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Introduction The highly anticipated judgment in the Pilots1 case was handed down today. It concerns the Pilots National Pension Fund (PNPF), a UK industry-wide pension scheme for marine pilots. The PNPF is approximately £300m in...
Introduction In the Coalition Government’s first Budget, the Chancellor George Osborne declared Britain “open for business”. However, billed by the Treasury as a Budget to tackle the deficit and restore confidence in the economy,...
In this Alert: Key points What is the employer covenant? Whose covenant should the trustees assess? Assessing the employer covenant? Monitoring Contingent Assets Key points TPR has produced draft guidance1 for trustees on how to monitor...
Introduction Back in June 2009, TPR issued a statement on scheme funding and employer covenant (the sponsoring employer’s legal obligations to its DB scheme and its ability to meet them). Since then, TPR has received requests for...
Introduction The Equality Act 2010 (the Act) was one of the last “acts” of the outgoing Labour administration. It takes a huge step towards harmonising existing discrimination legislation, such as equal pay and age discrimination laws....
Introduction Prior to the FA04, exempt approved occupational pension schemes were required to keep any actuarial surplus within certain parameters. One of the ways in which surplus could be reduced was via a payment to the employer...
So, David Cameron is Prime Minister and the Conservatives have entered a coalition with the Liberal Democrats to form a Government. What does this mean for pensions policy? Summary Iain Duncan Smith is the new Secretary of State for Work...
