Alerts

Focusing on breaking news

• Pilots Case: Charting a Course to Clearer Water?

  The highly anticipated judgment in the Pilots case was handed down today. It concerns the Pilots National Pension Fund (PNPF), a UK industry-wide pension scheme for marine pilots. The PNPF is approximately £300m in deficit.

  The Trustees asked the High Court for guidance as to who is liable for contributing to make up the deficit. Sackers acted for the Port of London Authority, one of the participating employers, which is responsible for pilotage services on the Thames estuary. 

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• Coalition Budget 2010: Final economic remedies from Gladstone's Bag

  In the Coalition Government’s first Budget, the Chancellor George Osborne declared Britain “open for business”. However, billed by the Treasury as a Budget to tackle the deficit and restore confidence in the economy, yesterday’s “unavoidable” and “progressive” Budget also saw tax rises, including an increase in VAT to 20% from 4 January 2011. But what did it say about pensions?

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• Employer covenant - first set of guidance issued

  Hot on the heels of its announcement last week, the Pensions Regulator has issued draft guidance for trustees on how to monitor employer support.

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• Employer Covenant on TPR's radar

  The Pensions Regulator has published a statement on "Understanding employer support for defined benefit schemes". It outlines the Regulator`s main expectations of trustees of defined benefit schemes regarding the employer covenant and flags that guidance on this issue will be published for consultation shortly.

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• Preserving powers to refund surplus

  Scheme rules commonly include a power to return surplus to an employer on an ongoing basis as well as on winding-up (subject to the payment of tax). However, transitional provisions under the Pensions Act 2004 appear to prevent a payment being made to an employer out of scheme assets unless an appropriate trustee resolution has been passed.

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• Pensions Post-Election

  So, David Cameron is Prime Minister and the Conservatives have entered a coalition with the Liberal Democrats to form a Government.

  What does this mean for pensions policy?

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