Law Commission clarifies law on pension trust investment – Law Commission

Posted July 1st, 2014 in Law Commission, news, pensions, reports, trusts by sally

‘Pension fund trustees do not have to “maximise returns” in the short-term at the expense of risks over the longer term, according to a report published today by the Law Commission.’

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Law Commission, 1st July 2014

Source: www.lawcommission.justice.gov.uk

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The implications for bankrupts of the recent Budget announcement on pensions: have we gone full circle? – 11 Stone Buildings

Posted June 5th, 2014 in bankruptcy, budgets, news, pensions by sally

‘There has long been a tension between two competing public interests: encouraging individuals to save and provide for their financial security in old age on the one hand and providing recourse for creditors in the event of debtors being unable to pay their debts on the other. Historically, the legislative trend has generally been in favour of the creditor. The Welfare Reform and Pensions Act 1999 (“WRPA 99”), which came into force on 29 May 2000, appeared to provide fundamental changes to the relationship between these two competing policies. In 2012, however, when these reforms came before the court in Raithatha v Williamson the result indicated that WRPA 99 may have been far less significant than was previously supposed. If Williamson was correctly decided, then the changes to pension law introduced in the March 2014 Budget will have effectively unravelled those reforms altogether. Alaric Watson explains.’

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11 Stone Buildings, May 2014

Source: www.11sb.com

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Canoe fraudster John Darwin order to surrender £40,000 to authorities – The Guardian

Posted May 29th, 2014 in fraud, news, pensions, proceeds of crime by michael

‘John Darwin, who faked his own death in a canoeing accident, has been ordered to pay a £40,000 lump sum to the authorities after two of his pensions matured.’

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The Guardian, 29th May 2014

Source: www.guardian.co.uk

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Court of Appeal upholds Honda’s liability for workplace pensions caused by faulty legal documents – OUT-LAW.com

Posted April 24th, 2014 in appeals, documents, employment, news, pensions by tracey

‘A recent Court of Appeal decision committing car company Honda to between £47 million and £70m in additional pension scheme benefits due to a mistake in one of the documents is “another lesson in the importance of getting pension scheme documents right”, an expert has said.’

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OUT-LAW.com, 23rd April 2014

Source: www.out-law.com

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Briggs and others v Gleeds (Head Office) and others – WLR Daily

Posted April 22nd, 2014 in documents, estoppel, execution, law reports, pensions by sally

Briggs and others v Gleeds (Head Office) and others [2014] EWHC 1178 (Ch); [2014] WLR (D) 174

‘A representation of law could found an estoppel by representation. Estoppel could not be invoked where a document did not even appear to comply with the requirements of section 1(3) of the Law of Property (Miscellaneous Provisions) Act 1989 on its face or where a document needed to be executed by partners and was stated to be signed, sealed and delivered by each partner but none of those signatures were witnessed. Accordingly members of a pension scheme were not estopped from denying that defective deeds were validly executed.’

WLR Daily, 15th April 2014

Source: www.iclr.co.uk

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Finance and Divorce Update – Family Law Week

Posted April 11th, 2014 in divorce, financial provision, money laundering, news, pensions by sally

‘Jessica Craigs, senior solicitor, and David Salter, Joint Head of Family Law, both of Mills & Reeve LLP analyse the financial remedies and divorce news and cases published in March.’

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Family Law Week, 11th April 2014

Source: www.familylawweek.co.uk

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The Commissioners for H.M Revenue & Customs (Respondents) v Forde and McHugh Limited (Appellants) – Supreme Court

The Commissioners for H.M Revenue & Customs (Respondents) v Forde and McHugh Limited (Appellants) [2014] UKSC 14 (YouTube)

Supreme Court, 26th February 2014

Source: www.youtube.com/user/UKSupremeCourt

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Forde and McHugh Ltd v Revenue and Customs Commissioners – WLR Daily

Posted February 28th, 2014 in law reports, national insurance, pensions, social security by sally

Forde and McHugh Ltd v Revenue and Customs Commissioners [2014] UKSC 14; [2014] WLR (D) 99

‘Contributions made by a company into a funded unapproved retirement benefits scheme in favour of one of its directors did not constitute the director’s “earnings” for the purposes of section 6(1) of the Social Security Contributions and Benefits Act 1992 and thus the company was not liable to pay national insurance contributions in respect of the value of the contribution.’

