Governments can do many things to help tackle climate change. Insulation in older houses is in the news. New houses matter too. I know of a new housing estate, under construction now, with a gas boiler in every home. No heat pumps. No solar panels. Planning laws could be tweaked to make that impossible (or … Continue Reading
If you were under the impression that the single code of practice would be a consolidation of existing codes, then the content of this blog will come as a surprise! The Pensions Regulator (TPR) has published a consultation on the first phase of replacing the existing Codes of Practice with a single, online Code of … Continue Reading
Stacey Grundman and Doug Anderson recently published an article on the Supreme Court’s decision adopted under the Trump administration significantly cutting back the requirement that insurers and group health plans provide coverage for contraceptives without cost sharing under the Affordable Care Act (ACA) on our Employment Law Worldview blog. To read the full blog post online here.… Continue Reading
Coronavirus disease 2019 (COVID-19), commonly known as the “coronavirus” has raised many challenges for businesses. Among those challenges are the variety of employee related issues being raised. In addition to complying with various employment laws, including the new emergency leave laws and tax credits (see our blog), employers also have to consider the impact on … Continue Reading
It has gone relatively unnoticed in the media, but the government has brought in legislation (effective 2 December) enabling civil partnerships to be formed by opposite-sex couples in England and Wales, with the first ceremonies being possible from 31 December 2019. Opposite-sex civil partners will be treated in much the same way as same-sex civil … Continue Reading
Let’s start with the key point. If you get a knock on the door from The Pensions Regulator (TPR) then take a deep breath, do not panic and check your insurance policy as soon as you possibly can. TPR has promised to be “clearer, quicker and tougher” and we have certainly seen the regulator ramp … Continue Reading
We have previously commented on how the cyber threat to every UK pension scheme must now be very firmly at the top of every trustee’s risk register. GDPR has only served to highlight a fundamental challenge to the cybersecurity of schemes, a challenge that seems to evolve and grow by the week. PASA has just … Continue Reading
From asset pooling and actuarial valuations to administration and data, local government pension schemes have a lot to think about this year – meaning good governance is more important than ever. In this podcast episode recorded for Pensions Expert, Kirsty Bartlett, partner in our Pensions team, and Ian Colvin, head of LGPS Benefits and Governance … Continue Reading
The Investment Association has published its annual letter to Remuneration Committee chairs and updated Principles of Remuneration (“Principles”) for the next AGM season. Most of the changes reflect the new UK Corporate Governance Code and the Investment Association (“IA”) has updated the Principles to make them “clearer and sharper”. That certainly describes the tone taken … Continue Reading
“You need to get the basics right, including giving us up-to-date information about the scheme, and we will take action if you fail.” The Pensions Regulator’s (TPR) move towards being a “clearer, quicker and tougher regulator” is apparent from this statement, taken from its most recently published compliance and enforcement bulletin. TPR has recently fined … Continue Reading
Since 6 April 2018 companies have been unable to grant new EMI options, because the existing EU state aid approval expired without fresh approval having been received. So there has been much excitement today at the news that the EU Commission has now given state aid approval, and companies can now grant new EMI options. … Continue Reading
To celebrate the new tax year, we provide a round-up of some of the pensions measures that come into force on 6 April 2018. Bulk transfer without consent of DC benefits At last, trustees and employers can close an occupational money purchase (DC) plan without the pension plan actuary having to decide how the certification requirement … Continue Reading
The vagaries of EU State Aid approvals probably pass most of us by. However, they have come centre stage for many SMEs with HMRC’s announcement that it is not expected that an extension to the UK’s existing State Aid approval for EMI options will be granted before 6th April, when the current approval expires. HMRC … Continue Reading
Participants in Save as Your Earn (SAYE) schemes are currently able to take a “payment holiday” of up to six months. This helps participants keep their SAYE options by allowing them to take a break from making monthly payments, for example while they are on maternity leave. In the Autumn Budget the government announced the … Continue Reading
Colleagues have previously blogged about US tax reform and the impact on US retirement plan provisions. We highlight in this blog the key takeaway points from the US tax reform that will impact upon non-US institutional investors. In particular, it is worth noting that pension funds investing through partnership structures and/or real estate may be … Continue Reading
…… The answer is not so you don’t forget to send them a card! If you don’t know, please read on. We recently issued a communication in relation to the new anti-money laundering requirements affecting pension plan trustees, along with an earlier blog, which set out the steps that trustees should be taking in order … Continue Reading
The collapse of Carillion has raised many issues relating to public procurement, the actions of the board and the role of the auditors. But a press release by the Institute of Directors suggesting that in 2016 Carillion relaxed the clawback conditions that applied to bonuses has raised questions over remuneration governance. The change seems to … Continue Reading
Over one in five companies in the FTSE All Share index received at least 20% shareholder votes against a resolution at their 2017 AGM, or chose to withdraw a resolution. And executive pay remains a key issue for investors, with 38% of resolutions that in 2017 received significant votes against or were withdrawn related to … Continue Reading
The Financial Reporting Council has published for consultation its review of the UK Corporate Governance Code. This follows a fundamental review, with the proposed revised Code being a slim shadow of its former self (13 pages instead of 32). The FRC describes the result as “shortened and sharpened” but the outcome isn’t radical, with the … Continue Reading
Football, football teams, footballers, footballer’s pay… a comprehensive review of the case law on the taxation of termination payments… this one has got it all! The match… the case (HM Revenue & Customs v Tottenham Hotspur Limited) concerns termination payments made to Peter Crouch and Wilson Palacios. The facts are relatively straightforward. Both player’s contracts with Tottenham … Continue Reading
The Investment Association (IA) has published its annual letter to Remuneration Committee chairs and updated its Principles of Remuneration (the “Principles”), and many companies will need to take action before their 2018 AGM. The IA is encouraging voluntary disclosure of CEO pay ratios in 2018 Directors’ Remuneration Reports, has introduced a new requirement to defer … Continue Reading
With a whirlwind of changes enforced in the last seven years the state pension age, which remained unchanged from the 1940s until 2010, is yet again in for a shake-up. On 18 July, David Gauke, Work and Pensions secretary announced plans to bring forward the increase in state pension age to 68 – this will … Continue Reading
It’s time to hang up on cold callers! The loss of pension savings can have a devastating impact on an individual’s plans for retirement but this is an unfortunate reality for those who have fallen victim to pension scammers. The UK Government’s consultation response on pension scams shows its clear intention to ban cold calling … Continue Reading
With all the media frenzy over whether Theresa May has delivered on her (perhaps overly ambitious) promises on corporate governance reform, it is easy to miss the substance of what the Government has just announced. Although there are no bold new initiatives, there are plenty of changes that are designed to deliver nudges to corporate … Continue Reading
