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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...
Under section 75 and section 75A of the PA95, where the value at the trigger time of a DB scheme’s assets is less than a scheme’s liabilities (both calculated on a prescribed basis), the amount equal to the difference is...
A debt calculation is triggered when an employer has ceased to employ at least one person who is an active member of the scheme, and at least one other employer (who is not an employer who employs only members with DC benefits) continues...
Introduction TPR has published new guidance on assessing and monitoring the employer covenant of a DB pension scheme. Replacing TPR’s original 2010 guide to “monitoring employer support”, the new guidance is designed to provide...
Section 67 of the PA95 applies whenever a power to modify an occupational pension scheme is exercised to make a change (known as a “regulated modification”) which would or might adversely affect a member’s subsisting rights. ...
The Bribery Act 2010 came into force on 1 July 2011. It aims to update and simplify the UK’s anti-corruption laws. The Act creates 4 offences: offering, promising or giving a bribe (active bribery); requesting, agreeing to receive or...
The trustees of an occupational DB pension scheme are required to prepare, and from time to time review and if necessary revise, a schedule of contributions. The schedule sets out the rates of the contributions payable to the scheme and...
