Wyn Derbyshire
Wyn is a partner at gunnercooke LLP and specialises in pensions, trust and employment law in all industry sectors, dealing with the transactional, advisory and documentation aspects.
He also has wide experience of the pensions implications of heavyweight corporate transactions and flotations, the issues arising from the establishment and merger of pension schemes, and sex equalisation and other discrimination issues in respect of benefits provided by pension schemes. In addition, he provides advice to pension scheme trustees generally.
Recent transactions include advising Amcor on pension matters relating to the acquisition of Alcan business and the acquisition of Northern Foods PLC by Boparan Holdings.
He is a co-author (with Stephen Hardy and Stephen Maffey) of TUPE: Law and Practice, published by Spiramus Press (now in its 4th edition), and co-author (with Stephen Hardy and David Wicks) of Money & Work, published by Spiramus Press in August 2007. He has also written several other books and numerous articles on a variety of legal and non-legal topics.
Practice Areas
Panel
- Contributing Author
Qualified Year
- 1991
Membership
- Association of Pension Lawyers
Education
- University of Cambridge: PhD
- University of Leeds: BSc
89 Contributions by Wyn Derbyshire
PRACTICE NOTES
Section 32 buy-out policies: UK legal overview of structure, pre- and post-A-day regime, GMP obligations, benefit crystallisation and block transfer protections
What is a section 32 buy-out policy?
In pensions, the term ‘section 32 buy-out policy’—also known as a section 32 policy or pension buy-out bond—describes a specific type of buy-out policy named after section 32 of the Finance Act 1981, which has since been repealed. These arrangements were especially common before 1988, that is, before personal pension schemes appeared. As with other buy-outs, a section 32 is a deferred annuity contract. It is purchased from an insurance company and, as the name suggests, is used to buy out a member’s deferred benefit entitlements (including, where applicable, deferred contracted-out benefits) from a pension scheme, so that the benefits are transferred from the scheme to be held under the policy.
One-member arrangements
Separate from the pension scheme that originally held the member’s entitlements
Set up to pay the transferred benefits to, or in respect of, the member at a future date
The benefits will always be deferred
...
Pensions
PRACTICE NOTES
Section 75 employer debts in defined benefit schemes: triggers, calculation, ECEs, grace periods, frozen schemes, apportionment/withdrawal and deferred debt arrangements, transfer deductions and restructurings: guide for junior pensions lawyers
This guide is chiefly for trainees, newly qualified lawyers and anyone unfamiliar with pensions law. A key area is the legislation on section 75 debts (also referred to as employer debts or statutory debts), which is found mainly in:
sections 75–75A of the Pensions Act 1995; and
supporting regulations, in particular the Occupational Pension Schemes (Employer Debt) Regulations 2005, SI 2005/678 (the Employer Debt Regulations)
The employer debt regime primarily concerns employers participating in defined benefit (DB) occupational pension schemes. In very limited cases it can extend to defined contribution (DC) schemes, although those scenarios are not covered in this note. Broadly, the rules allow a non‑priority liability to arise, owed by an employer (or multiple employers) to an underfunded DB scheme, when a ‘section 75 triggering event’ occurs.
Triggering events
There are three triggering events:
when an employer participating in a DB scheme experiences an ‘insolvency event’, or when the trustees of the pension scheme make an application for admission to the Pension Protection Fund (PPF) (or the
...
Pensions
PRACTICE NOTES
Settlement agreements and pension rights: legal constraints, benefit options, trustee considerations and tax pitfalls on termination under English law
This Practice Note looks at pensions-related issues that can arise under settlement agreements within the arena of English law.
