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Pensions

Pensions

Governing Law And The Case Of The Disappearing £45 Million Funding Deficit

Sarah Phillips

The case of Briggs & Ors v Gleeds (Head Office) & Ors, is a salutary lesson on taking care to comply with the required formalities when executing deeds.

Around thirty deeds dated between 1993 and 2006, which were intended to amend the pension scheme documentation, were found to be invalid because the signatures of the partners in the employing partnership had not been witnessed.

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LChalmers

Pension Provision - The Times They Are A-Changin'

Sarah Phillips
LChalmers

Employers Beware: The Member Strikes Back

Burness admin

When Not-For-Profit Meets Not Fit For Purpose

We all know the script up to this point: since the early 90s successive governments have tried to increase the protection to DB pension schemes against underfunding and abandonment by their sponsoring employers.   Changes introduced aim to encourage companies to be more accountable for the promises they make, and work to secure the benefits that employees expect to receive in retirement. 

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Burness admin

To Budget Or Not To Budget? (That May Be The Question)

Mark Lindsay

"To budget or not to budget?" is the question that large numbers of individuals above the age of 55 will have to ask themselves, following yesterday's surprise announcement by the Chancellor. He intends to remove the requirement for individuals to use their Defined Contribution (DC) pension pot to purchase an annuity or use income drawdown at retirement.  As a result DC pension scheme members will be able to take all of their benefits as a cash lump sum.

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LChalmers

Let's Start At The Very Beginning - A New Solution To Current Pension Difficulties

Liam Young

Observing significant shortfalls in existing public and private pension arrangements, the think-tank Reform Scotland has recently published a proposal to completely overhaul the UK pension system.

The proposal focuses on three areas of perceived weakness within the existing pension framework – uncertainty, insecurity and cost:

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LChalmers

Breaking Up Is Hard To Do

Jennifer Chambers

The Financial Services (Banking Reform) Act (“the Banking Reform Act”) passed into law on 18 December 2013 and has been hailed by some as the most significant reform of the banking sector in a generation.  Its aim is to make the UK banking sector more resilient after the 2008 financial crisis. This somewhat populist statute certainly sets out steeper responsibilities and harsher penalties for senior executives including a presumption of guilt where regulations have been contravened, and prison sentences of up to seven years for allowing a financial institution to fail.

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LChalmers

Catch-2014

Mark Lindsay

As we approach 6 April 2014, there are a number of not-for-profit (and possibly many other) organisations who will look on its arrival with a sense of dread.

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LChalmers

What Is The Role Of The PPF? UK Coal Deal Heats Up The Debate

Cameron McCulloch

UK Coal last week announced an innovative restructuring of its mining division, which will see its pension scheme enter the Pension Protection Fund (PPF). The PPF is a lifeboat fund which provides compensation to pension scheme members where their employer becomes insolvent. It is funded by an annual levy payable by pension schemes in the UK.  

The restructuring will result in UK Coal’s pension liabilities transferring to the PPF with the remaining viable parts of the mining business being moved (together with the assets) to individual companies owned by a new business.

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LChalmers

When The Safety Net Fails

Liam Young

It may be difficult to find fault with the intentions behind the Pension Protection Fund (PPF) - a safety net for pension scheme members in case their employers go insolvent. It is funded by an annual levy from each eligible employer in the UK, with those most at risk of insolvency paying the highest levy. Furthermore, the PPF hopes to be self-sustainable by 2030, and a self-sustainable safety net is the best kind of safety net.

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LChalmers