We are delighted to announce that our award winning HR legal portal “Global Edge” now contains a new special feature on UK pensions law. Global Edge gives instant access (via mobile device or desktop) to a vast array of employment law topics and the latest legal developments in 37 countries plus the EU. If, for … Continue Reading
On August 31, 2018, President Trump issued an Executive Order directing the Department of Labor (DOL) and Treasury Department to take action to “promote retirement security for America’s workers” by, among other things, expanding access to Multiple Employer Plans (MEPs). Specifically, within 180 days of the issuance of the Executive Order, DOL must “consider…whether to … 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
It was inevitable that at some point the Pension Protection Fund standard guarantee would be put to the test in the courts. That’s exactly what happened when a guarantee in favour of the Caribonum Pension Scheme was triggered by sponsor insolvency. Although not a surprising outcome, trustees of pension schemes which have Type A PPF … Continue Reading
The DWP is consulting on new powers for The Pensions Regulator (TPR). The consultation covers: Notifiable events framework Declaration of intent (new) Voluntary clearance Engagement with other regulators Fines Contribution notices and financial support directions Of particular note are the new civil and criminal sanctions. The DWP is proposing that TPR should be able to … 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
It’s that time of year again: the weather is wintry, despite it being nearly Spring; the New Year TV dramas have finished with nothing to replace them; and we are into the final few days of implementing Pension Protection Fund (PPF) levy saving measures. Are you on track to meet the PPF’s deadlines? Trustees that have … 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
It’s a while since we last commented on VAT on pensions but we return with some good news which HMRC have quietly slipped out in updated content to the VAT Manual. Back in 2014, following the PPG case, HMRC proposed withdrawing their practice of allowing employers to recover VAT on charges on administration costs for … 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
As the central bankers of the world gathered at Jackson Hole last weekend and considered how and when to taper quantitative easing programmes (“just how long do we have to hold these government bonds?” must have been one of their breakout sessions), a salutary reminder of the continuing reality of the financial crisis that began … 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
Trustees: don’t risk a fine due to a simple process failure! Reports show that transfer requests are steadily increasing in number and value. Suggestions are that this is due to the attractiveness of member choice and the introduction of new pensions flexibilities from 2015. So, with everyone talking about the impact of transfers-out on scheme … 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
