‘The June 2022 Office of National Statistics, Consumer Prices Index (CPI) figures show that inflation hit a new 40-year high of by 9.4% in the 12 months to June 2022. Indications suggest it could reach 12% in October 2022. If we could predict the future, we would all be billionaires. That said, inflation is here to stay for the short term at least.’
Pump Court Chambers, 25th July 2022
Source: www.pumpcourtchambers.com
‘Many will recall the McCloud judgment, in which the Court of Appeal determined that the transitional provisions in the Government’s 2015 public sector pension schemes were age discriminatory. In response to the judgment, the Government agreed to unravel these changes. Last year, the Government announced its solution known as the McCloud Remedy. But what does this mean for pension trustees? Do these circumstances amount to grounds to set aside a financial remedy order?’
Family Law, 11th August 2022
Source: www.familylaw.co.uk
‘Doug Mullen and Billy Richards consider the pensions implications of a recent Supreme Court holiday pay case.’
Local Government Lawyer, 5th August 2022
Source: www.localgovernmentlawyer.co.uk
‘Two scammers have been imprisoned today (15 July 2022) for a pension fraud worth over £20 million which caused many of the victims to lose their entire pensions.’
Crown Prosecution Service, 15th July 2022
Source: www.cps.gov.uk
‘Ill health pensions are frequently the subject of complaints to the UK’s Pensions Ombudsman (PO), who has helpfully explained his role and approach in two recent determinations.’
OUT-LAW.com, 14th July 2022
Source: www.pinsentmasons.com
‘The Respondent is the corporate trustee of a tax-exempt United Kingdom pension fund. It held a large portfolio of UK and overseas shares. To generate revenue, it engaged in a practice known as stock lending. This involves a shareholder (the lender) transferring ownership of shares to another party (the borrower) on terms that the borrower will (i) return equivalent shares to the lender at the end of the lending period and (ii) pay an amount to the lender equivalent to the dividends paid on the shares during that period. These payments are known as a “manufactured dividend” (“MD”) if the shares are held in a UK company. If the shares are in a non-UK company, they are known as a “manufactured overseas dividend” (“MOD”).’
UKSC Blog, 27th April 202
Source: ukscblog.com
‘Two fraudsters have been jailed for their part in a series of scams in which 245 people lost millions of pounds in pension savings.’
BBC News, 23rd April 2022
Source: www.bbc.co.uk
‘Pensions can make up a significant proportion of family assets and should be fully taken into account when financial matters are dealt with during a divorce. Where a couple with UK pensions divorce in England, the court can make various orders to deal them. Most commonly, a pension sharing order is made hiving off a portion of one party’s pension and giving it to the other. However, where there are pension assets overseas or a divorce overseas and pension assets in the UK, the situation is more complex. There are two angles that need to be considered:
Can an overseas pension be shared in a divorce in England & Wales; and Can a UK pension be shared in an overseas divorce.’
Family Law, 28th March 2022
Source: www.familylaw.co.uk
‘Sue Brookes, Principle Associate and Nicola Rowlings, Professional Support Lawyer, at Mills & Reeve LLP consider the most important news and case law relating to financial remedies and divorce during January 2022.’
Family Law Week, 3rd March 2022
Source: www.familylawweek.co.uk
‘This decision of Chief Master Shuman concerns the circumstances in which the Court might refuse to bless a decision of pension scheme trustees, with particular reference to the meaning of “necessaries of life”, the conflicted position of member-trustees, and the relevance of disputed matters of fact. It will be important both for those considering the payment of discretionary benefits from pension schemes, including the interrelationship of scheme rules and the authorised payments regime under the Finance Act 2004, as well as more generally in relation to the robust approach the Court should take to beneficiaries seeking to oppose the blessing of trustee decisions.’
Wilberforce Chambers, 7th February 2022
Source: www.wilberforce.co.uk
‘Police officers have launched legal action against the government over pensions as relations sour with ministers.’
The Independent, 14th September 2021
Source: www.independent.co.uk
‘Nigel Bolton and Philip Woolham look at the lessons to be learned from an important High Court judgment for local authorities and contractors on pension exit credits.’
Local Government Lawyer, 2nd July 2021
Source: www.localgovernmentlawyer.co.uk
‘The High Court (Morgan J.) has delivered judgment in Punter Southall Governance Services Ltd v Hazlett [2021] EWHC 1652 (Ch), concerning the Axminster Carpets Group pension plan. It is now the leading judgment on limitation in claims by pension scheme beneficiaries for arrears. It also gives key guidance on the court’s power to award interest on such claims and on the interpretation and exercise of forfeiture clauses, and makes certain findings on the scope of s.37 of the Pension Schemes Act 1993. This summary only scratches the surface of a detailed 347-paragraph judgment covering several different areas of pensions and trusts law. A more flippant title might have been: “The Axminster Carpets case: a pile of issues…”’
Wilberforce Chambers, 24th June 2021
Source: www.wilberforce.co.uk
‘The Court of Appeal judgment in Finch v Baker [2021] EWCA Civ 72 was released on 28 January 2021. The judgment provides some useful guidance on not being able to get what are essentially conduct arguments contrary to s25(g) through the back door by making “negative contribution” arguments, and it also highlights the importance of ensuring that you adduce and apply for the most appropriate and necessary evidence in advance of a hearing. Simply arguing that an updated pension report is needed, following an appeal hearing, on the basis that the pension sharing order made would not reflect the judge’s intentions as the CE figures would be significantly out of date, is insufficient and misconceived.’
Family Law, 17th June 2021
Source: www.familylaw.co.uk
‘The Court of Appeal has just handed down its decision in Britvic PLC v Britvic Pensions [2021] EWCA CIV 867, overturning the first instance High Court decision. It is a major decision on interpretation (applying principles applicable to contracts and other documents, and not just pension schemes). This note focuses on the interpretation issue of general application; a second note will touch on the pensions-specific aspects.’
Wilberforce Chambers, 11th June 2021
Source: www.wilberforce.co.uk
‘Ride-hailing giant Uber has agreed to recognise a trade union for the first time, in a landmark deal that should benefit gig economy workers.’
BBC News, 26th May 2021
Source: www.bbc.co.uk
‘The Court of Appeal judgment in Finch v Baker [2021] EWCA Civ 72 was released on 28 January 2021. The judgment provides some useful guidance on not being able to get what are essentially conduct arguments contrary to s25(g) through the back door by making “negative contribution” arguments, and it also highlights the importance of ensuring that you adduce and apply for the most appropriate and necessary evidence in advance of a hearing. Simply arguing that an updated pension report is needed, following an appeal hearing, on the basis that the pension sharing order made would not reflect the judge’s intentions as the CE figures would be significantly out of date, is insufficient and misconceived.’
Family Law. 14th May 2021
Source: www.familylaw.co.uk
‘On Wednesday Uber, the taxi hailing app, began offering 70,000 UK drivers a minimum hourly wage, holiday pay and pensions after years of legal battles.’
The Guardian, 18th March 2021
Source: www.theguardian.com
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