Alerts

Focusing on breaking news

• Scant relief for pensions in Darling’s pre-election Budget

  In his last Budget before the General Election, the Chancellor, Alistair Darling, confirmed the Government’s intention to implement the restrictions on pensions tax relief first announced in the 2009 Budget.

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• Employer Debt - Seven steps to heaven?

  When a company exits an underfunded multi-employer DB scheme, its share of any deficit generally becomes a debt due to the trustees (the employer debt). In a consultation published in September 2009, the Government proposed easements to the employer debt legislation where a business is restructuring. The Government has now laid Amendment Regulations which will apply from 6 April 2010, together with its response to the consultation.

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• Bridge over Troubled Waters - Protecting DC benefits

  If an underfunded scheme goes into wind-up or enters a PPF assessment period, DC members of hybrid schemes generally expect that their benefits (technically, money purchase benefits) will be fully protected and will not fall into the general asset pool.  But what benefits might count as DC has recently been the subject of the Court of Appeal’s decision in the Bridge Trustees case. In an unusual move, demonstrating the importance of the issues raised, the DWP intervened in (and paid the costs of) the appeal.

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• Data Protection: New Enforcement Powers!

  From 6 April 2010, the Information Commissioner will have the power to impose fines of up to £500,000 for "serious" breaches of the data protection principles. In this Alert, we set out the basics of data protection for pension scheme trustees and consider what trustees should be doing to ensure they are compliant with the Data Protection Act 1998.

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• PPF levy deadlines: Have you "Exchanged"?

  Important deadlines are fast approaching for schemes to submit information for both the 2010/11 and 2011/12 PPF levy years, including the need to certify / re-certify contingent assets. The PPF has also recently issued new guidance and standard form contingent asset documentation which trustees / employers will need to use if new arrangements are put in place.

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• Deregulation of disclosure requirements left out in the cold?

  The DWP has largely shelved plans to simplify the requirements on pension schemes to disclose information to members and other beneficiaries. It will, however, forge ahead with proposals to formalise procedures for electronic communications between pension schemes and their members from October 2010.

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