Related insights: Pensions

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Case outcome relevant to SIPP providers, PI Insurers, FOS, PO and unregulated introducers - leave to appeal lodged at the Supreme Court

12 May 2021
In the past 15 years, SIPPs have become a more mainstream way for individuals to manage their own pension funds. The increase in SIPPs comes with an increase in claims made by consumers, including complaints made to the Financial Ombudsman (FOS) and Pensions Ombudsman (PO). This case will be of interest to SIPP providers, their professional indemnity insurers, the FOS and PO as it erodes some of the comfort provided in the previous High Court judgment about the nature and scope of duties owed by a SIPP provider.
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Private equity investor agrees £25m settlement of Pensions Regulator claim

09 Mar 2021
HIG Group recently agreed a settlement with The Pensions Regulator (tPR) following a challenge to its 2011 pre-pack administration of Silentnight, the UK bed manufacturer. TPR's case was that HIG acquired the employers' bank debt and used its position as lender to bring about the unnecessary insolvency of the employers, then taking steps to buy the employers' business at an undervalue as part of the administration process that followed.

Spring Budget 2021 – pensions changes

03 Mar 2021
n today's Budget, the Chancellor has announced that the lifetime allowance (LTA) for pension savings is being frozen at its current level of £1,073,100 until April 2026. This marks a change from recent years, when the LTA has increased in line with inflation since it was re-set to £1m in 2016/17.
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Part 2 of 2 - In-depth review of November 2020 Lloyds Bank Judgment

25 Feb 2021
As reported in our article in November, GMP Equalisation - transfers out, the most recent judgment in the series of Lloyds Bank cases, handed down in November 2020 (the Transfer Judgment), considered the obligations on trustees of contracted out defined benefit schemes who had transferred out benefits to other pension schemes.
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Part 1 of 2: in-depth review of November 2020 Lloyds Bank Judgment

17 Feb 2021
As reported in our article in November, GMP Equalisation - transfers out, the most recent judgment in the series of Lloyds Bank cases, handed down in November 2020 (the Transfer Judgment), considered the obligations on trustees of contracted out defined benefit schemes who had transferred out benefits to other pension schemes.
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GMP equalisation – transfers out

24 Nov 2020
Judgment in the supplementary Lloyds Bank case was handed down on 20 November 2020, providing some clarification as to the actions which must be taken by trustees of defined benefit pension schemes to address unequal guaranteed minimum pensions (GMP) where that GMP was transferred between occupational pension schemes.
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PPF Levy Consultation 2021/22 – method in the madness?

03 Nov 2020
In a world that looks very different than it did this time last year and with future economic uncertainty being all too real many people may be concerned about what the practical implications of COVID-19 will mean for the next Pension Protection Fund (PPF) levy year. The PPF's recently published levy consultation suggests that, for the 2021/22 levy year at least, any such fears may be somewhat unfounded.
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The Pension Schemes Bill 2019-21: the latest position

02 Nov 2020
After progressing through parliament for most of 2020, the Pension Schemes Bill is reaching the final stages of review before becoming law. The committee stage is due to end on 5 November, following which the Bill is expected to come into force by the end of the year. We have summarised the key changes which will be introduced by the Bill.