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The Data Protection Act 2018, which came into force on 25 May 2018, sets out the framework for data protection law in the UK. It sits alongside and supplements the UK GDPR (which came into effect on 1 January 2021). The UK GDPR sets out...
Contingent assets are assets held outside a pension scheme which the scheme can claim when one or more specified “trigger” events occur (such as the insolvency of the sponsoring employer). They can be useful for trustees and employers...
Under the PA04, employers with more than 50 employees have a statutory duty to consult “affected employees” before making “listed changes” (for example, increasing member contributions). The duty applies to changes made by an...
Under the PA04, no consultation is required where: as a result of the consultation on a proposal for cessation of employer contributions there is a further proposal to reduce employer contributions; (occupational pension schemes) as a...
Clearance is relevant for those considering corporate transactions or scheme-related events which are materially detrimental to a DB pension scheme and its members (known as “type A events”). Clearance is the term used to describe the...
Career Average Revalued Earnings Schemes (known as CARE schemes) are a form of DB pension arrangement adopted by employers seeking greater costs control than may be achieved under a traditional final salary scheme. For an employer looking...
A “cash balance” scheme is a form of DB pension arrangement where the defined benefit is a lump sum expressed as a formula linked to the member’s final pensionable salary. The lump sum will be available at retirement to provide...
A GPP is a group personal pension – a personal pension available to an employer’s staff through a group arrangement. A personal pension will be a DC arrangement. Members are still subject to the LTA and AA and may take 25% as a tax...
