The Month in Pensions discusses the latest developments in the UK pensions world with insight from the Pensions team at international law firm Gowling WLG. NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of someth ...
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The Month In Pensions – December 2021 – Working from home 2.0
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In The Month In Pensions for December 2021, Ian Chapman-Curry looks at what a return to working from home and the broader shift to agile working means for the pensions industry. We then look over some of the key developments that have made the headlines in the world of pensions in December 2021, including: Deadline reminder for trustees to submit c…
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The Month In Pensions – October 2021 – Prosecco over pensions
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In The Month In Pensions for October 2021, Ian Chapman-Curry looks at what the Autumn budget and spending review covered on pensions (or, rather, what it didn't cover). In this month's interview, Ian Gordon takes us through two key cases (Britvic and Axminster), judgments for which were handed down in June. We also look over some of the other devel…
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The Month In Pensions - March 2021 - You wait for one consultation…
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In The Month In Pensions for March 2021, Ian Chapman-Curry looks at the wave of consultations that have been released by government departments and The Pensions Regulator. In this month's interview, Liz Wood explains the impact that the Pension Schemes Act 2021 will have on employers that sponsor defined benefit pension schemes. We also look over s…
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The Month In Pensions – February 2021 – The end of the quarterly trustee meeting?
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In The Month In Pensions for February 2021, Ian Chapman-Curry looks at a survey of defined benefit scheme trustees that suggests the age of the quarterly trustee meeting is over. We also look over some of the other developments that have made the headlines in the world of pensions in February 2021, including: Government issues further consultation …
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The Month In Pensions – January 2021 – Time for the Pension Schemes Act 2021
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In The Month In Pensions for January 2021, Ian Chapman-Curry focuses on the legislation that will become the Pension Schemes Act 2021. At the point of recording, the Pension Schemes Bill 2019 – 21 was on the cusp of receiving Royal Assent so this episode focuses on what it will mean for pension scheme trustees and employers. When enacted, the Pensi…
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The Month In Pensions – December 2020 – Pensions in 2021 – key trends and developments
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In The Month In Pensions for December 2020, Ian Chapman-Curry focuses on the key trends and developments that will dominate the world of pensions in 2021. With a backlog of legislative, regulatory and policy developments, 2021 promises to be a busy year for anyone working in the pensions industry. The Pensions Schemes Bill 2019 – 21 will see change…
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The Month In Pensions – November 2020 – Are you ready for cyber scams?
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In The Month In Pensions for November 2020, we focus on two related and increasingly intertwined areas – pension scams and cyber crime - and ask are you ready for cyber scams? Ian Chapman-Curry is then joined by Charlotte Scholes, a principal associate in our specialist pension disputes team, to discuss the latest in GMP equalisation with the third…
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The Month In Pensions – October 2020 – Where will you be in 15 years' time?
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In The Month In Pensions for October 2020, we join The Pensions Regulator in gazing into the future and consider what the world of pensions will be like in 15 years' time. See The Pension Regulator's 'Pensions of the future - a discussion on our strategy (16 October 2020)': https://bit.ly/3owKcp6 Also covered in this month's edition are: DWP gives …
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The Month in Pensions - September 2020 - Back to school, back to reality
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In The Month In Pensions for September 2020, we go back to school and consider what is coming down the tracks for trustees and employers in the final third of 2020. Ian Chapman-Curry is also joined by Gowling WLG pensions partner Christopher Stiles to discuss his latest Insight on GMP equalisation: https://bit.ly/30zranJ Also covered in this month'…
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The Month In Pensions - July 2020 - The robot will see you now
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In The Month In Pensions for July 2020, we focus on the role that technology will play in improving customer service in the pensions industry. Ian Chapman-Curry is also joined by Gowling WLG pensions partner Joanne Tibbott to discuss the Department for Work and Pensions' review of the charge cap that is applicable to certain defined contribution sc…
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The Month In Pensions - June 2020 - Tipping point for consolidation?