WLR Daily, 26th February 2014

Source: www.iclr.co.uk

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Pension Liberation Fraud: The New Kid On The Block – Six Pump Court

Posted February 24th, 2014 in fraud, news, pensions by sally

‘Having a pension fund itself would make most people happy, but liberating one makes it sound even more enticing and for some poor people, too enticing by half as they fall victim to the new fraud which is in vogue at the moment, pension liberation.’

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Six Pump Court, 20th February 2014

Source: www.6pumpcourt.co.uk

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In re West of England Ship Owners Insurance Services Ltd Retirement Benefits Scheme Board of the Pension Protection Fund v Board of the West of England Ship Owners Insurance Services Ltd Retirement Benefits Scheme and another

Posted February 13th, 2014 in law reports, ombudsmen, pensions, third parties, trusts by sally

In re West of England Ship Owners Insurance Services Ltd Retirement Benefits Scheme
Board of the Pension Protection Fund v Board of the West of England Ship Owners Insurance Services Ltd Retirement Benefits Scheme and another [2014] EWHC 20 (Ch); [2014] WLR (D) 58

‘Considerations of fairness and reasonableness could not be imported into the process of construing the provisions of a Levy Determination issued by the Pension Protection Fund (“PPF”) which set out, pursuant to section 175(5) of the Pensions Act 2004, the rules for calculating the annual levy on defined pension benefit schemes eligible to receive compensation from the PPF. If the relevant rule in the Levy Determination did not permit the board of the PPF to interfere in any individual case so as to procure what might be said to be fair or rational in the calculation of the levy, the ombudsman was similarly constrained on a reference.’

WLR Daily, 23rd January 2014

Source: www.iclr.co.uk

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“I read it in the newspaper”: The current spate of ancillary relief negligence claims raising near identical section 14A arguments – Hardwicke Chambers

Posted January 22nd, 2014 in financial provision, limitations, negligence, news, pensions, valuation by sally

‘In ancillary relief proceedings, the largest assets are frequently the divorcing couple’s matrimonial home and pension rights. Whilst it is usually straightforward to ascertain the value of the former, accurately achieving this for the latter can be a highly technical exercise. Solicitors’ alleged failure to analyse pension transfer values is the subject of a spate of negligence claims currently being brought by former clients. No case is yet to be reported, but it is expected that a number will be during 2014.’

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Hardwicke Chambers, 13th January 2014

Source: www.hardwicke.co.uk

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John Mander Pension Scheme Trustees Ltd v Revenue and Customs Comrs – WLR Daily

Posted January 21st, 2014 in appeals, income tax, law reports, pensions, taxation by sally

John Mander Pension Scheme Trustees Ltd v Revenue and Customs Comrs [2013] EWCA Civ 1683; [2014] WLR (D) 12

‘Where the revenue gave notice of its withdrawal of approval of a pension scheme under section 591B(1) of the Income and Corporation Taxes Act 1988, the date for the purposes of section 591C(1) when the charge to tax arose in respect of that scheme was the date when approval of the scheme was withdrawn and not the date from which approval ceased to continue.’

WLR Daily, 19th December 2013

Source: www.iclr.co.uk

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Strengthening the legal duties on financial professionals to act in the best interests of savers – Law Commission

Posted October 29th, 2013 in consultations, fiduciary duty, financial advice, Law Commission, news, pensions, trusts by sally

“Today [22 October] the Law Commission publishes a consultation paper reviewing how ‘fiduciary duties’ apply to investment intermediaries. The paper traces a chain of intermediaries from an individual, saving for a pension, to the registered shareholder of a UK company. It looks at the obligations of those in the chain to act in the interests of savers.”

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Law Commission, 22nd October 2013

Source: www.lawcommission.justice.gov.uk

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Fiduciary Duties of Investment Intermediaries – Law Commission

Posted October 22nd, 2013 in consultations, fiduciary duty, Law Commission, pensions, trusts by tracey

“Consultation reviewing the obligations on investment intermediaries to act in the interests of savers.”

