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.’

Full story

Family Law Week, 11th April 2014

Source: www.familylawweek.co.uk

Comments Off

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

Comments Off

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

Comments Off

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.’

Full story

Six Pump Court, 20th February 2014

Source: www.6pumpcourt.co.uk

Comments Off

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

Comments Off

“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.’

Full story

Hardwicke Chambers, 13th January 2014

Source: www.hardwicke.co.uk

Comments Off

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

Comments Off

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.”

Full story

Law Commission, 22nd October 2013

Source: www.lawcommission.justice.gov.uk

Comments Off

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.”

Full consultation

Law Commission, 22nd October 2013

Source: www.justice.gov.uk/lawcommission

Comments Off

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.”

Full story

OUT-LAW.com, 22nd October 2013

Source: www.out-law.com

Comments Off

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

Comments Off

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

Comments Off

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.”

Full story

Hardwicke Chambers, 23rd September 2013

Source: www.hardwicke.co.uk

Comments Off

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

Comments Off

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.”

Full story

OUT-LAW.com, 19th September 2013

Source: www.out-law.com

Comments Off

Equitable Life scandal victims to receive compensation this year – Daily Telegraph

Posted September 11th, 2013 in compensation, maladministration, news, pensions, victims by tracey

“Around 10,000 victims of the Equitable Life scandal will receive a £5,000 compensation payment a year early, the Government has announced.”

Full story

Daily Telegraph, 10th September 2013

Source: www.telegraph.co.uk

Comments Off

High Court ruling establishes certainty for members of underfunded pension schemes on company insolvency, says expert – OUT-LAW.com

Posted August 5th, 2013 in administrators, debts, insolvency, news, pensions by sally

“It would be ‘unprincipled’ to allow administrators of an insolvent company to use money ring-fenced for the purposes of its underfunded pension scheme to settle their debt to the scheme’s trustees, the High Court has ruled.”

Full story

OUT-LAW.com, 2nd August 2013

Source: www.out-law.com

Comments Off

Nortel / Lehman Supreme Court decision: guidance on insolvency expenses and provable claims – 11 Stone Buildings

Posted July 31st, 2013 in administrators, debts, expenses, insolvency, news, pensions by sally

“The Supreme Court ruled today that sums claimed under a Financial Support Direction of the Pensions
Regulator that is issued after a company’s entry to insolvency will rank as provable debts. It disagreed with both the High Court and a unanimous Court of Appeal, which had held that sums claimed under such a FSD were payable as insolvency expenses. The Supreme Court also rejected an argument that such a claim ranked below ordinary creditors as a non-provable liability.”

Full story (PDF)

11 Stone Buildings, 24th July 2013

Source: www.11sb.com

Comments Off

In the matter of the Nortel Companies; In the matter of the Lehman Companies; In the matter of the Lehman Companies No 2 – Supreme Court

Posted July 29th, 2013 in administrators, contribution, debts, expenses, insolvency, law reports, pensions by sally

In the matter of the Nortel Companies; In the matter of the Lehman Companies; In the matter of the Lehman Companies No 2 [2013] UKSC 52 (YouTube)

Supreme Court, 24th July 2013

Source: www.youtube.com/user/UKSupremeCourt

Comments Off

In re Nortel GmbH (in administration) and related companies; In re Lehman Brothers International (Europe) (in administration) and related companies (Nos 1 and 2) – WLR Daily

Posted July 25th, 2013 in expenses, insolvency, law reports, pensions by tracey

In re Nortel GmbH (in administration) and related companies; In re Lehman Brothers International (Europe) (in administration) and related companies (Nos 1 and 2): [2013] UKSC 52; [2013] WLR (D) 300

“A company’s liabilities arising from financial support directions or contribution notices issued by the Pensions Regulator under the Pensions Act 2004 after the company had gone into administration, which required the company to put in place financial support for an occupational pension scheme, did not rank as an expense of the administration under rule 2.67(1)(f) of the Insolvency Rules 1986. However, where by the date on which the company went into administration it had for the preceding two years been vulnerable to a liability under a pension scheme, that liability was an obligation which ranked in the administration as a provable debt of the company.”

WLR Daily, 24th July 2013

Source: www.iclr.co.uk

Comments Off