“There is broad agreement on the principles, but there are huge dangers lurking in the detail… Those dangers have to be flushed out before the bill is sent to the other place.” (Baroness Sherlock) Yesterday the pension schemes bill (the bill) had its second reading in the House of Lords. There was much comment and … 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
On 19 December 2019, an epic story with multiple twists and which many thought would never happen will reach its conclusion. And there will be no droids or Wookies involved. Yes, it’s the day we are expecting the ruling of the Court of Justice of the European Communities (“CJEU”) in connection with the German case … 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
9 December 2019 is an important date in each of their respective calendars, albeit for different reasons. 9 December is national heroes day in Antigua and Barbuda and it is also a date that should be of note for pension scheme trustees. Not only is it the eve of the coming into force of various … 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
Think you have cracked auto enrolment? You may have chosen a pension scheme, enrolled the right people and notified The Pensions Regulator (TPR). What else can be left? Here are the top three things required to help you stay on track. 1. Re-enrolment and re-declaration Every three years you must assess some of your staff … Continue Reading
The pension schemes bill has been issued, giving The Pensions Regulator (TPR) stronger powers, but its passage through parliament is far from over. The new bill legislates for “collective money purchase benefits” and the pensions dashboard, it amends the scheme funding provisions of the Pensions Act 2004 and introduces changes to the individual transfer regime … Continue Reading
Risk management is tricky, as things move along so fast, You think you have it covered, but that status doesn’t last. In terms of regulations, you may be surprised to learn Five hundred have been issued since the last decade did turn. We’re close to Twenty Twenty, it’s a good time to reflect On headlines … Continue Reading
Many people benefit from having a daily routine of some sort. Repetition takes away the stress of having to make lots of small decisions. For example, I take a brisk walk along the same route from the station to my office most days – I can judge whether I’m running early or late depending when … 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
The Competitions and Markets Authority (CMA) has issued its final order in relation to its investigation into the investment consultancy and fiduciary management market. The order comes into effect in two parts. Most provisions are effective from 10 December 2019, giving trustees and managers time to prepare for the changes. The monitoring and compliance provisions … Continue Reading
The Mad Hatter’s tea party would not have been as brilliantly bonkers if the characters were not so diverse. Could pension schemes be managed better if they were more diverse, or is the Pensions Regulator (TPR) just as mad for promoting the need for change? If it is your birthday, unbirthday or any other day … Continue Reading
If you are a trustee of an occupational pension scheme, it is time to start preparing for the new ESG requirements, some of which kick-in on 1 October 2019. What is ESG? Environmental, social and governance considerations have come to the fore in recent years especially in the context of pension scheme investment. In its … 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
Debt illustrations are starting to land on the desks of employers who have historically participated in the Plumbing & Mechanical Services (UK) Industry Pension Scheme (“the Plumbing Scheme”). Together with Chris Hawley of Barnett Waddingham, we explore the arising issues and what challenges are open to these employers. Background The challenges facing the Plumbing Scheme … Continue Reading
Government consultation on transposing the fifth EU money laundering directive into UK law is under way. Do pension trustees need to worry about it? Probably not. Most of the shocks came in 2017, when the fourth money laundering directive was adopted in the UK. At the same time that many pension trustees were implementing a … 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
Brexit insolvency issues for trustees of pension schemes with overseas sponsors You might remember that before 2016, in the world before the EU referendum (which did exist!), it was effectively not possible for the insolvency of an overseas sponsor of a UK pension scheme to trigger entry into the PPF unless the overseas sponsor had … Continue Reading
Are you a professional trustee of an occupational pension scheme? If so, you will soon be expected to apply for accreditation and demonstrate that you meet a new set of standards. The Professional Trustee Standards Working Group recently published details of a proposed accreditation framework for professional trustees. This follows on from a consultation which … Continue Reading
Does your DC scheme have less than £10m in assets or fewer than 1,000 members? If so, you may have to consolidate into another arrangement – or explain why you should not. The encouragement of DC consolidation is one of the proposals in the DWP’s consultation “Investment Innovation and Future Consolidation”, which runs until 1 … Continue Reading
We may be approaching Valentine’s Day, but the new “Declaration of Intent” to be made by employers to their pension trustees is unlikely to be romantic…. A lot can happen in a year. We’ve had two Royal weddings, a Royal baby, Facebook has been under fire for misuse of personal data, Donald Trump and Kim … Continue Reading
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
Are GMPs getting you down? ‘Tis the season for a lighthearted view of a serious issue. We have set the history of GMPs to verse in our “GMPs Rock” poem, and invite you to reminisce with us. All the best from the Squire Patton Boggs Pensions Team. GMPs Rock! It all began way back in time, in Nineteen … Continue Reading
