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
The Pension Protection Fund (PPF) has issued what might be the first of several coronavirus announcements. The first announcement provides information for trustees who are seeking to certify or re-certify contingent assets before the 31 March deadline. With immediate effect, trustees who are required to submit hard copy documents with their contingent asset certification/re-certification, should … 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
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
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 Department for Work and Pensions (DWP) has launched a consultation on proposed changes to the Pension Protection Fund (PPF) compensation cap, which would increase the potential compensation for long-service pension plan members. At present, members who have not yet reached their pension plan’s normal pension age when their plan enters the PPF are paid … Continue Reading
The UK Pension Protection Fund (PPF) is reviewing its insolvency risk model with Experian. The proposals being considered are particularly relevant to the financial services and charity sectors. They would be introduced from 2018/2019 (and will not be part of the draft levy rules and levy estimate for 2017/18, which we expect will contain few … Continue Reading
Earlier this year it was announced that the UK’s Financial Assistance Scheme (“FAS”) would close to applications from 1 September 2016. This does not affect pension plans that are currently progressing through the notification and qualification process or pension plans that have already qualified for assistance. However, any qualifying pension plans that have not yet … Continue Reading
