The DWP is consulting on new powers for The Pensions Regulator (TPR). The consultation covers:

For anyone thinking of donating antiques or other valuable gifts to be part of a museum collection there is a moral to follow: beware how you give and to who you give it to! This was never better demonstrated than in the example of the Wedgwood collection and the case of the disappearing museum.

The High Court has given judgment in a case (G4S plc v G4S Trustees Ltd) about whether a defined benefit (DB) scheme which was closed to future accrual, but whose members' benefits continued to be linked to final salary, was a "frozen" scheme for the purposes of the employer debt legislation. The Court has decided that the final salary link did not mean that the members were in pensionable service and, as a result, the scheme was frozen. This is important for employers (and trustees) of closed schemes where the members retain a final salary link.

TV rental business, Box Clever, was created as a joint venture between Granada (now ITV) and Thorn (now Carmelite).

The Box Clever business was later sold and administrative receivers were subsequently appointed over Box Clever companies.

The Pensions Regulator (“TPR”) issued Financial Support Directives (“FSDs”) against five ITV companies in relation to the Box Clever defined benefit pension scheme. ITV referred the determinations to the Upper Tribunal.

The Pension Protection Fund (PPF) has published guidance on company voluntary arrangements (CVAs), setting out the issues that it expects to be considered and addressed. The new guidance will be relevant to companies who are considering a CVA which could affect a DB pension scheme, and to advisers working with those companies or with pension scheme trustees.

These are just a few of the big high street names which have sought to compromise their obligations to creditors in recent months via a company voluntary arrangement (CVA).

CVAs are designed as a flexible method by which companies can seek to contractually alter their position regarding different creditors – each CVA will be different, but it is typical, for example, for unsecured trade creditors to be treated differently to landlords. It’s worth noting that secured creditors are not bound by a CVA, unless they agree to this.

In the wake of the Carillion insolvency and the Toys R Us administration, there are contrasting tales from two different UK businesses.

The engineering business Rolls-Royce is going against the trend and has announced that it will keep its defined benefits pension scheme open for current members until January 2024.

The scheme is running at a £1.4 billion surplus, which will also allow the company to decrease its contributions to its defined benefit retirement fund by £145 million over the next three years.

In May 2018, Mothercare and Carluccio's became the latest in an increasingly long line of high street names to propose Company Voluntary Arrangements (CVAs) involving significant site closures and rent reductions. On 31 May, 91% of unsecured creditors approved the Carluccio's CVA, and the following day Mothercare's creditors followed suit (although that was not the case with all of its subsidiaries, as discussed below). Next in line according to recent reports are House of Fraser and then Homebase, following the latter's acquisition for £1 by retail restructuring specialists Hilco.

Welcome to the results of our third annual Pensions in Restructuring Survey.

This year's survey gathers views on the issues with pensions in corporate restructuring, with a particular focus on the points arising from the Department for Work and Pensions' recent white paper, "Protecting Defined Benefit Pension Schemes".

The Advocate General Kokott (AG) has given her opinion in Grenville Hampshire -v- The Board of the Pension Protection Fund [2018] (Case C-17/17). This challenges the level of compensation offered by the Pension Protection Fund (PPF) and could result in increased payments for members.

Background

Mr Hampshire initially brought the case to the Court of Appeal in July 2016, claiming that his pension was cut by 67 per cent when his company scheme was transferred into the PPF.