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In The Month In Pensions for June 2020, have we reached a tipping point for consolidation in the pensions industry? Is it time for superfunds and collective defined contribution? And, in a month with plenty of sobering economic news, what are the options for pension scheme trustees and employers in distress? Ian Chapman-Curry is joined by Christoph…
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The Month In Pensions - May 2020 - Accelerating the pace of change
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In The Month In Pensions for May 2020, is COVID-19 accelerating the pace of change and the adoption of technological and digital solutions in the pensions industry? Ian Chapman-Curry is joined by Jason Coates to discuss his latest Insight on how coronavirus has not ushered in a 'new normal' in pensions but has, instead, been the catalyst for an acc…
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The Month In Pensions - April 2020 - Adapting to a new normal
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The Month In Pensions looks at the key developments in the UK pensions industry over the previous month. For April 2020, we focus on the continued impact that COVID-19 is having on the pensions industry, delays to government and regulatory consultations and the impact of the lockdown on pension scheme deficits. We also look forward to some of the d…
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The Month In Pensions - March 2020 - Business Continuity in a Time of Crisis
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The Month In Pensions looks at the key developments in the UK pensions industry over the previous month. For March, we focus on the impact that coronavirus is having on business continuity planning, the progress of the Pension Schemes Bill 2019 – 21, the increased attention on ESG matters and the much anticipated TPR consultation on the revised def…
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Getting ready for GDPR - Part five - Communicating with members
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In the final part of our General Data Protection Regulation (GDPR) and pensions series, we look at when and how trustees will have to communicate the GDPR changes with their members. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3RKdSg7 Gowling WLG is an international full-service law firm working across…
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Getting ready for GDPR - Part four - Legal issues and trustee decisions
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In part four of our General Data Protection Regulation (GDPR) and pensions series, our experts focus on the important decisions trustees need to make in terms of the legal grounds for processing the scheme's personal data. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3qmDALW Gowling WLG is an internatio…
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Getting ready for GDPR - Part three - Dealing with third parties
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Under the General Data Protection Regulation (GDPR), data processors will, for the first time, have direct legal duties under data protection legislation. Many pension scheme trustees use third parties for professional advice and to help run their schemes. What will trustees have to do to ensure compliance by these third parties? You can find this …
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Getting ready for GDPR - Part two - Understanding your scheme's data
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Data controllers are responsible for the processing of personal data. In order to comply with their legal duties, data controllers need to understand what personal data they hold, what they do with it and who they share it with. You can find this episode and the accompanying transcript on our website: https://gowlg.co/3BmoNqS Gowling WLG is an inte…
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Getting ready for GDPR - Part one - Data protection laws are changing
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On 25 May 2018, pension schemes will need to comply with tough new data protection legislation. Get ready for the GDPR with the first in our series of essential guides on the legal issues and practical steps that everyone involved in pensions will need to think about. You can find this episode and the accompanying transcript on our website: https:/…
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Pensions in 30: 30. Pension schemes and tax for individuals
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Key points Tax relief in the context of pensions (both during the saving phase and at the point of access) requires care and attention. Under the current UK tax regime, pension savings which exceed the "Annual Allowance" or "Lifetime Allowance" are subject to taxation. Employers may want to consider altering benefit structures for high earners. Tax…
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Pensions in 30: 29. Conflicts of interest and pension scheme trustees
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Key points Trustees cannot act lawfully when unduly influenced by a conflict of interest; A conflict of interest can impact on the validity of a trustee decision and on the management of the pension scheme; The Pensions Regulator has issued guidance around conflicts of interest; Trustees need to understand, identify and manage conflicts of interest…
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Pensions in 30: 28. The Transfer of Undertakings (Protection of Employment) Regulations and pensions
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Key Points TUPE is a very complicated area of employment law. It is particularly difficult when it interacts with pension rights. Specific legal advice is advised if you are dealing with pension rights under TUPE. TUPE does not generally apply to pension benefits. As a result, an employee's entitlement to pension benefits do not generally transfer …
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Pensions in 30: 27. Termination of employment - compensation for pension losses
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Key Points Calculating pension loss can be complex, especially where the employee was defined benefit pension scheme. The Employment Tribunal service published a 2003 guidance note which suggested two methods for approximating pension loss without the need for actuarial advice, but this guidance has now been withdrawn. During April and May 2016, th…
