In relation to formal guidance sought from the Executive, a ruling where the Executive is able to hear the views of other parties involved. An unconditional ruling is binding on those who are made aware of it unless and until overturned by the Hearings Committee or the Takeover Appeal Board. See Section 6(b) of the Introduction to the Code (Interpreting the Code — rulings of the Executive and the requirement for consultation).

The Occupational Pension Schemes (Collective Money Purchase Schemes) (Extension to Unconnected Multiple Employer Schemes and Miscellaneous Provisions) Regulations 2025, SI 2025/1313 were made on 15 December 2025, after a draft version was laid before Parliament on 23 October 2025. Coming into force on 31 July 2026, the regulations establish the full regulatory framework allowing unconnected multiple employer collective money purchase (CDC) schemes to operate for the first time.

Dispute Resolution analysis: A sophisticated commercial party acting with the benefit of legal advice could not properly plead serious disadvantage where there was no substantial inequality of bargaining. Further, a claim of lawful act economic duress was unsustainable where the party exerting the relevant pressure was acting lawfully in pursuit of a demand in good faith. Further, acceleration of payment provisions that merely required the payment of sums due at an earlier date and in line with the legitimate interest of the recipient party were not penal. The High Court so held in granting the claimant Adare Finance DAC (Adare) summary judgment in respect of its monetary claim for sums outstanding under financial agreements to which there was no justiciable defence against the defendants Yellowstone Capital Management (Yellowstone) and Michel Ohayon (Ohayon) and dismissing their defences and counterclaim. Written by Sandip Patel QC FCIArb, managing partner of Aliant, London.

This Practice Note provides information for law firms about unconscious bias, including what it is, how it can impact diversity and inclusion (D&I) and how it can be addressed. Further information about different aspects of D&I can be found in the following Practice Notes: • Diversity monitoring—law firms • Attracting diverse talent—law firms • Retaining diverse talent—law firms What is unconscious bias? How people think can depend on their socialisation, life experiences and exposure to others’ views. Sometimes people have preferences, beliefs and views about other people that might not be right or reasonable. This is known as unconscious bias. Bias will influence a person’s judgement, behaviour and perceptions. Every person has a unique set of life experiences from which they form their values, eg what is important to them in life, work and their beliefs. This means every individual has a unique perspective of what, to them, is familiar, and hence comfortable and safe. As a result, everything else outside their perspective is different, unfamiliar and potentially more uncomfortable to engage with.

A UK trade mark is defined by section 1 of the Trade Marks Act 1994 (TMA 1994) as any sign which is capable: • of being represented in the register in a manner which enables the registrar and other competent authorities and the public to determine the clear and precise subject matter of the protection afforded to the proprietor, and • of distinguishing goods or services of one undertaking from those of other undertakings TMA 1994, s 1 further specifies that a trade mark may, in particular, consist of words (including personal names), designs, letters, numerals, colours, sounds or the shape of goods or their packaging. The definition in TMA 1994, s 1 is derived from Article 3 of Directive (EU) 2015/2436, which was implemented into UK law on 14 January 2019 by the Trade Marks Regulations 2018, SI 2018/825. Previously, it had been necessary for a trade mark to be capable of being ‘represented graphically’ on the register, but the amended position has given trade mark proprietors greater flexibility to make use of

Corporate Crime analysis: A former Halifax Bank of Scotland (HBOS) manager, along with a number of his associates, were recently given prison sentences for their part in a £245m loan scam. Jasvinder Nakhwal, partner at Peters & Peters, and legal researcher, Craig Hogg, explain the background to the case and consider the judgment.

Commercial analysis: The term ‘greenwashing’ is widely recognised in relation to Environmental Social Governance (ESG). In short, it is a term used to describe a deceptive practise whereby corporates provide false or misleading claims about their environmental impact to make them appear to be implementing environmentally friendly practises. Written by Jane Anderson, lead practice development lawyer, and Yasmina Bugel, trainee solicitor, both at Irwin Mitchell.

Funds held in respect of the member under a money purchase arrangement that have not as yet been used to provide that member with a benefit under the scheme (so have not crystallised), as defined in paragraph 8(3) of Schedule 28 to the Finance Act 2004.

A lump sum benefit paid from a money purchase arrangement following the death of the scheme member before the age of 75 (and within two years of that date of death) from any uncrystallised funds the member held in that arrangement at the point of death, and as defined in paragraph 15, Schedule 29 to the Finance Act 2004.

Since 6 April 2015, type of authorised member payment which enables a member entitled to ‘flexible benefits’ to draw part or all of their pension pot as a lump sum. A UFPLS must meet the conditions set out in the Finance Act 2004, Sch 29, para 4A. The first 25% of a UFPLS is tax-free and the remainder taxed at the member's marginal rate of income tax.

This is the mechanism set out in the Taxation of act-2014'>Pensions Act 2014 that allows retirees to take lump sums out of their defined contribution scheme pension after age 55 without crystallising the pension pot. The lump sum can be whenever and in as many withdrawals as the retiree wants. It can be used to cash out the rights in part or in full without having to enter drawdown.

FORTHCOMING CHANGE: Section 10 of the Finance Act 2022 will increase the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028 (save for members of the firefighters, police and armed forces public service pension schemes). The Finance Act 2022 will also give members of registered pension schemes a right to take their benefits before age 57, if on or before 4 November 2021 they either had an ‘unqualified right’ to take benefits or were in the process of a substantive transfer to a scheme offering an unqualified right to a protected pension age of less than 57 on or before 4 November 2021. To benefit from this new 2028 protection, the rules of the pension scheme must have included (on 11 February 2021) an unqualified right to take the entitlement to scheme benefits before age 57. For further information, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact. THIS PRACTICE NOTE APPLIES IN RELATION TO MONEY PURCHASE ARRANGEMENTS What is an uncrystallised funds pension lump