All Herbert Smith Freehills articles
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FeaturesWill DC consolidation present master trusts with crock of gold?
Within a decade, some 15 or more master trusts will have disappeared. Today, 36 players jockey for pole position. What will this huge transition mean for trustees, sponsors, and members, asks Stephane Hawthorne?
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NewsYell Pension Plan agrees £370mn full buy-in
On the go: The Yell Pension Plan has agreed a £370mn buy-in with Pension Insurance Corporation, covering the remaining liabilities of the defined benefit scheme.
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NewsMedway Packaging scheme completes full £52mn buy-in
On the go: The Medway Packaging Pension Scheme has completed a full buy-in with Pension Insurance Corporation covering £52mn of liabilities.
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NewsHouse of Fraser scheme secures £600mn buyout
On the go: The House of Fraser Beatties & Jenners Pension Scheme has completed a £600mn buyout with Pension Insurance Corporation, covering 3,850 deferred members and 5,050 pensioners.
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NewsPPF announces specialist panel to assist with overfunded schemes
On the go: The Pension Protection Fund has appointed Hymans Robertson, LCP, Barnett Waddingham and PwC to provide transaction advice to schemes in assessment that are overfunded on a PPF basis.
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NewsPodcast: TPR tells trustees to weigh up diversity when making decisions
On the go: Trustees should think about the diversity of their scheme’s membership, and consider whether they are “inherently disadvantaging” some members with their decisions, according to David Fairs, the Pensions Regulator’s executive director for regulatory policy, analysis and advice.
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NewsMetal Box completes £2.2bn full buy-in with PIC
On the go: The Metal Box Pension Scheme has completed a full £2.2bn buy-in with Pension Insurance Corporation, with plans to convert this to a buyout in November 2021.
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NewsTUI pension schemes agree £800m buy-ins with L&G
On the go: The circa €2.4bn (£2.1bn) TUI Group UK Pension Trust, comprising the BAL Scheme, TUI UK Scheme and TAPS Scheme, has secured two buy-ins worth around £800m with Legal & General Assurance Society.
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NewsIndustry calls again for clarity as TPR criminal consultation closes
The pensions industry has once again united in its calls for clarity as a consultation into the scope and application of the Pensions Regulator’s new criminal powers comes to a close.
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OpinionCourt case may restrict international reach of TPR’s powers
A recent Supreme Court ruling on corporate fraud has given some much-needed guidance on the extent to which a prosecuting authority’s information-gathering powers have extraterritorial reach.
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Trustees warned not to miss CMA’s self-certification January deadline
Fears are mounting that Christmas and remote working may cause trustees to miss a vital deadline in January to comply with new Competition and Markets Authority rules.
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DB scheme trustees to revisit thousands of past transfers
On the go: Trustees of defined benefit schemes will have to revisit pension transfers from the past 30 years if the individual had contracting-out benefits, and provide a top-up if necessary.
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Marathon scheme completes £610m buy-in with Rothesay Life
On the go: Oil and gas production company RockRose has completed a full £610m buy-in with Rothesay Life for the Marathon Service Limited Pension and Life Assurance Scheme.
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Peers push for clarity over insolvency measures
On the go: Members of the House of Lords have pressed the government to provide clarity over the impact of new insolvency laws on pension schemes.
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Pensions compliance with furlough tapering ‘horrendously complicated’
The Pensions Regulator’s updated guidance on auto-enrolment and defined contribution schemes is likely to lead to large numbers of mistakes being made, some experts predict, as employers have to grapple with the bifurcated system resulting from the slow death of furlough.
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Industry bodies lobby government to change insolvency bill
Pensions industry bodies are lobbying the government to make changes to the Corporate Insolvency and Governance Bill, which unless revised will “inevitably lead to more pensioners not receiving their benefits in full and greater strain on the Pension Protection Fund”.
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NewsNissan proposes DB scheme closure as sponsor pressure mounts
Workers at Nissan’s manufacturing plant in Sunderland could be facing a cut to their benefits, with the carmaker proposing to close its defined benefit scheme, while experts said the Covid-19 pandemic could push more sponsors to follow suit.
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New insolvency laws could impact healthy DB schemes
On the go: New insolvency laws introduced in parliament, designed to prevent companies being forced to file for bankruptcy due to the Covid-19 crisis, could cause new hurdles for defined benefit schemes, a law firm has warned.
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Pension schemes bill overshadowed by Brexit
A pension schemes bill has been included in the Queen’s Speech as expected, but critics say the government’s Brexit headaches and lack of majority mean it is little more than a manifesto pledge.
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British American Tobacco strikes £3.4bn buy-in deal
On the go: British American Tobacco's UK pension scheme has agreed a buy-in covering both pensioners and deferred members, the third largest struck to date.