Settlement (or compromise) agreements are frequently used in the employment law sphere to resolve and conclude outstanding claims brought by employees against employers (and vice versa), particularly on the termination of employment. These claims can stem from multiple sources, such as statutory rights, contractual obligations in the relevant employment contract(s), or from common law areas including tort, for example allegations of negligence.
statute
the relevant contract(s) of employment, or
areas of common law such as tort (for example, claims alleging negligence)
Claims may arise at any point in the employment lifecycle—at recruitment, during the period of employment, or upon departure—and can involve intricate and costly issues. This is particularly true where the settlement agreement concerns senior executives, which is frequently the position...
Pensions
PRACTICE NOTES
Small self-administered schemes: legal and tax framework, governance exemptions, employer loans and borrowing limits, investment rules (ERIs and IRPS), PPF ineligibility, share sale due diligence, and scam prevention
What is a SSAS?
A SSAS is an HMRC-registered pension arrangement designed to deliver defined contribution (DC) benefits for no more than 11 members, typically within smaller, family-run or closely managed companies. As a result, the membership commonly comprises the company’s proprietors alongside other key or senior staff, and may include their close relatives even where those relatives are not employees. SSASs are usually created by the sponsoring employer as trust-based occupational schemes. Members are required to act as the scheme’s trustees; however, a professional trustee can be appointed to help with administration. If no professional trustee is engaged, the member trustees often retain an actuarial consultancy to advise on running and administering the scheme. Contributions can be paid by members and/or the employer. Because it is a registered pension scheme, contributions qualify for tax relief. For more detail, see Practice Note: Member and employer pension contributions—tax relief. While SSASs have features in common with self-invested pension arrangements—especially around permitted investment of assets—they are not group personal pension schemes...
Pensions
PRACTICE NOTES
Stakeholder pension schemes: legal framework for establishment, operation, charging, disclosure, investment and winding-up, and employers’ residual contribution-deduction duties post-2012 automatic enrolment
From 1 October 2012, the duty on employers to nominate and facilitate access to a stakeholder pension scheme (as set out in section 3 of the Welfare Reform and Pensions Act 1999 (WRPA 1999)) ceased, as the new requirement by employers to enrol workers automatically into an automatic enrolment scheme (introduced by the Pensions Act 2008) took effect thereafter. However, unless a relevant exception applies (eg where an employer is notified that a designated stakeholder pension scheme has begun winding up), employers remain under an ongoing obligation, as applicable, in respect of relevant employees, to deduct employee contributions to any existing stakeholder scheme from pay, as appropriate, and forward them to the trustees or managers of the schemes. In addition, both existing and newly created stakeholder pension schemes must continue to be run in line with the statutory requirements applicable to such schemes, as necessary. Ongoing familiarity with the legal requirements governing the establishment, maintenance and eventual winding-up of stakeholder pension schemes is therefore essential, and the purpose of this Practice Note is to outline a basic description of those requirements. This Practice Note should be read alongside the following practice notes, which provide an introduction to the operation of...
Pensions
PRACTICE NOTES
The Pensions Regulator (UK): enforcement and regulatory powers—trustees, funding, transfers, auto-enrolment, master trusts, information-gathering, penalties, moral hazard, prosecutions; forthcoming enforcement strategy
FORTHCOMING CHANGE :
The Pensions Regulator (TPR) has opened a consultation on its new enforcement strategy, signalling a move to more proactive and prudential supervision. The draft strategy unveils a framework oriented around four core outcomes: prevention, reparation, accountability and saver confidence, buttressed by five strategic aims: prioritising key risks to savers, taking firm and timely action on non-compliance and economic crime, harnessing data for smarter enforcement, working with the wider sector for greater effect, and improving transparency to strengthen trust and behaviour. The proposals are intended to bolster TPR’s capacity to tackle emerging risks and breaches across pensions through a nimbler, more collaborative model. Consultation closes on 11 November 2025. TPR plans to issue the final strategy and its consultation reply in early 2026. Later in 2026, TPR also expects to review its complete set of published policies once the strategy is in place to ensure consistency, which could prompt further consultations where changes are required. This approach seeks to build saver confidence and improve conduct. For more details, see: Consultation tracker—pensions. Under the Pensions Act 2004 (PeA 2004), Pension Schemes Act 1993 (PSA 1993), Pensions Act 1995 (PA 1995), Pension Schemes Act 2017 (PSA 2017) and other legislation, the Pensions Regulator (TPR) has...
