Tag Archives: trustee duties

GMP Equalisation under the Microscope – Happy Third Anniversary!

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. Earlier this year, we issued a survey … Continue Reading

GMP Equalisation Under the Microscope – Magnifying Tricky Transfer Issues

Since the first Lloyds judgment, trustees and sponsoring employers have, understandably, been focussing on some of the more straightforward elements of GMP equalisation (if there is such a thing). However, following Lloyds 3, some tricky issues have reared their head; employers and trustees are having to take a closer look at previous transfers and in … Continue Reading

A Trustee-like Approach to Green Gilts? Guest Blogger and Trustee Corporation Director, Glyn Ryland, Shares His Views

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

The Pensions Single Code – Scatter the Clouds

Getting started on a project is often the most difficult part. If I put off doing something (personally or professionally) the task looms over me like a little black cloud, and somehow that cloud seems to get bigger every time it enters my thought process. In a cartoon-like manner, the cloud starts to follows me … Continue Reading

GMP Equalisation Under the Microscope – Bulk Transfers Will Require Close Examination

The recent court ruling known as “Lloyds 3” answered lots of questions about the need to revisit past transfer payments, where those transfer payments had been calculated without taking into account the obligation to equalise benefits for the effect of unequal guaranteed minimum pensions (GMPs). However, the more we look at Lloyds 3, which focused … Continue Reading

We’re Invested in What?

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 Under the Microscope – Focusing in on Data Gaps

“Big Data” is a topic that is frequently referred to in the news.  The traditional definition of Big Data is data that contains greater variety, arriving in increasing volumes and with ever-higher velocity.  Whilst this definition isn’t typically of direct relevance to trustees of UK occupational pension schemes, it does have some application in the … Continue Reading

GMP Equalisation Under the Microscope – Zooming in on Outstanding Top-ups

Should receiving scheme trustees chase CETV top-ups? Background It is currently generally accepted that trustees of defined benefit (DB) pension schemes are obliged to equalise benefits between male and female members to correct inequalities in guaranteed minimum pensions (GMPs), and that this extends to transferred-in benefits. Following the most recent Lloyds judgment, we now also … Continue Reading

The Geometry and Trigonometry of the Corporate Insolvency and Governance Bill – What’s the Next Pensions Angle?

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

The Geometry and Trigonometry of the Corporate Insolvency and Governance Bill – What’s the Pensions Angle?

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

Assessing the value of pensions promises – parent company guarantees

The Pensions Regulator’s 27 March guidance emphasised the need for trustees of defined benefit pension schemes to engage with their sponsoring employers to understand the implications of the COVID-19/Coronavirus pandemic for their scheme’s employer covenant. Where employers seek reduced or suspended contributions, although the focus will naturally be on the scheme’s direct participating employers and … Continue Reading

Stewardship Code – A Long Engagement

Unlike the best romantic stories, this proposal was expected, grounded in practicalities and wholly lacking in passion. Part of it was borne from the principle that pension trustees and investment managers should develop a closer working relationship. The Need for a Committed Relationship Responsible investment and investment stewardship are hot topics at the moment in the … Continue Reading
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