Pensions - Gowling Wlg

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Sinopsis

Gowling WLG's Pensions experts discuss the latest developments.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 something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.

Episodios

  • The Month In Pensions (March 2020)

    The Month In Pensions (March 2020)

    31/03/2020 Duración: 16min

    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 defined benefit funding code. We also look forward to some of the developments to expect in April. https://gowlingwlg.com/en/insights-resources/articles/2020/the-month-in-pensions-march-2020/

  • Getting ready for GDPR - Part five - Communicating with members

    Getting ready for GDPR - Part five - Communicating with members

    27/03/2018 Duración: 09min
  • Getting ready for GDPR - Part four - Legal issues and trustee decisions

    Getting ready for GDPR - Part four - Legal issues and trustee decisions

    27/03/2018 Duración: 18min
  • Getting ready for GDPR - Part three - Dealing with third parties

    Getting ready for GDPR - Part three - Dealing with third parties

    27/03/2018 Duración: 14min
  • Getting ready for GDPR - Part two - Understanding your schemes data

    Getting ready for GDPR - Part two - Understanding your scheme's data

    27/03/2018 Duración: 11min
  • Getting ready for GDPR - Part one - Data protection laws are changing

    Getting ready for GDPR - Part one - Data protection laws are changing

    27/03/2018 Duración: 15min
  • PI30P 30 - Pension schemes and tax for individuals

    PI30P 30 - Pension schemes and tax for individuals

    21/09/2017 Duración: 11min

    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. Taxation at the point of accessing pension savings depends upon the manner in which those savings are accessed. There are "unauthorised payments" and "authorised payments", with tax levied depending on the precise type of payment. From 6 April 2015 changes were made to make access to DC pension savings more flexible (with taxation rules also changed).  

  • PI30P 29 - Conflicts of interest and pension scheme trustees

    PI30P 29 - Conflicts of interest and pension scheme trustees

    19/09/2017 Duración: 12min

    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 including adviser conflicts; Trustees should adopt a conflicts of interest policy; A conflict can arise in relation to confidential information; and Separate Companies Act 2006 requirements apply to trustee directors.

  • PI30P 28 - The Transfer of Undertakings (Protection of Employment) Regulations and pensions

    PI30P 28 - The Transfer of Undertakings (Protection of Employment) Regulations and pensions

    14/09/2017 Duración: 10min

    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 under TUPE. There are, however, three key exceptions to this rule: Beckmann and Martin rights – rights to certain enhanced redundancy benefits and early retirement benefits may transfer under TUPE; minimum pension rights that apply in certain specific circumstances and, if they apply, provide transferring employees with limited protection by requiring the receiving employer to provide pension benefits in line with prescribed minima; and personal pension schemes – an individual's contractual rights in respect of a personal pension scheme (e.g. a Group Personal Pension (also known as GPPs)) will transfer automatically.

  • PI30P 27 - Termination of employment - compensation for pension losses

    PI30P 27 - Termination of employment - compensation for pension losses

    12/09/2017 Duración: 07min

    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, the President of the Employment Tribunals (England and Wales) consulted on a new approach to calculating pension loss. The response to this consultation is awaited. In higher value cases, the parties may wish to take actuarial advice on pension loss. In the context of a negotiated exit, there are several ways to compensate for pension loss. The cooperation of the pension scheme administrators or trustees may be required to implement some of these.

  • PI30P 26 - Salary sacrifice and pensions

    PI30P 26 - Salary sacrifice and pensions

    07/09/2017 Duración: 07min

    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 contribution Salary sacrifice results in cost savings on National Insurance contributions To introduce a salary sacrifice arrangement an employer needs to vary the terms of the employee's contract of employment As salary sacrifice involves a reduction to the employee's salary, it could have some disadvantages (though most of these can be avoided if the arrangement is set up carefully)

  • PI30P 25 - Family leave and impact on pension contributions and benefits

    PI30P 25 - Family leave and impact on pension contributions and benefits

    05/09/2017 Duración: 09min

    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 contractual). The extent to which there is an obligation on employers to continue to provide pension benefits during periods of unpaid family leave is an area of unsettled law. Many practitioners agree that during periods of unpaid leave, employers are under no legal obligation to pay contributions or provide benefit accrual unless the employee has a specific contractual right to such contributions or accrual.

