Tag Archives: trustee duties

Trustee Protection on Winding Up – Pensions Life Hack

Trustees of many defined benefit pension schemes are accelerating moves towards buyout, aided by recent market improvements. While the immediate focus may be on completing the buyout, trustees should plan ahead for the scheme wind up and consider how they will be protected if existing exoneration and indemnity provisions fall away. Trustees will want to … Continue Reading

The General Code in Bite-Sized Chunks – Proportionality for Schemes in the “End Game”

Many pension scheme trustees and employers aspire to undertake a risk transfer transaction, typically an insurance company buy-out for defined benefit (DB) schemes or a transfer to a master trust for defined contribution (DC) schemes. In each case, this will ultimately herald the termination of the pension scheme and an end to all governance systems. … Continue Reading

The General Code in Bite-Sized Chunks – Counting Members for General Code Compliance Is Definitely Not a Piece of Cake!

Have you ever asked a seemingly straightforward question, only to be met with an answer that starts with “Well, it depends…..”? This can be a touch irritating. However, it may be the first part of the answer given to trustees who ask for advice on what aspects of the Pensions Regulator’s (TPR) general code of … Continue Reading

Don’t Fall Into The Surplus Trap! How Sponsors And Trustees Can Manage Issues Around Pension Scheme Surpluses

Significant market and interest rate movements over recent years have seen funding positions improve for many defined benefit pension plans across the UK, and in a lot of cases this has resulted in pension plans finding themselves with an unexpected surplus. If sponsors and trustees are not anticipating a surplus, this can lead to uncertainty … Continue Reading

LDI-Gate Anyone?

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

TPR’s Pledge to Combat Pension Scams Gains Increasing Popularity with Trustees

According to complaints filed with Action Fraud, more than £30 million has been lost to pension scammers since 2017. All types of pension pots are targeted, with some individual savers losing hundreds of thousands of pounds. Given the current cost of living crisis, more people might feel tempted to access their pension savings, making them … Continue Reading

ASAP x 10 – TPR Puts The Dash Into Pensions Dashboards

The Pensions Regulator (TPR) is not pulling any punches in its latest messaging around pensions dashboards. The Deadline campaign, launched on 22 June 2022, follows research conducted by TPR revealing that insufficient progress has been made by schemes in preparing for pensions dashboards and moving towards the level of digitalisation of member records that will … Continue Reading

Getting to Net Zero: Lessons from Butler-Sloss v the Charity Commissioners & the Attorney General for Pension Schemes

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

Data Protection Day – a Time for Reflection

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

New Notifiable Events may Trump Criminal Sanctions as the Biggest Potential Disruptor of Corporate Activity

The new Pension Schemes Act 2021 paved the way for potential changes to the notifiable events framework which is intended to give The Pensions Regulator (TPR) early warning of possible calls on the Pension Protection Fund. The Department for Work and Pensions (DWP) has now issued draft regulations (Draft Regulations) and consulted on proposed changes … 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
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