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A legal look at the Pensions World

Aberdeen Edinburgh Glasgow. A legal look at the Pensions World. Sarah Phillips and Jennifer Chambers. Wednesday 3 September 2014. Topics. tPR Funding Code of Practice Innovative scheme funding arrangements: what we are seeing in practice? Scottish Independence

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A legal look at the Pensions World

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  1. AberdeenEdinburgh Glasgow A legal look at the Pensions World Sarah Phillips and Jennifer Chambers Wednesday 3 September 2014

  2. Topics • tPR Funding Code of Practice • Innovative scheme funding arrangements: what we are seeing in practice? • Scottish Independence • The new definition of money purchase benefits: implications and uncertainties • Recent cases from the Pensions Ombudsman and the Courts

  3. tPR Code of Practice – A new dawn or business as usual? • What’s changed? • Shift in balance – “sustainable growth of the employer” • 9 Principles • 15 Risk Indicators • Implementing the Code – Integrated Risk Management • Covenant / Investment / Contributions

  4. Innovative Funding Structures • Asset-backed funding (not so innovative anymore) • Reservoir Trusts • Charged Accounts • Why the interest? • What are the benefits? • Where have they been used?

  5. Scottish Independence

  6. Scottish Independence – in the event of a “Yes” vote... • The White Paper • State Pensions • Automatic Enrolment • Regulatory Framework • Cross-border schemes • Tax

  7. The new definition of money purchase benefits: implications and uncertainties • Effective 24 July 2014 • Background - Bridge Trustees case • “money purchase benefits” only those benefits which cannot develop a funding deficit • Retrospective effect from 1 January 1997 • Key focus: hybrid schemes

  8. New definition of money purchase benefits • Implications • Increase in schemes to which certain legislation applies (funding, debt, PPF) • BUT: decisions taken by trustees in good faith between 1 January 1997 and 24 July 2014 valid except in limited circumstances • Need to agree approach for complying with statutory framework • Uncertainties • DC scheme with DB underpin – money purchase until underpin “bites”

  9. Case Round Up • Gleeds– the pensions horror show • Lehman – settlement reached • Ombudsman round up – easy mistakes to make?

  10. Get in touch Sarah PhillipsPartner+44 (0)131 473 6906+44 (0)7584 631 878Sarah.Phillips@burnesspaull.comJennifer ChambersSenior Associate +44 (0)131 473 6317 +44 (0)7921 556 410 Jennifer.Chambers@burnesspaull.com

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