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Pensions in 30: 26. Salary sacrifice and pensions
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Key points Under a pensions salary sacrifice arrangement an employee gives up part of their cash salary in return for pension benefits Typically the employee's salary is reduced by the amount that they were previously paying as employee contributions to a pension scheme and the employer pays an equal amount to the pension scheme as an employer cont…
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Pensions in 30: 25. Family leave and impact on pensions contributions and benefits
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Key Points Whether pension benefits should continue to build up whilst an employee is on family leave depends on whether the employee is on a period of paid or unpaid family leave. Pension benefits should continue (and contributions be paid) in respect of an employee on leave as detailed below for any period of paid leave (whether statutory or cont…
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Pensions in 30: 24. Sex discrimination, marital and civil partnership
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Discrimination: Sex Key Points This note is primarily focussed on the sex discrimination issues which have arisen in relation to occupational pension schemes (rather than personal pension schemes), because this is where most of the sex discriminatory practices have been identified. The Equality Act 2010 (the "Act") applies to both employers partici…
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Pensions in 30: 23. Discrimination against part-time and fixed term workers
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Part one - discrimination and part-time employees Key points A part-time worker must not be treated less favourably than a comparable full-time worker doing the same or largely the same job unless the less favourable treatment can be objectively justified. This extends to less favourable treatment in respect of the provision of pension benefits. A …
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Key Points The overriding principle under the Equality Act 2010 is that it is unlawful to discriminate against an individual based on their age unless the treatment can be objectively justified. In relation to pension schemes, a number of important exceptions apply to the general principle that it is unlawful to discriminate on the basis of age. Th…
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Pensions in 30: 21. Discrimination - an overview
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Key points The Equality Act 2010 prohibits direct discrimination and indirect discrimination on the grounds of a protected characteristic. The protected characteristics listed in the Equality Act 2010 are sex, age, religion or belief, race, sexual orientation, gender reassignment, pregnancy & maternity, marriage and civil partnership, and disabilit…
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Pensions in 30: 20. Winding up occupational pension schemes
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Key points Winding up an occupational pension scheme means that the scheme will come to an end, the trustees will collect in the scheme's assets and distribute them for the benefit of the scheme’s beneficiaries. The trustees will need to carry out data reconciliation of member records. Benefits may be secured by transferring benefits to another sch…
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Pensions in 30: 19. Extrinsic contracts
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Key points The employer and members of a scheme can contractually agree that the member's entitlement under the scheme will be different to that under the scheme rules The case of South West Trains v Wightman established that such "extrinsic contracts" could be effective Extrinsic contracts cannot affect benefits which it is agreed have been earned…
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Pensions in 30: 18. Employer's duty of good faith
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Key points The Imperial case (Imperial Group Pension Trust Ltd. v. Imperial Tobacco Ltd. [1991] 1 W.L.R. 589) established that an employer owes a duty to pension scheme members (including employees, former employees and dependants of members) when exercising its powers under the scheme. Summarised, the employer's duty is not, without reasonable or …
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Pensions in 30: 17. Consultation with employees
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Key points Employers with more than 50 employees are required to consult with 'affected members' if they propose making certain types of changes to pension schemes. These changes are known as 'listed changes'; The minimum consultation period is 60 days; Affected members include active members and employees who have an entitlement to join the pensio…
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Pensions in 30: 16. Scheme modification
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Key points Amendment or modification powers generally are found in scheme rules not in pensions legislation Pensions legislation restricts the way a scheme's modification power can be used Pensions Act 1995: Section 67 onwards protects accrued rights to pension benefits Section 67 also restricts the way changes can be made from defined benefit or f…
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Pensions in 30: 15. The Pension Protection Fund
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Key Points The Pension Protection Fund (PPF) provides compensation for members of defined benefit (DB) pension schemes whose sponsoring employers have become insolvent. It was established by the Pensions Act 2004. To qualify for entry to the PPF a scheme must be an eligible scheme. The Pension Protection Fund (Entry Rules) Regulations 2005 detail s…
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Pensions in 30: 14. Underfunded schemes
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Key points Independent trustee of pension scheme may be appointed Other trustees' discretionary powers fall away Employer as sole trustee ceases to act Employer debt: Section 75 Pensions Act 1995 and Occupational Pension Scheme (Employer Debt) Regulations 2005 may apply Scheme may qualify for entry to Pension Protection Fund under Pensions Act 2004…
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Pensions in 30: 13. Pension scheme liabilities
