Related insights: Pensions
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.
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.
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.
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.
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.
Court of Appeal to examine SIPP provider case
22 Oct 2020
In May, we wrote about the High Court judgment in Adams v Options SIPP UK LLP which offered SIPP providers some comfort that, in circumstances where a loss is suffered by a member and the SIPP provider is acting on an execution only basis, they will not usually be liable for any loss suffered by the investor on investments made through the SIPP, including investments introduced to the member by unregulated providers.
Update on the Pension Schemes Bill and implications for pensions from the Corporate Insolvency and Governance Act 2020
06 Jul 2020
The Corporate Insolvency and Governance Act 2020 (CIGA) came into effect on 26 June 2020. Whilst the Act makes a number of changes to the insolvency regime. The Pension Schemes Bill is currently at report stage in the House of Lords, and is awaiting a date to be fixed for the third reading; the final opportunity for amendments to be made to the Bill.
Russell Adams v Options SIPP UK LLP (formerly Carey Pensions UK LLP)
26 May 2020
The judgment handed down in Adams v Options SIPP UK LLP by the Chancery Division of the High Court may give SIPP providers some comfort on their exposure to liability when acting on an execution-only basis and a SIPP member suffers loss on an investment made through their SIPP.
Landmark decision sees SIPP provider win liability case
21 May 2020
This case sets a clear precedent which has been welcomed by SIPPs providers given the increased litigation in this space and use of the FOS in determining complaints (which can now be validly rebutted).
Updated COVID-19 guidance from the Pensions Regulator on auto enrolment and pension contributions – what you need to know
22 Apr 2020
As part of what is now its weekly regulatory update, the Pensions Regulator (tPR) has published its revised guidance on auto enrolment and pension contributions, together with detailed guidance on how the Coronavirus Job Retention Scheme (CJRS) interacts with pension contributions paid under salary sacrifice arrangements.
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