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Introduction On 26 February 2018, the DWP published a response to the consultation on the draft Occupational Pension Schemes (Employer Debt) (Amendment) Regulations 2017 together with a final version of the regulations, now called The...
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 Key points Type A contingent assets – guarantor strength Contingent assets: standard...
Career Average Revalued Earnings Schemes (known as CARE schemes) are a form of DB pension arrangement adopted by employers seeking greater costs control than may be achieved under a traditional final salary scheme. For an employer looking...
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 member’s final pensionable salary. The lump sum will be available at retirement to provide...
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 liabilities (both calculated on a prescribed basis), the amount equal to the difference is...
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 other employer (who is not an employer who employs only members with DC benefits) continues...
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 modification”) which would or might adversely affect a member’s subsisting rights. ...
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: offering, promising or giving a bribe (active bribery); requesting, agreeing to receive or...
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 contributions. The schedule sets out the rates of the contributions payable to the scheme and...
