Pensions Regulator to get powers to authorise and de-authorise master trusts – Out-Law.com

Posted October 24th, 2016 in news, pensions, trusts by michael

‘The Pensions Regulator is to be given new powers to authorise and de-authorise multi-employer ‘master trust’ pension schemes as part of new legislation published by the UK government.’

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Out-Law.com, 21st October 2016

Source: www.out-law.com

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The agreements that weren’t – Nearly Legal

Posted September 6th, 2016 in deposits, landlord & tenant, news, trusts by sally

‘Every now and again there is a reminder of the problems of a contractual tenancy. In this case, the difficulties involved a deposit of £52,000 and a weekly rent of £6,500.’

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Nearly Legal, 5th September 2016

Source: www.nearlylegal.co.uk

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Daniel and another v Tee and others – WLR Daily

Posted July 13th, 2016 in breach of trust, compensation, law reports, solicitors, trusts by sally

Daniel and another v Tee and others [2016] EWHC 1538 (Ch)

‘The defendants were professional solicitor trustees of a trust of which the claimants were the beneficiaries. The claimants sought compensation for breach of trust in connection with the investment of the trust funds in the period 2000 to 2002.’

WLR Daily, 1st July 2016

Source: www.iclr.co.uk

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Brother and sister in legal battle over interior designer father’s £20m fortune – Daily Telegraph

Posted July 6th, 2016 in families, news, trusts, wills by Mark L

‘The children of a renowned interior designer, who worked on the QE2, Claridge’s and the Savoy Hotel are locked in a £20m court battle over his fortune.’

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Daily Telegraph, 6th July 2016

Source: www.telegraph.co.uk

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BNY Mellon Corporate Trustee Services Ltd v LBG Capital No 1 plc and another – WLR Daily

Posted June 17th, 2016 in banking, contracts, interpretation, law reports, trusts by tracey

BNY Mellon Corporate Trustee Services Ltd v LBG Capital No 1 plc and another [2016] UKSC 29

‘In March 2009, the financial services regulatory authority conducted a stress test of a banking group against the then applicable benchmark of a ratio of core tier 1 (“CT1”) capital to risk-weighted assets. The test demonstrated a shortage of capital. As a result, the defendants, two wholly-owned subsidiaries of the group, issued contingent convertible securities, described as enhanced capital notes. The notes, which carried a relatively high rate of interest, were not redeemable until specified maturity dates between 2019 and 2032 unless they were converted into shares on the occurrence of a conversion trigger, being any time when the group’s CT1 ratio fell below 5%, or they were redeemed early by the group on the occurrence of a capital disqualification event. Under clause 19 of the notes’ terms and conditions, contained in the trust deed, a capital disqualification event was deemed to have occurred if the notes ceased to be taken into account for the purposes of any stress test applied by the regulatory authority in respect of the group’s “consolidated CT1 ratio”. In 2013 regulatory changes replaced CT1 capital with a more restrictive category, common equity tier 1 (“CET1”) capital. The regulatory authority announced that the notes would now need to have a trigger for conversion higher than 5.125% CET1 in order to count as core capital but, under the terms of the notes, conversion would only be triggered if the group’s CET1 ratio fell to 1%. In December 2014 the regulatory authority carried out a stress test which did not take into account the notes and, as a result, the group announced that a capital disqualification event had occurred and that it was entitled to redeem the notes. The claimant trustee, on behalf of the note holders, sought a declaration that a capital disqualification event had not occurred, contending that the December 2014 stress test was not relevant for the purposes of clause 19 because it had been conducted by reference to a CET1 ratio rather than a consolidated CT1 ratio and that, alternatively, the fact that the notes had not been taken into account in the December 2014 stress test was not enough to trigger a capital disqualification event, rather the notes had to have been disallowed in principle from being taken into account for the purposes of the tier 1 ratio. The judge rejected the trustee’s first argument but accepted the second argument and declared that a capital disqualification event had not occurred. On the defendants’ appeal, the Court of Appeal, in construing the trust deed, took into account statements in the exchange offer memorandum, a letter from the group’s chairman and documents issued by the regulatory authority at and before the time at which the notes had been issued, and it allowed the appeal, holding that a capital disqualification event had occurred and that, therefore, the defendants were entitled to redeem the notes.’

