share incentive scheme where some/all of the employee’s bonus is paid in shares instead of cash, and payment of the shares is deferred for a specified period, during which the participant must remain employed in order to receive the shares.

This Practice Note details the obligations placed on quoted companies in respect of the establishment, implementation and operation of a deferred share bonus plan. For a more detailed introduction into deferred share bonus plans, see Practice Note: An introduction to deferred share bonus plans. UK Listing Rules Deferred share bonus plans are likely to be, by their nature, employees’ share schemes pursuant to the definition in the Companies Act 2006 (CA 2006) as they are generally established to encourage or facilitate the holding of shares in the company by or for the benefit of employees. The definition of employees' share scheme in the UK Listing Rules (UKLR) is that contained in CA 2006, which includes any scheme: • for encouraging or facilitating the holding of shares in or debentures of a company by or for the benefit of: ◦ the bona fide employees or former employees of the company, any subsidiary of the company or the company’s holding company or any subsidiary of the company’s holding company, or ◦ the spouses,