Pensions
PRACTICE NOTES
The Pensions Regulator: objectives, governance, General Code, reporting duties, enforcement and moral hazard powers (CNs/FSDs), clearance and overseas enforceability, a concise primer for pensions practitioners
This guide is chiefly intended for trainees, recently qualified lawyers and others who are new to, or unfamiliar with, pensions law. Aside from HMRC (and, arguably, the Pension Protection Fund (PPF)), the Pensions Regulator is probably the key statutory authority in the pensions industry. Constituted as a body corporate under section 1 of the Pensions Act 2004 (PeA 2004), the Pensions Regulator took over from the former regulator, the Occupational Pensions Regulatory Authority (OPRA), on 6 April 2005.
Role of the Pensions Regulator
The Pensions Regulator’s remit is broader than OPRA’s and, importantly, it is not limited solely to occupational pension schemes. Its principal objectives include:
to safeguard benefits under occupational pension schemes for, or in respect of, members of those schemes
to secure benefits under personal pension schemes for, or in respect of, members of such schemes who are employees with direct payment arrangements and, where the scheme is a stakeholder pension scheme, any other members
to lessen the risk of circumstances arising that may lead to compensation
...
Pensions
PRACTICE NOTES
The Pensions Regulator’s winding-up powers: section 11 orders, section 69 surplus modifications, section 71A insolvency modifications, and section 72B directions, including PPF assessment and timing constraints
The Pensions Regulator possesses a range of powers under the Pensions Act 1995 (PA 1995) in relation to the winding up of occupational pension schemes...
Pensions
PRACTICE NOTES
The UK Pensions Regulator: objectives, governance (non-executive committee and Determinations Panel), powers, codes (2024 General Code), enforcement and Upper Tribunal appeals, and co-ordination with the FCA
This Practice Note outlines the remit of the Pensions Regulator (TPR). For details on TPR’s role specifically regarding public sector pension schemes, see the Practice Note in respect of public sector schemes.
Background to the role
TPR, an executive non-departmental public body of the Department for Work and Pensions, is the UK regulator for work-based pension schemes. The office was established on 6 April 2005 by the Pensions Act 2004 (PeA 2004), s 1, replacing the Occupational Pensions Regulatory Authority (OPRA), the former pensions regulator. TPR’s remit and powers are, however, considerably wider than those of its predecessor.
Under PeA 2004, s 5(3), a ‘work-based pension scheme’ means:
an occupational pension scheme
a personal pension scheme where there are ‘direct payment arrangements’ for one or more members of the scheme who are employees, or
a stakeholder pension scheme
For further information on the different types of pension arrangements, see Practice Note: Types of pension arrangements for employees...
Pensions
PRACTICE NOTES
TPR moral hazard powers in UK pensions: key determinations, case themes, enforcement trends, and guidance on contribution notices (CNs), financial support directions (FSDs), clearance and regulated apportionment arrangements
What are the moral hazard powers?
In essence, the Pensions Regulator’s (TPR) moral hazard powers under the Pensions Act 2004 (PeA 2004) and related regulations permit it to look through corporate structures and assign liabilities to third parties that are connected and associated with the employer of a defined benefit pension scheme, where specified statutory criteria are fulfilled as set out in applicable legislation...
Pensions
PRACTICE NOTES
Trust-based occupational pension scheme bulk transfers: legal essentials on DB/DC, transfers without consent, preservation, DC-to-DC, tax, documentation and contracted-out rights
This introductory guide, dealing with trust-based occupational pension schemes, is chiefly for trainees, newly qualified lawyers and others, and anyone new to or unfamiliar with pensions law.