WLR daily, 16th June 2016

Source: www.iclr.co.uk

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High Court’s confidentiality comments could have unintended consequences in pension rectification cases – OUT-LAW.com

Posted June 9th, 2016 in confidentiality, news, rectification, trusts by sally

‘Comments by a High Court judge during a recent application for rectification of a pension trust deed could have “unintended consequences” for future applications, an expert has said.’

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OUT-LAW.com, 9th June 2016

Source: www.out-law.com

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Finance & Divorce Update, May 2016 – Family Law Week

Posted May 20th, 2016 in costs, divorce, financial provision, news, trusts by tracey

‘Edward Heaton, Principal Associate, and Jane Booth, Associate, both of Mills & Reeve LLP analyse the news and case law relating to financial remedies and divorce during April 2016.’

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Family Law Week, 15th May 2016

Source: www.familylawweek.co.uk

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Call to tighten UK’s new property law to crack down on ‘dirty money’ – The Guardian

Posted February 15th, 2016 in corruption, London, money laundering, news, retrospectivity, sale of land, trusts by sally

‘New laws that aim to stop the UK being a magnet for money launderers – by forcing the owners of properties to reveal their identities – should be applied retrospectively, leading anti-corruption organisations whose work has strongly influenced the government are saying.’

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The Guardian, 13th February 2016

Source: www.guardian.co.uk

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PJV v Director of Adult Social Care Newcastle City Council and another – WLR Daily

PJV v Director of Adult Social Care Newcastle City Council and another: [2015] EWCOP 87; [2015] WLR (D) 560

‘There was no need for an application to the Court of Protection to finalise an award to an incapacitated person that the Criminal Injuries Compensation Authority decided should be held on trust, since a deputy appointed by the Court of Protection could be authorised to negotiate and finalise the terms of such an award.’

WLR Daily, 18th December 2016

Source: www.iclr.co.uk

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High Court clarifies cost effective procedure allowing pension trustees to correct mistakes – OUT-LAW.com

Posted January 20th, 2016 in costs, news, pensions, trusts by sally

‘The High Court has taken the unusual step of publishing a short judgment which sets out how pension scheme trustees can use an administrative procedure to correct errors in the scheme rules in a cost effective way.’

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OUT-LAW.com, 15th January 2016

Source: www.out-law.com

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High Court clarifies cost effective procedure allowing pension trustees to correct mistakes – OUT-LAW.com

Posted January 18th, 2016 in costs, news, pensions, trusts by tracey

‘The High Court has taken the unusual step of publishing a short judgment which sets out how pension scheme trustees can use an administrative procedure to correct errors in the scheme rules in a cost effective way.’

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OUT-LAW.com, 15th January 2016

Source: www.out-law.com

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In re BCA Pension Plan – WLR Daily

Posted December 4th, 2015 in law reports, notification, pensions, trusts by tracey

In re BCA Pension Plan: [2015] EWHC 3492 (Ch); [2015] WLR (D) 502

‘Where the court made an order under section 48 of the Administration of Justice Act 1985 which directly related to the level of benefits that would be payable to members of a pension scheme, members should be told of the order unless there were compelling reasons to the contrary.’

WLR Daily, 2nd December 2015

Source: www.iclr.co.uk

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Disinheritance and the law: why you can’t leave your money to whoever you please – The Guardian

Posted August 3rd, 2015 in appeals, charities, consent, local government, news, probate, statistics, trusts, wills by sally

‘When Melita Jackson decided to disinherit her daughter Heather, she knew what she was doing, and her decision was clear. Now a court has ruled that Heather still has a right to a share of her estate. As Britain experiences a surge in will disputes, is our sense of what we owe our children changing?’

