IR35 regime
Among possibly more eye-catching headlines, last week the Chancellor made a significant announcement in respect of the IR35 reforms by announcing that these will be repealed from 6 April 2023. Changes were made to the IR35 regime in April 2021, aimed at preventing tax avoidance through the use of intermediaries between clients and
The Pensions Regulator (the “Regulator”) has announced that it will not now consult on a revised defined benefit (“DB”) funding code of practice until late summer 2022.
The Regulator’s current code of practice on DB scheme funding came into force in 2014. In 2020, the Regulator carried out the first of
The government is consulting on regulations that (a) make changes to the list of employer notifiable events and (b) prescribe the events affecting a DB scheme employer in respect of which a notice and accompanying statement (often referred to as a “declaration of intent”) must be given to the Pensions Regulator (TPR) and the scheme
The anticipation is over! The Pension Schemes Act 2021 received Royal Assent and became law on 11 February. The Act aims to enhance the security and sustainability of pensions in the UK, and to protect defined benefit (“DB“) pension schemes. The Act makes some significant changes to the pensions world, most of which will be brought into effect and fleshed out through Regulations and guidance from the Pensions Regulator (“tPR“). This blog briefly sets out the key provisions of the Act from an employer’s perspective.
Continue Reading The Pension Schemes Act 2021 – What employers need to know
On 25 June 2020, the Corporate Insolvency and Governance Bill (the “Bill”) received Royal Assent and on 26 June 2020 CIGA came into force. The restructuring team in Mayer Brown’s London office have previously commented on the different elements of the Bill in a series of blog posts and podcasts. CIGA was swiftly followed by the introduction of The Pension Protection Fund (Moratorium and Arrangements and Reconstruction for Companies in Financial Difficulty) Regulations 2020 (the “Regulations“), which came into force on 7 July and were subsequently amended yesterday on 23 July. Now that CIGA is in force, we take a closer look at the legislation from a pensions perspective.
Continue Reading The UK Corporate Insolvency and Governance Act 2020 (“CIGA”) from a Pensions Perspective
For a few years now, the Government has been considering ways to enhance the security and sustainability of pensions in the UK, and to protect defined benefit (“DB“) pension schemes. These considerations were documented in the Pension Schemes Bill. Due to lack of Parliamentary time (aka a little thing called Brexit and the general election), the Bill was put on hold but remained very much on everyone’s minds. The Committee Stage in Parliament began last week, so now seems like a good time to refresh our memories about the key provisions of the Pension Schemes Bill from an employer’s perspective.
Continue Reading The Pension Schemes Bill – What employers need to know
The Pensions Regulator (TPR) is the body responsible for regulating workplace pension schemes in the UK. Where an employer operates a defined benefit trust-based pension scheme for its employees, legislation requires it to notify TPR if certain events occur. Some events must always be notified, while others only need to be notified in certain circumstances.
In June 2019, the Women and Equalities Select Committee (WESC) published its report on the use of non-disclosure agreements (NDAs) in discrimination and harassment cases. This week, the Government’s response to that report has been published.
The Government had previously (in July) published its proposals for new legislation regarding the use of NDAs, and the
When making certain future changes to their pension scheme, employers should keep in mind the requirement to consult with their employees before making the change. In this blog post, we run through the key aspects of member consultations to provide a reminder of what exactly employers need to do, and why they need to do it.
Who?
Employers who have 50 or more employees based in Great Britain are subject to consultation requirements set out in the relevant consultation regulations. This threshold is based on the number of employees the employer has, even if some of those employees are not pension scheme members.
A traffic policeman on motorway patrol passed a car that appeared to be driving at 11mph. The policeman pulled the car over, and asked the driver why he was going so slowly.
“I saw a sign saying that the speed limit was 11mph” said the driver. “A big blue sign, with white numbering.”
“That’s not the speed limit, that’s the road name – the M11” said the policeman. The policeman then looked at the passenger, who was sitting rigid in her seat, a rictus grin on her face. “What’s the matter with her?” asked the policeman. “Well” said the driver, “we’ve just joined the motorway from the A120.”
Interpreting laws and regulations can be difficult – particularly in highly technical areas such as pensions, where legislation can be opaque at the best of times. The Pensions Act 2004 tried to ameliorate this problem by giving the Pensions Regulator the power to flesh out legislation by issuing Codes of Practice. Codes of Practice have a special status: they have to be laid before Parliament before they come into force; they are admissible in legal proceedings; and if they appear to be relevant to the question the court has to decide, the court has to take them into account. (Albeit, on occasion, judges have “taken into account” Codes of Practice by brusquely dismissing them.)