Two documents on winding up procedures have recently been released for consultation. The first is a joint statement by the Pensions Regulator, the Pension Protection Fund and the DWP in respect of the Financial Assistance Scheme on the regulation of schemes in wind up and in a PPF assessment period. The second is a set of good practice guidelines from the Pensions Regulator on avoiding delays in the winding up of schemes.
In a judgment given on 25 January, the European Court of Justice has ruled in case C278-05 - Robins and Others v Secretary of State for Work and Pensions (2007) that the UK Government failed adequately to implement a European Insolvency Directive dating back to the 1980’s, which was designed to safeguard pension scheme members’ benefits in the event that their employers became insolvent. However, the ECJ also went on to rule that the United Kingdom Government need not necessarily fund the lost pension rights in full or in part.
The benefit of hindsight is a wonderful thing. The benefits of a fully functional crystal ball to see the future would be much better. All pensions lawyers (and scheme actuaries) would add it to their gift list!
I will attempt to take a look at the pensions related announcements in Monday’s budget from a future (perhaps optimistic) vantage point.
So here we are, nearing the end of 2023…
1. Dashboards
The DWP is consulting on new powers for The Pensions Regulator (TPR). The consultation covers:
DWP consults on amendments to the employer-debt regulations
Welcome to the latest edition of DLA Piper’s monthly newsletter – Pensions Round-Up – in which we provide an overview of developments in pension legislation, case law and regulatory guidance. In this edition we look at key developments from October 2016 including the following. ■ The Pensions Regulator: the publication of reports which look at cases concerning the power to declare scheme amendments void, failures to complete the scheme return, and the potential use of the Regulator’s anti-avoidance powers.
The regulatory amendments drawn up by the Secretary of State for Work and Pensions following the outcome in Trustees of Olympic Airlines SA Pension &Life Assurance Scheme v Olympic Airlines SA have been drafted narrowly and may end up protecting no one other than the beneficiaries of the Olympic Airlines pension scheme.
The issue
The regulatory amendments drawn up by the Secretary of State for Work and Pensions following the outcome in Trustees of Olympic Airlines SA Pension & Life Assurance Scheme v Olympic Airlines SA have been drafted narrowly and may end up protecting no one other than the beneficiaries of the Olympic Airlines pension scheme.
The issue
Following an informal consultation in late 2008, the DWP is now consulting formally about changes to the Employer Debt Regulations made under s75 Pensions Act 1995. The consultation document can be found at www.dwp.gov.uk/consultations/2009.
The main proposed changes are intended to facilitate corporate restructurings, but other changes are designed to address some technical problems with the Regulations.
Corporate restructurings
31/10/2016 Pensions Update October 2016 http://bakerxchange.com/rv/ff002b980788f142ab3974e23146b6f2e393d02b 1/4 Pensions Update October 2016 In this issue Court of Appeal clarifies treatment of pensions on bankruptcy PPF publishes consultation on 2017/2018 levy DWP consults on valuing pensions for the advice requirement Regulator declares rule change void Next steps in leaving the European Union Committee publishes new evidence on regulation of pension schemes Regulator launches blog Government cancels plans t