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The Guardian, 31st July 2015

Source: www.guardian.co.uk

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Bagum v Hafiz and another – WLR Daily

Posted July 30th, 2015 in appeals, law reports, sale of land, trusts by sally

Bagum v Hafiz and another [2015] EWCA Civ 801; [2015] WLR (D) 329

‘Sections 14 and 15 of the Trusts of Land and Appointment of Trustees Act 1996 conferred on the court a substantially wider discretion, exercised on the basis of wider considerations, than the trustees themselves enjoyed acting without either the beneficiaries’ consent or a court order. The court’s powers were there to enable the property to be dealt with justly when the beneficiaries could not agree and direct the trustees how to deal with the property.’

WLR Daily, 22nd July 2015

Source: www.iclr.co.uk

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Duties and liabilities of trustees: Lessons from recent cases – New Square Chambers

Posted July 28th, 2015 in appeals, judgments, news, trusts by sally

‘There have been a number of recent cases which provide useful guidance in considering the scope of trustees’ duties when faced with decisions as to whether or not to sell or retain land, or to incur expenditure on repairs, or to take legal action.’
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New Square Chambers, 26th May 2015

Source: www.newsquarechambers.co.uk

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Financial Orders – The Sole Trustee Problem – Tanfield Chambers

Posted July 28th, 2015 in divorce, financial provision, matrimonial home, news, trusts by sally

‘When the court makes or approves a financial order, there is often not enough money in the matrimonial pot to house both parties and any children in owner-occupied accommodation. An outright transfer to one of the parties of what may be the only significant asset may be quite unfair to the other party (as in Clutton v Clutton – [1991] 1 All ER 340 (CA)). An immediate sale of the matrimonial home could be futile, in that both parties may have to move into rented accommodation, with geographical consequences including potential disruption to any children’s education. The parties each, of course need to take tax advice to ensure that liabilities for e.g. CGT (upon transfer / sale) and Inheritance Tax (upon creation of the trust and every ten-year anniversary thereof).’

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Tanfield Chambers, 18th June 2015

Source: www.tanfieldchambers.co.uk

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BESTrustees plc v Corbett – WLR Daily

Posted June 9th, 2015 in assignment, debts, law reports, pensions, trusts by tracey

BESTrustees plc v Corbett: [2014] EWHC 3038 (Ch); [2015] WLR (D) 242

‘The trustee or manager of a qualifying occupational pension scheme was entitled to assign a debt arising pursuant to section 75 of the Pensions Act 1995.’

WLR DAily, 16th October 2014

Source: www.iclr.co.uk

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Granada Group Ltd v The Law Debenture Pension Trust Corpn plc – WLR Daily

Posted June 3rd, 2015 in company law, interpretation, law reports, pensions, trusts by sally

Granada Group Ltd v The Law Debenture Pension Trust Corpn plc [2015] EWHC 1499 (Ch); [2015] WLR (D) 231

‘Personal rights against a trustee, which were rights that any beneficiary, under any trust, would have to compel the trustee to administer that trust properly, did not fall within the definition of a “non-cash asset” under section 739 of the Companies Act 1985. Section 320(1)(a) of the 1985 Act was not intended by Parliament to apply to the rights or interests of the director himself, whatever they might be, when the non-cash asset was held in trust for him by someone other than the company itself.’

WLR Daily, 22nd May 2015

Source: www.iclr.co.uk

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Bogus lawyers jailed after targeting the elderly with asset protection scam – Legal Futures

Posted May 26th, 2015 in elderly, fraud, news, sentencing, trusts by sally

‘Eight people who pretended to be lawyers have been sentenced after scamming elderly people out of more than £500,000 in return for bogus asset protection trusts, with carrying out a reserved legal activity when not authorised one of the charges half of them faced.’

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Legal Futures, 26th May 2015

Source: www.legalfutures.co.uk

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JSC Mezhdunarodniy Promyshlenniy Bank and another v Pugachev – WLR Daily

JSC Mezhdunarodniy Promyshlenniy Bank and another v Pugachev [2015] EWCA Civ 139; [2015] WLR (D) 94

‘Under the terms of a freezing order the court had jurisdiction to order a member of a class of beneficiaries under a discretionary trust to make disclosure of the details of the trust and the trust assets.’

WLR Daily, 27th February 2015

Source: www.iclr.co.uk

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