Pensions analysis: The Pensions Ombudsman has rejected a substantive complaint in the determination of Mr T, CAS-52248-V9M5 that the member’s incorrect Lifetime Allowance status held by the scheme delayed the payment of a transfer value at a higher level. The Pensions Ombudsman decided that the error did not prevent the complainant transferring and the scheme could not have known that he wanted to transfer in any event. However, the Ombudsman did award the member £1,000 compensation for distress caused by the scheme’s maladministration due to the incorrectly held records. Martin Scott of gunnercooke LLP looks at the decision.

Introduced by the Housing Grants, Construction and Regeneration Act 1996 (HGCRA 1996), the Scheme implies certain provisions relating to adjudication and payment into all construction contracts that are subject to the HCGRA 1996 but which do not comply with its requirements.

A scheme changing, replacing or extending the trusts of a charity made under section 69 of the Charities Act 2011.

In this Practice Note, references to trustees include trustees and trustee directors of occupational pension schemes, as well as scheme managers and pension board members of public service pension schemes. What is EDI? Equality, diversity and inclusion (EDI) is a combined approach to ensuring that people from a wide range of backgrounds are fairly treated, valued and able to contribute meaningfully. More specifically: • equality is about providing equal opportunities and addressing disadvantage so that individuals are not limited by their background or characteristics • diversity recognises and values both visible and non-visible differences, extending beyond legally protected characteristics • inclusion ensures that this diversity is effectively used by creating an environment where individuals feel respected, heard and able to thrive The Pensions Regulator (TPR) believes that, where equality, diversity and inclusion work together when running a pension scheme, trustees are better able to draw on the full range of skills and experiences available, leading to better decision-making, risk management and member outcomes. Since 28 March 2023, TPR expects trustees and employers to treat their

This guide is primarily aimed at trainees, newly qualified lawyers and other persons who are new to or unfamiliar with pensions law and also provides a high level overview for in-house lawyers who aren’t pensions experts. Good scheme governance matters because it helps ensure that a pension scheme is run effectively and in the best interests of its members. Specifically: • it gives trustees clear oversight of day-to-day operations, responsibilities, and delegations, helping to ensure consistent compliance with legal and regulatory obligations • it contributes to better decision-making and value for members Good governance encompasses various areas including: • the duty to have an effective system of governance (including internal controls) • risk management • conflicts of interest • working with advisers • equality, diversity and inclusion (EDI), and • record-keeping Effective system of governance (including internal controls) Since 13 January 2019, trustees of occupational pension schemes are required to establish and operate an effective system of governance (ESOG) which includes internal controls. That system must be proportionate to the size, nature, scale and complexity of

Is there a duty to manage risks? While there is no specific duty for trustees to manage risks, risk management feeds into the duty to have an effective system of governance (ESOG), including internal controls, in two ways: • the Pensions Regulator (TPR) considers that establishing and operating internal controls involves identifying, recording, monitoring and evaluating risks. This is because assessing risks enables trustees to identify which risks need internal controls to be introduced in order to lessen both how often they occur and the severity of their effects. For further information on internal controls, see Practice Note: Pension requirement for an effective system of governance, including internal controls (ESOG)—Internal controls • the ESOG duty includes a duty to carry out and document an own risk assessment (ORA), that is an assessment of how well the ESOG is working and the way potential risks are managed. Notwithstanding this, TPR considers that the risk management function exists separately from the trustee duty to undertake an ORA. For further information on the ORA, see Practice Note: Pension

In AMP (UK) Ltd plc v Barker and Others, the High Court held that scheme members are not 'purchasers' of their pension rights, even though those rights may be in their contracts of employment. Therefore, if there is an error by, for example, the employer in giving higher benefits than initially indicated, they are not entitled to such improvements. A rectification order was therefore granted to remove the erroneous benefit enhancement.

Pensions analysis: The Pensions Ombudsman has partly upheld a complaint about the reimbursement of legal fees in a dispute concerning an incapacity pension. Martin Scott of gunnercooke LLP looks at the decision.

A formal arrangement in the UK between the company and its creditors and/or its members (or a class of its creditors or members) pursuant to Part 26 of the Companies Act 2006 (CA 2006) (otherwise known as a scheme or Part 26 Scheme) which is sanctioned by court. The voting threshold for approval of the scheme is 75% by value and a majority in number of creditors (or members) or any class thereof voting in person or by proxy at each of the scheme meetings. This voting majority means that dissenting creditors can be easily crammed down.

There are two primary methods of implementing a takeover of a UK public company: (1) by way of a offer'>contractual offer (2) by way of a scheme of arrangement under CA 2006, Pt 26, or equivalent statutory provisions in the Channel Islands or the Isle of Man. Provisions in relation to schemes are set out in Appendix 7 of the Code.

Restructuring & Insolvency analysis: A scheme binding creditors of Spanish finance group Codere, sanctioned in the High Court on 17 December 2015, was followed up by a Chapter 15 recognition order by the US courts. Martin Ouwehand, barrister at Radcliffe Chambers, explores the issues in Re Codere Finance (UK) Ltd.

A pension entitlement provided to a member of a registered pension scheme, the entitlement to which is an absolute entitlement to a lifetime pension under the scheme that cannot be reduced year on year (except in narrowly defined circumstances) and meets the conditions laid down in the Finance Act 2004, Sch 28, para 2.