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Law Commission, 22nd October 2013

Source: www.justice.gov.uk/lawcommission

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Pension liberation schemes were “occupational”, High Court rules, as HMRC tightens procedures – OUT-LAW.com

Posted October 22nd, 2013 in HM Revenue & Customs, news, pensions by tracey

“A number of pension schemes which allowed members to access their savings before the minimum retirement age should be classed as ‘occupational’ schemes, the High Court has ruled.”

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OUT-LAW.com, 22nd October 2013

Source: www.out-law.com

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van der Helder and another v College voor zorgverzekeringen (CVZ) (Healthcare Insurance Board) – WLR Daily

Posted October 14th, 2013 in benefits, EC law, interpretation, jurisdiction, law reports, pensions by sally

van der Helder and another v College voor zorgverzekeringen (CVZ) (Healthcare Insurance Board) (Case C-321/12); [2013] WLR (D) 375

“On the proper interpretation of article 28(2)(b) of Council Regulation (EEC) No 1408/71 of 14 June 1971 on the application of social security schemes to employed persons, to self-employed persons and to members of their families moving within the Community, (as amended), ‘legislation’ to which a pensioner had been subject for the longest period of time, for the purpose of that provision, referred to legislation concerning pensions.”

WLR Daily, 10th October 2013

Source: www.iclr.co.uk

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HK Danmark (acting on behalf of Kristensen) v Experian A/S (Beskæftigelsesministeriet intervening) – WLR Daily

Posted October 1st, 2013 in age discrimination, EC law, employment, law reports, pensions by sally

HK Danmark (acting on behalf of Kristensen) v Experian A/S (Beskæftigelsesministeriet intervening) (Case C-476/11); [2013] WLR (D) 359

“The principle of non-discrimination on grounds of age, enshrined in article 21 of the Charter of Fundamental Rights of the European Union and given specific expression by Council Directive 2000/78/EC of 27 November 2000 establishing a general framework for equal treatment in employment and occupation, and, in particular, articles 2 and 6(1) of that Directive, did not preclude an occupational pension scheme under which an employer paid, as part of pay, pension contributions which increased with age, provided that the difference in treatment on grounds of age that arose therefrom was appropriate and necessary to achieve a legitimate aim.”

WLR Daily, 26th September 2013

Source: www.iclr.co.uk

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Breaking news for astrophysicists: Black holes can collapse – Hardwicke Chambers

Posted September 25th, 2013 in costs, debts, insolvency, landlord & tenant, news, pensions, Supreme Court by sally

“OK, so the title perhaps implies that what follows is more interesting than it is. However, the most recent decision of the Supreme Court in the Nortel/Lehman litigation is of considerable importance for all of us, particularly in the current economic climate.”

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Hardwicke Chambers, 23rd September 2013

Source: www.hardwicke.co.uk

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Pensionsversicherungsanstalt v Brey – WLR Daily

Posted September 23rd, 2013 in benefits, EC law, freedom of movement, law reports, pensions by sally

Pensionsversicherungsanstalt v Brey (Case C-140/12); [2013] WLR (D) 352

“European Union law—in particular, articles 7(1)(b), 8(4) and 24(1) and (2) of Parliament and Council Directive 2004/38/EC of 29 April 2004 on the right of citizens of the Union and their family members to move and reside freely within the territory of the member states—precluded national legislation which, even in relation to the period following the first three months of residence, automatically barred the grant of a social security benefit to a national of another member state who was not economically active, on the grounds that, despite having been issued with a certificate of residence, he did not meet the necessary requirements for obtaining the legal right to reside on the territory of the first member state for a period of longer than three months, since obtaining that right of residence was conditional upon that national having sufficient resources not to apply for the benefit.”

WLR Daily, 19th September 2013

Source: www.iclr.co.uk

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Experts welcome OFT’s workplace pension reforms, but low contributions remain the real challenge – OUT-LAW.com

Posted September 20th, 2013 in competition, employment, news, pensions, reports by sally

“Low contributions remain the ‘real obstacle’ to the success of the Government’s workplace pension scheme reforms following the Office of Fair Trading’s (OFT’s) review of the defined contribution (DC) pensions market, an expert has said.”

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OUT-LAW.com, 19th September 2013

Source: www.out-law.com

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