Effective management of DB liabilities is one of the biggest concerns for both companies and trustees with DB pension arrangements. We work closely with employers and trustees to help them bring their liabilities under control. This involves advising on all aspects of benefit design and future service benefit changes such as closure, salary capping, reduction […]
We work closely with employers and trustees to help them bring their liabilities under control. This involves advising on all aspects of benefit design and future service benefit changes such as closure, salary capping, reduction of future accrual, going hybrid, and changing from RPI to CPI. Our experience means we’re well placed to advise on the complex issues that arise and offer pragmatic and tailored advice for each situation.
We also advise on past service benefit changes such as bulk transfers, PIEs, trivial and small commutation exercises, GMP reconciliation, equalisation issues and ETVs. Our aim is to give you practical guidance, coupled with clear commercial advice.
Introduction Hailed by TPR as the “last piece of the jigsaw to help schemes carry out valuations under the new DB funding code”, yesterday TPR...
Introduction After months of speculation, the final draft DB funding code (“the Code”) was laid before Parliament today, with TPR hailing it as...
Introduction On 25 July 2024, in the case Virgin Media v NTL Pension Trustees II Limited (and others), the Court of Appeal upheld the High Court’s...
Introduction TPR today published a consultation on the statement of strategy (the “Statement”) that DB trustees will need to submit as part of...
Introduction On 23 February 2024, the DWP published a consultation seeking views on proposals to make it easier to make payments from DB scheme...
Introduction The first document in the new funding regime jigsaw has now been issued in final form. Designed to implement new requirements set out in...
Introduction Among the Autumn Statement’s 110 growth measures, the Chancellor of the Exchequer, Jeremy Hunt, announced a “comprehensive package...
Katie Whitford, senior associate, is quoted as part of an article on Mallowstreet, which considers whether the case for a new DB code has stood the...
The FCA’s new consumer duty aims to set higher and clearer standards of consumer protection across financial services, requiring firms to put their...
The natural inclination is to ‘do’. It is human instinct. Do something; do anything; do everything. Never is that urge stronger than when what...
Introduction As widely trailed in the press, the Chancellor, Jeremy Hunt, delivered his Mansion House speech last night. Being guided by three golden...
The Chancellor Jeremey Hunt’s Mansion House speech took place last night, with the changes announced being guided by three golden rules, including...
Introduction On 16 June 2023, in the case Virgin Media v NTL Pension Trustees II Limited (and others), the High Court ruled on the correct...
Partner Georgina Jones gives her monthly round-up of what’s been happening in the last few weeks. “While developments have slowed a little for...
Like many pensions lawyers, I have spent much of my career talking about underfunded defined benefit schemes – section 75 debts, recovery...
Introduction On 16 December, TPR delivered its long anticipated second consultation on a new draft DB funding code. The draft code is designed to...
The UK’s Consumer Price Index recently rose by 10.1%, the highest annual inflation rate since 1982, with reports indicating this could increase...
Cost of living increases have reached levels unprecedented in recent history. CPIH rose by 8.8% in the 12 months to July 2022, the highest annual...
The DWP is currently consulting on draft regulations which set out the detail of the requirements introduced under the Pension Schemes Act 2021 for...
A question which often arises in the context of corporate transactions is whether there is a need to carry out a consultation under pensions...
Notwithstanding the current economic climate, an increasing number of schemes seem to be finding themselves with a healthy funding position and the...
Introduction Designed to implement new requirements set out in the PSA21 for DB schemes to have a funding and investment strategy (“the F&I...
For most of the past thirty years it is fair to say that if you were lucky enough to have a defined benefit (DB) pension then you didn’t need to...
“Houston, we have a problem”. Although the DC mission to help employees save up for a pension has been going well with auto enrolment, it is...
Administering occupational pension schemes is a tough gig. The past few months have seen a steady stream of new legislation which has meant...
Trustees issue lots of communications to their beneficiaries. Some are day to day comms, others are a one-off. Some go to the whole membership and...
Running a pension scheme involves making lots and lots of decisions of all shapes and sizes. Decisions which affect just one member through to...
We have responded to a DWP consultation which is seeking views on a range of policy questions relating to the creation of pensions dashboards. Read...
Cool (pension scheme) runnings – working with your administrator Administering a pension scheme is not easy and the bar keeps getting higher with...
Introduction On 16 December 2021, the PPF published its policy statement and formal levy rules for 2022/23. Click here for a PDF of this Alert. In...
Our Sackers Corporate briefing (PDF) takes a look at the latest developments in pensions for employers and corporate investors. In this briefing New...
Introduction Against the backdrop of PSA21, on 8 September 2021, the DWP published a consultation seeking views on changes to the notifiable events...
Our Sackers Corporate briefing (PDF) takes a look at the latest developments in pensions for employers and corporate investors. In this briefing...
Introduction TPR today published a consultation, which closes on 22 April 2021, on its proposed policy approach towards investigating and prosecuting...
