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Dutch works councils get stronger rights of approval on pensions changes

Frank Doornik

Dutch works councils will shortly gain a new right of approval in relation to the adoption, cancellation or amendment of arrangements relating to a pension agreement – a potentially significant new power to block changes to a pension scheme, regardless of how it is structured (for example, with a pension fund, an insurer or a premium pension institution). Read the rest of this entry »

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Intra-group secondments and pension liabilities

Däna Burstow

Intra-group secondment arrangements could give rise to a liability to contribute to a deficit in a defined benefit pension scheme – that’s the (possibly surprising) conclusion of a recent Court of Appeal ruling. Read the rest of this entry »

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A Decade of Non-Stop Simplification

Helen Powell

6 April 2016 marks the 10-year anniversary of ‘A-Day’, the start date of the new regime of pensions tax simplification. How is that working out for you?

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Do you meet the Pensions Regulator’s expectations? Six points to note in the draft DC Code

Helen Powell

Two years ago the Pensions Regulator brought in a new Code of Practice on the governance and administration of DC schemes, and trustees and providers started work on ensuring that they were operating in line with its 31 quality features. With almost undignified haste, that Code was overtaken by events, following the introduction of DC flexible access and new governance requirements from April 2015. Read the rest of this entry »

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Correcting mistakes – a cheaper alternative to rectification?

Jason Shaw

It is surprisingly common for there to be mistakes in scheme rules. Quite often, the way those mistakes are remedied is by the employer and/or trustees going to court for rectification of the erroneous provisions. Occasionally, however, it may be possible for trustees to take advantage of an alternative, and cheaper, procedure provided for under section 48 of the Administration of Justice Act 1985. Essentially, section 48 provides that where there is a question as to how the scheme rules should be construed, and a counsel of at least ten years’ call has provided a written opinion about that question, then the court may make an order authorising the trustees to take certain steps in reliance on that counsel’s opinion. Read the rest of this entry »

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