The Government is proposing to amend (for a twelfth time!) the Regulations under s75 Pensions Act 1995. The amendments would make it easier to vary the basis on which liability is shared between employers.
Background – the Regulations as they stand
United Kingdom, Corporate Finance/M&A, Employee Benefits & Pensions, Insolvency & Restructuring, Mayer Brown, Share (finance), Public consultations, Debt, Liability (financial accounting), Default (finance), Deregulation, Federal Aviation Administration, Constitutional amendment, Pensions Act 1995 (UK), Trustee
Following consultation last autumn, the Government is once again changing the Regulations under s75 Pensions Act 1995.
The changes1 take effect on 6 April 2010. They are intended to facilitate corporate restructurings. They also address some minor technical issues. The Government has postponed any more fundamental rewriting of the Regulations, saying that “this is a complex area that deserves closer consideration”.
Restructurings
United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Mayer Brown, Tax exemption, Consideration, Debt, Liability (financial accounting), Joint and several liability, Easement, Defined benefit pension plan, Pensions Act 1995 (UK), Trustee