  • PI30P 24 - Discrimination - sex and marital and civil partnership

    PI30P 24 - Discrimination - sex and marital and civil partnership

    31/08/2017 Duración: 16min

    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 participating in occupational pension schemes and the trustees of such schemes. The Equality Act 2010 also inserts an overriding non-discrimination rule into occupational pension schemes if they do not already contain such a provision. Under the Act, persons (including trustees of pension schemes) are prevented from directly or indirectly discriminating, victimising or harassing someone because of their sex. The key cases of Barber v Guardian Royal Exchange and Coloroll Pension Trustees Limited v Russell established that pension schemes had to equalise pension benefits between men and women, with effect from 17 May 1990 (i.e. the date of Barber decision), and outlined how

  • PI30P 23 - Discrimination - part time and fixed term workers

    PI30P 23 - Discrimination - part time and fixed term workers

    29/08/2017 Duración: 16min

    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 part-time worker can bring a claim for less favourable treatment under the Part-Time Workers (Prevention of Less Favourable Treatment) Regulations 2000. The other potential claim a part-time worker can bring in relation to pensions discrimination is a claim for indirect sex discrimination under the Equality Act 2010. Preston v Wolverhampton Healthcare NHS Trust clarified that men or women excluded from their employer's pension scheme on grounds of indirect sex discrimination are entitled to claim access to the pension scheme. ‘Off-sets’ (notional deductions equal to the basic state pension made from a worker’s salary to calculate contributions and pension benefits)

  • PI30P 22 - Discrimination - age discrimination

    PI30P 22 - Discrimination - age discrimination

    24/08/2017 Duración: 08min

    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. These are contained in the Equality Act (Age Exceptions for Pension Schemes) Order 2010 (SI 2010/2133). Where a particular practice does not fall within one of the exceptions, for that practice to be lawful it must be shown to be 'objectively justified' – that is, a proportionate means of achieving a legitimate aim. 'Cost' alone is not sufficient to objectively justify a discriminatory practice, although the case of Woodcock v Cumbria Primary Care Trust [2012] EWCA Civ 330 did call into question how much additional evidence from an employer is needed for the practice to be objectively justified.

  • PI30P 21 - Discrimination - overview

    PI30P 21 - Discrimination - overview

    22/08/2017 Duración: 09min

    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 disability. With the exception of age, direct discrimination cannot be objectively justified, but indirect discrimination can be. There are particular exemptions in the Equality Act 2010 and associated regulations that apply to pension schemes, notably in relation to age. Trustees of occupational pension schemes are liable to their members or prospective members if they discriminate in terms of the offer of membership or benefits provided under the scheme, for example. All occupational pension schemes are deemed to include a non-discrimination rule, regardless of what the rules say. The Equality Act 2010 also applies (with certain important exceptions) to providers of g

  • PI30P 20 - Winding up occupational pension schemes

    PI30P 20 - Winding up occupational pension schemes

    17/08/2017 Duración: 09min

    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 scheme and/or by buying annuities with an insurance company. The trustees must notify The Pensions Regulator of the scheme wind up. Where a defined benefit scheme is in deficit upon wind up, an "employer debt" may become payable under s75 of the Pension Act 1995. If wind up is triggered because an employer suffers an insolvency event, it may enter a PPF assessment period and ultimately go into the PPF.

  • PI30P 19 - Changing pension arrangements - extrinsic contracts

    PI30P 19 - Changing pension arrangements - extrinsic contracts

    15/08/2017 Duración: 08min

    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 by members' employment before the extrinsic contract is concluded, because of section 91 of the Pensions Act 1995 Extrinsic contracts can be useful for employers looking to make changes to future pension benefits but they should always be used with care and only after taking legal advice

  • PI30P 18 - Changing pension arrangements - employer’s duty of good faith

    PI30P 18 - Changing pension arrangements - employer’s duty of good faith

    10/08/2017 Duración: 07min

    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 proper cause, to act in a way calculated or likely to destroy or damage the relationship of trust and confidence between employer and scheme member. For the employer to have acted in breach of duty, it needs to be shown that it acted irrationally or perversely, in a way in which no reasonable employer acting in good faith would. Although it is entitled to take into account its own interests in deciding what to do, those interests need to be weighed against any reasonable expectations which employers had created. The IBM case (IBM (UK) Holdings Ltd v Dalgleish [2014] EWHC 980 (Ch)) has recently considered this area.

  • PI30P 17 - Changing pension arrangements - consultation with employees

    PI30P 17 - Changing pension arrangements - consultation with employees

    08/08/2017 Duración: 09min

    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 pension scheme (i.e. prospective members); Affected members must be provided with information. The requirements for what needs to be in this information are set out in legislation. In addition, the Pensions Regulator has provided guidance on what it expects to see in consultation information.

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