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Key Points Options range from amending benefits to sophisticated investments The employer needs to consider its duty of good faith RPI/CPI You can find this episode and the accompanying transcript on our website: https://gowlg.co/3KYxFq5 Gowling WLG is an international full-service law firm working across a range of industry sectors including real …
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Pensions in 30: 12. Refunds of surplus to employer
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Key points There are circumstances in which a defined benefit pension scheme may have a funding surplus. Refund of surplus to an employer is permitted if certain requirements are met, which differ depending on whether the scheme is ongoing or in wind-up. The requirements include: Ongoing scheme: power in the rules, refund within limit specified by …
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Key Points There are no statutory restrictions on membership of a UK pension scheme by persons who do not live or work in the United Kingdom. Restrictions on benefits accrued or provided under a registered pension scheme may be relaxed where a member does not benefit from UK tax relief because he or she is a "relevant overseas individual" or a tran…
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Key Points Contingent assets are additional employer or group assets that trustees can access on the happening of a specific event or events Examples of contingent assets are guarantees, charges and letters of credit Contingent assets may be used to give increased flexibility in terms of the approach taken to scheme funding by employers and trustee…
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Pensions in 30: 9. Contribution obligations when an employer departs from a scheme
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Key points Ceasing to employ active members in a defined benefit pension scheme at a time when another employer continues to employ active members into that scheme can trigger a potentially crippling debt. There are various mechanisms which can be deployed to avoid the effects of this lawfully. These should be considered before the debt is triggere…
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Pensions in 30: 8. Ongoing scheme funding
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Key points Most defined benefit pension schemes are funded through a combination of employer contributions and investment returns, although the requirement for member contributions is increasing Rules exist that seek to ensure that pension schemes will be able to afford to pay member benefits when they fall due Pension schemes have an ongoing "stat…
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Pensions in 30: 7. Powers to protect pension schemes
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Key Points The Pensions Regulator's (TPR) anti-avoidance powers include contribution notices and financial support directions. They can be used if employers fail to support a scheme, cause material detriment to the chances of a person receiving benefits or the employer is insufficiently resourced or is a service company. Advance clearance is possib…
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Key points Employers and trustees have a statutory duty to notify the Pensions Regulator if certain prescribed events occur in an occupational pension scheme. Some prescribed events do not have to be notified if certain conditions are met e.g. if the scheme is fully funded on the PPF basis. If an event occurs it must be notified in writing to the P…
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Pensions in 30: 5. Reporting breaches of law
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Key Points Trustees, managers, administrators, participating employers, professional advisers and those otherwise involved in advising trustees are under a duty to report breaches of the law. It is essential that companies put in place procedures to comply with the Pension Regulator's Code of Practice on reporting breaches of the law. Trustees must…
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Pensions in 30: 4. The Pensions Regulator
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Key Points TPR has statutory objectives which include protecting pension scheme members' benefits TPR has a broad range of investigative, remedial and anti-avoidance statutory powers TPR's stated approach is to educate, enable and enforce TPR regularly publishes reports on the considerations given by it to the exercise of its powers and functions Y…
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Pensions in 30: 3. Workplace pension reform
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Key Points Anyone who employs workers in the UK will have to comply with new employer duties with effect from their 'staging date'; An employer's 'staging date' is set out in legislation and falls between 1 October 2012 and 1 February 2018 depending on how many people work for the employer; Employer duties are to: assess and categorise their worker…
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Getting ready for GDPR - an overview
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The pensions industry has one year to prepare for new regulations coming its way. Europe's new data protection legal framework is set out in the General Data Protection Regulation (GDPR) which will come into force in all EU Member States on 25 May 2018, including the UK. While the changes are not radically different to the current legal requirement…
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Every quarter, the Gowling WLG pensions team prepare a legal update covering the most relevant issues and developments for trustees and employers. The update covers new legislation, regulatory changes, pensions taxation and administration, scheme governance, investment and funding and pension cases and Ombudsman determinations.…
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Pensions in 30: 2. Contracting-out of the State Second Pension
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Key points Prior to 6 April 2016, an occupational pension scheme could contract out of the Additional State Pension on a defined benefit (DB) basis. Prior to 6 April 2012, an occupational or a personal pension scheme could contract out of the Additional State Pension on a defined contribution (DC) basis. In a contracted-out scheme, the member and h…
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