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Pensions

Pensions

Softer Approach On Pensions Changes Restores Employer's Trust And Confidence

In the space of a week, the Court of Appeal has ruled in favour of 2 household names, IBM and the BBC, in judgments about the good faith duties owed by employers to their employees in the context of pensions.

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Burness admin

Pensions And Same Sex Partners: Equality Wins But What Does It Mean For Your Scheme?

Sarah Phillips

On 12 July, the Supreme Court delivered its decision on the landmark case of Walker v Innospec Limited and others, overturning two lower appeal courts and ruling that Mr Walker’s husband is entitled to the same pension rights as an equivalent female spouse. While undoubtedly a victory for equality, the decision also has the potential to cause headaches for employers, trustees and pension providers.

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LChalmers

GDPR And The Pensions Industry: Your First Steps

Sarah Phillips

The new General Data Protection Regulation (“GDPR”) will replace existing European data protection law from 25 May 2018. The changes being introduced are significant and there is a lot to do to get ready.  

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LChalmers

Brexit – Are There any Implications for UK Pension Schemes?

Sarah Philips

How time flies.  Two years ago when we were discussing the Scottish Independence Referendum, the potential impact on UK pension schemes of a vote by Scots to leave the United Kingdom was significant.  The question now is: “Do the same issues arise in relation to the referendum on whether the UK should leave the European Union?”.  Thankfully the answer is “no”.  But there are still some issues to consider.   And although it is clear that there would be a lengthy transition period if the UK votes to leave the EU, it is worth considering the risks now in order to

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LChalmers

Pensions: What's On Your Agenda?

There are three key issues that should be on every pension scheme employer’s agenda for the final quarter of 2015.

Power to return surplus to employers

Many pension schemes have a power to return surplus to their sponsoring employer even where the scheme is not in wind-up, subject to the statutory requirements being met.

From 6 April 2016 this power will be lost, unless steps are taken to preserve it.  A relatively straightforward document is all that is required, but three months’ advance notice must be given before it can be put in place.

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LChalmers

Surrendering Privacy for Employment Benefits

On Tuesday, I attended the International Pension & Employee Benefits Lawyers Association conference in Brussels to talk about whether privacy concerns are getting in the way of delivering benefits (such as pensions) to employees. I was joined by counterparts from the USA and Canada in a lively panel discussion.

My view is that privacy concerns don't get in the way of delivering benefits in the UK. However they place hurdles that need to be considered by benefit providers to ensure data protection obligations are met.

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LChalmers

Pension Freedom: To Trust Or Not To Trust

A number of new pension flexibilities were introduced on 6 April this year. The majority of these are purely in respect of defined contribution (DC) or money purchase arrangements - allowing members to utilise a new flexi-access drawdown regime, make unlimited lump sum withdrawals, and purchase tailored annuity products to suit their personal circumstances.

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LChalmers

Sorting Out Company Pensions - The Time Is Now

Caroline Strathdee

Times are changing in the oil & gas sector, and the world of pensions is not standing still either.
Given the fall in oil price, employers will inevitably want to (and need to) explore cost cutting measures.  Although it can be hard to get away from pension obligations, there are steps that employers can take to reduce their pension costs, and we are seeing a number of trends in this area.

This raises both pensions and employment law issues.  Our specialist employment and pensions lawyers can guide you through the maze.

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LChalmers

Times Of Change In Oil & Gas: A Spotlight On UK Employment, Immigration And Pension Requirements

The oil and gas sector is facing challenging times.  Initiatives were being put in place to respond to concerns regarding a rising cost base and associated unit cost of production in the UK Continental Shelf when oil was trading at over $100 per barrel.  Given the rapid and substantial decline in the commodity price, the urgency to address cost reduction and to protect businesses is now a high imperative for every aspect of the sector and its supply chain.

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LChalmers

The Changing Shape Of Auto-Enrolment: Consultation Outcome

Caroline Strathdee

The DWP has just published its consultation response on changes that aim to simplify auto-enrolment. These changes have been welcomed, particularly by smaller employers who haven’t yet staged for auto-enrolment, and are due to come into force on 1 April 2015.

So what are the key changes? Will employers who have already staged need to change their processes?

Information to workers

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LChalmers