Pensions Law Handbook

Description

DELETE Preface Table of Cases Table of Statutes Table of Statutory Instruments Abbreviations and References 1 Pension provision in the UK – an introduction Introduction A brief history of pension provision in the UK Retirement provision by the State Occupational pension schemes Membership of occupational pension schemes Making contributions to occupational pension schemes Benefits payable from occupational pension schemes Increasing pensions in payment Forfeiture and suspension of benefits Personal pension schemes Stakeholder pension schemes United Kingdom’s withdrawal from the European Union 2 People involved with pensions Introduction Trustees Actuaries Auditors Investment managers Pension Schemes Services of Her Majesty’s Revenue and Customs National Insurance Services to Pensions Industry The Pensions Regulator Reporting breaches of the law Reporting notifiable events The Pension Protection Fund (‘PPF’) Financial Assistance Scheme NEST Corporation The Pensions Advisory Service A New Single Financial Guidance Body The Pensions Ombudsman Other bodies 3 Trustees Introduction Who can be a trustee? Type of trustee Employment protection for trustees under the Employment Rights Act 1996 Appointment, removal and discharge of trustees Trustees’ duties The Pensions Act 2004 Trustee meetings Member-nominated trustees Internal dispute resolution (‘IDR’) Protection from liability Data protection Trustees’ duties to the employer Reporting breaches of the law Reporting notifiable events Internal controls 4 State pension provision and contracting-out Introduction State pension provision A brief history of contracting out The contracting-out certificate Defined benefits schemes Amending COSR schemes Defined contributions schemes and mixed benefit schemes Termination of contracted-out employment 5 Employer insolvency: the implications for pension schemes Introduction Insolvency events The role of pension scheme trustees in insolvency proceedings The Pension Protection Fund The Financial Assistance Scheme Winding up of a pension scheme Compromising pension liabilities where insolvency is likely or as part of an insolvency process Consequences of corporate insolvency under English law – the regimes 6 Protection for early leavers Introduction Scope of early leaver legislation Preservation Revaluation The move to CPI for revaluation Transfer values – introduction The right to a cash equivalent Exercising the right to a cash equivalent Trustees’ duties after member exercises his right Transfer incentive exercises Cash transfer sums Disclosure requirements 7 Employment issues Introduction What is the employee promised? What are the employer’s obligations in relation to the pension scheme? How do the trustees fit in? Entitlements in cases of dismissal or redundancy Business reorganisations Employer’s lien Additional protections Conclusion 8 Pensions and divorce Introduction Position prior to PA 1995 Earmarking – impact of PA 1995 Pension sharing Family Procedure Rules 2010 Overlap between earmarking and pension sharing Civil partnerships and same-sex marriages Pension Protection Fund Future developments 9 Discrimination Introduction Equality Act 2010 Sex discrimination/equal pay Age discrimination Same-sex partners Gender reassignment Temporary workers Disability discrimination Religion or belief discrimination Race discrimination Insurance Table of relevant case law 10 Investment Introduction The meaning of investment Trading or investing? Power of investment Duties of trustees when exercising their investment power Statutory obligations The Financial Services and Markets Act 2000 The new regulatory structure Regulated activities The selection and supervision of investment advisers The liability of investment advisers Voting rights as a consequence of share ownership – is it a trust asset? Trustee liability and protection Myners’ Report: voluntary Code of Practice 11 Funding, deficits and surpluses Introduction Pre-PA 1995 requirements relating to funding Funding practice Pensions Act 1995 Pensions Act 2004 Schemes in deficit What is a surplus? Why surpluses are an issue Who ‘owns’ a surplus? HMRC requirements relating to the reduction of surpluses Pensions Act 2004 – position from 6 April 2006 Trust law requirements relating to the reduction of surpluses Asset-backed contribution arrangements 12 Winding up Introduction Winding up – general Deferral of winding up by trustees The winding up process Trustee protection Sanctions against trustees under PA 1995 13 Amendments and scheme redesign Introduction Key considerations Amendments Bulk transfers and scheme mergers – general Bulk transfers – specific issues where winding up has not commenced Bulk transfers – specific issues where winding up has commenced Bulk transfers – overview 14 Governance of defined contribution schemes and automatic enrolment Governance of defined contribution schemes Automatic enrolment Re-enrolment Opting in Options for employers Employer disclosure requirements Compliance and the role of the Pensions Regulator Automatic enrolment: some difficult issues Automatic enrolment: the future 15 Commercial transactions Introduction The sale documents Shares or assets Whether the sale will give rise to a transfer payment Transactions where the purchaser takes over the whole scheme Transactions involving a transfer payment Employer debt Moral hazard Other types of scheme Public sector transfers Conclusion 16 Pensions dispute resolution and litigation Introduction Non-court forums for dispute resolution Regulatory bodies Court proceedings Alternative dispute resolution 17 Taxation of registered schemes Section A: Introduction Section B: Pre-A-Day Revenue limits Section C: Non-registered pension schemes Appendix – Summary of the provisions of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013 (SI 2013/2734) (the ‘Disclosure Regulations’), and other requirements to disclose information in relation to registered occu Index