To what extent does your trustee board understand the various ways in which they might be protected if things go wrong and claims are made against them? It is a difficult topic to think about, as no trustee ever wants to be on the receiving end of a claim. If your trustee board has not … Continue Reading
The rugby Six Nations Championship has been a recent topic of conversation. But do you know how long pensions dashboards have been a topic of conversation? Almost 10 years – ever since the issue was raised in a report by the Financial Conduct Authority in December 2014! We are now about to witness kick-off as … Continue Reading
The investigations into Odey Asset Management and its founder, Crispin Odey, which are currently capturing the headlines in the financial press, tell a familiar story of how fast a financial institution can fall from grace when disaster strikes. Institutional investors (and by extension some retail funds that had been invested in Odey’s strategies) have already … Continue Reading
It can’t be long before someone starts discussing LDI-Gate (the turmoil in the gilts market following the Government’s September mini budget), looking for parties to blame. There have been rumours about potential claims against liability driven investment (“LDI”) managers and investment consultants, and pensions celebrities have been summoned to appear before parliamentary select committees to … Continue Reading
Once in a while trustees get frustrated with what the law appears to tell them is their fiduciary duty. If they can afford it, trustees can resolve such ambiguities or uncertainty by getting a ruling from the courts as to how to interpret their duties. This is what two sets of charitable trustees recently did … Continue Reading
Today, 28 January, is international “data protection day” (as explained on Wikipedia). Its purpose is to raise awareness and promote privacy and data protection best practice; there is no suggestion that organisations (including pension schemes) can ignore data protection the other 364 days of the year! Here in the UK, many clients will remember the rush to get … Continue Reading
Today marks the third anniversary of the landmark Lloyds legal case. This case confirmed a legal requirement to provide sex equality in pension scheme benefit structures, and remove any remaining inequality resulting from the way in which Guaranteed Minimum Pensions (GMPs) have to be provided under Government regulations.… Continue Reading
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 are a trustee, have you ever had one of those letters or emails questioning your investment strategy? I don’t mean questions about de-risking triggers, the security of counterparties or even strategic asset allocation queries, which are the stuff of trustee meetings. The type of enquiry I am referring to is the persistent member … Continue Reading
GMP Equalisation and Underpaid Cash Equivalent Transfer Values – Will Trustees Have to Trace and Compensate Members Proactively, or Can Trustees Wait for Claims? Shortly after the High Court decision commonly referred to as “Lloyds 3”, which considered the issue of guaranteed minimum pension (GMP) equalisation and the extent to which past transfers out should be … 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
If you are going round in circles trying to figure out the final shape of the new insolvency legislation, read this blog which takes a look at the impact the final amendments made to the legislation will have in the pensions sphere. The Corporate Insolvency and Governance Act 2020 (the Act) received Royal Assent on … Continue Reading
Part Two Yesterday, we looked at the proposed new moratorium process and the implications for pension schemes. Today we consider the new restructuring plan process. Background The Corporate Insolvency and Governance Bill (the Bill) is passing through parliament at the moment. Some of the measures included in the Bill are in response to the current … Continue Reading
Part One The Corporate Insolvency and Governance Bill (the Bill) is passing through parliament at the moment. Some of the measures included in the Bill are in response to the current pandemic and will provide temporary easements for company directors from an acute economic downturn. Other measures have been under consideration for a while, and … Continue Reading
Daily policy initiatives by governments across the world who are desperate to avoid the worst ravages of an economic recession are fuelling a lot of the volatility in public markets with which investors are now sadly familiar. However, many pension funds have significant private market exposures through alternative investments. Those holdings are not immune to … 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
Whether you are more in the Mary Poppins or Corporal Jones camp when it comes to dealing with unexpected emergencies like the Coronavirus outbreak, the choice between taking minimal precautions for continuing business operations as normal and panicking is not very palatable. Pension fund operations are highly complex and, just like their counterparts in the … Continue Reading
The recent Employment Tribunal case of Mr Jordi Casamitjana, which caused quite a stir in the media, focused on the Tribunal’s decision that ethical veganism was eligible to qualify as a “protected characteristic” under the Equalities Act 2010. In that case, Mr Casamitjana was dismissed on the grounds of gross misconduct by his employer, the … 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
Dinner time! Or rather, it’s time for our near annual reminder of the perils of ignoring The Pensions Regulator (TPR). We know by now that it really does bite! In 2017 we wrote about the first high profile uses by TPR of its power to prosecute individuals for failing, without reasonable excuse, to comply with … 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