Introduction On 25 November 2020, HMT and the UK Statistics Authority (“UKSA”) published their response to this year’s consultation on the...
Introduction On 12 November, TPR published guidance for trustees of all DB schemes, encouraging them to prepare now for the possibility that their...
At the start of the pandemic, TPR was quick off the mark to publish funding and investment guidance for trustees. It subsequently updated this in...
Claire van Rees, partner, has commented on the new guidance for trustees and employers considering a superfund, which has been published by TPR....
Introduction On 21 October 2020, TPR published guidance for trustees and employers contemplating a transfer to a DB consolidator superfund (or other...
The FCA’s consultation on advising on pension transfers has now closed and we wait with baited breath for the response; expected in early 2021. Add...
All occupational pension schemes must prepare an annual report and accounts within seven months of the end of each “scheme year”. However, on and...
Contents Our Sackers Corporate briefing (PDF) takes a look at the latest developments in pensions for employers and corporate investors. In this...
Kirsty Pake, senior associate, has commented in Pensions Expert on whether it is time for pension trustees to do more to help members, as record...
In recent years there has been a lot of discussion about consolidation of DB pension schemes. Drivers for consolidation include improving security of...
Introduction Expedited as a result of the COVID-19 pandemic, the Corporate Insolvency and Governance Act 2020 (“the Act”) received Royal Assent...
Introduction On 18 June 2020, TPR launched a new interim regulatory regime for DB consolidator superfunds (and other new models), pending the...
Today The Pensions Regulator (TPR) have published regulatory guidance for those setting up and running defined benefit (DB) superfunds. Since the...
Partner, Claire Carey, will be joining an SPP cross-disciplinary panel discussion on 24 April. Held as a webinar, the subject will be ‘COVID-19...
Partner, Faith Dickson, will be speaking at the joint Society of Pension Professionals / Association of Pension Lawyers London Evening Meeting,...
Update: On 16 June 2020, TPR published a “major rewrite” of this Guidance, designed to consolidate various strands of its guidance, to provide an...
Introduction Today, TPR published the first stage of a “major” consultation on its revised code of practice for DB funding. Running to 175 pages,...
Introduction Originally published in October (see our Alert), the Pension Schemes Bill (“the Bill”) has been reintroduced to Parliament. The Bill...
Introduction On 16 December 2019, the PPF published its final levy rules for the 2020/21 levy year. Click here for a PDF of this Alert. In this Alert...
Introduction Just in time for Easter, the Government has published its long awaited guidance on using the GMP conversion legislation to help crack...
Introduction Whilst all was quiet on yesterday’s spring statement front, and uncertainty remains on what will become of Brexit by the end of March,...
Introduction On 11 February 2019, the Government published a response to its consultation on bolstering TPR’s powers which it believes will help...
Introduction On 12 December 2018, the PPF published its final levy rules for the 2019/20 levy year. Click here for a PDF of this Alert. In this Alert...
On 7 December 2018, the DWP published its latest consultation promised by this year’s White Paper (see our Alert), setting out its proposals for a...
Introduction The High Court handed down its highly anticipated decision in Lloyds Banking Group Pensions Trustees Ltd v Lloyds Bank plc and others on...
Introduction The PPF has published a consultation and draft levy rules which set out the basis on which it intends to charge the pension protection...
This is a consolidated version of the responses submitted to the DWP using its online survey Background The DWP is seeking views on the first of the...
Introduction On 26 June 2018, the DWP published the first of the consultations promised by this year’s White Paper (see our Alert), “Protecting...
Introduction “Protecting Defined Benefit Pension Schemes”, the DWP’s long-awaited follow-up to its 2017 Green Paper on DB private sector...
Introduction As has become customary for the pensions industry, April heralds a number of changes, and 2018 is no exception. Click here for a PDF of...
Introduction On 26 February 2018, the DWP published a response to the consultation on the draft Occupational Pension Schemes (Employer Debt)...
Introduction On 19 December 2017, the PPF published its final levy rules for the 2018/19 levy year. Click here for a PDF of this Alert. In this Alert...
Career Average Revalued Earnings Schemes (known as CARE schemes) are a form of DB pension arrangement adopted by employers seeking greater costs...
A “cash balance” scheme is a form of DB pension arrangement where the defined benefit is a lump sum expressed as a formula linked to the...
Under section 75 and section 75A of the PA95, where the value at the trigger time of a DB scheme’s assets is less than a scheme’s...
A debt calculation is triggered when an employer has ceased to employ at least one person who is an active member of the scheme, and at least one...
Section 67 of the PA95 applies whenever a power to modify an occupational pension scheme is exercised to make a change (known as a “regulated...
The Bribery Act 2010 came into force on 1 July 2011. It aims to update and simplify the UK’s anti-corruption laws. The Act creates 4 offences:...
The trustees of an occupational DB pension scheme are required to prepare, and from time to time review and if necessary revise, a schedule of...
The scheme funding provisions contained in the PA04 require trustees to prepare a statement of funding principles (SFP) for ensuring, amongst other...