A bulk transfer involves moving a defined cohort of members from one pension scheme (the transferring scheme) to another (the receiving scheme).
Under such a transaction, the transferring scheme pays a single, aggregated transfer amount to the receiving scheme, covering all of those members.
Those members then immediately cease to have benefit rights in the transferring scheme and instead acquire benefits under the receiving scheme.
This beginners’ guide outlines the various forms of bulk pension transfer that may take place in practice.
For a concise introduction to individual pension transfers, please refer to Practice Note: Individual pension transfers—beginners’ guide.
Active members
If active members are included in a bulk transfer, careful consideration must be given to the basis (if any) on which they will build up future benefits in the receiving scheme.
Where a bulk transfer occurs between defined benefit (DB) schemes, pensionable service is very commonly indeed treated as continuous...
Pensions
PRACTICE NOTES
Trustee and administrator reporting duties for registered occupational pension schemes: the Pensions Regulator, HMRC, notifiable events, whistleblowing, scheme returns, DB funding, late contributions, winding-up, MLR 2017
THIS PRACTICE NOTE APPLIES TO REGISTERED OCCUPATIONAL PENSION SCHEMES
Trustee reporting duties have grown markedly over the years, mainly owing to the establishment of the registered pension scheme framework and regime and the creation of the Pensions Regulator (TPR), which depends, at least in part, on trustees’ both prompt and accurate reporting of scheme affairs and matters to fulfil its statutory objectives. The following are trustee reporting obligations.
The duty to report notifiable events
Within the notifiable events framework, trustees must comply with requirements set out in the following sources:
sections 69–69A of the Pensions Act 2004 (PeA 2004), as amended
the Pensions Regulator (Notifiable Events) Regulations 2005, SI 2005/900 (the Notifiable Events Regulations)
TPR’s notifiable events directions
TPR’s General Code module on notifiable events
TPR's code-related guidance on the notifiable events framework
The framework applies only to schemes which are eligible for entry into the Pension Protection Fund (generally, defined benefit (DB) schemes that were not in wind-up prior to 6 April 2005). Money purchase schemes, among others, are excluded from the notifiable events framework. The notifiable events framework also imposes reporting obligations on the sponsoring employers of schemes subject to the regime...
Pensions
PRACTICE NOTES
Trustee discharge on occupational pension scheme wind-up: statutory routes (PA 1995 s74), discharge notices and supplementary protections (insurance, indemnities, exoneration, s27 notices, s61)
This practice note applies to registered occupational pension schemes in wind-up (excluding those entering the Pension Protection Fund)
A central feature of the winding‑up of occupational pension schemes is ensuring that, so far as practicable, the process enables the trustees of the scheme to be released from ongoing responsibility for the scheme, its assets and its liabilities. There are several actions trustees can take to facilitate this. These steps assist trustees in concluding their role once winding‑up is completed. and reduce residual exposure where practicable. For guidance on measures to protect trustees from liability in a continuing scheme, see Practice Note: Trustee liability and protection in pensions.
Statutory discharge
Where a pension scheme is being wound up and falls within s 73 of the Pensions Act 1995 (PA 1995) (eg a registered defined benefit occupational scheme), a statutory discharge may be available to the trustees under PA 1995, s 74 and the Occupational Pension Schemes (Winding Up) Regulations 1996, SI 1996/3126 (the Winding‑Up Regulations). Specifically, PA 1995, s 74(2) states that any liability owed to, or in respect of, a member of the scheme in relation to scheme benefits is to be regarded as discharged (to the extent that it...
Pensions
PRACTICE NOTES
Trustee duties and the Pension Protection Fund: Ilford, Box Clever and later cases on relevant factors, proper purpose and when PPF considerations are relevant
When reaching decisions, trustees are expected, among other obligations, to:
act in the best interests of scheme beneficiaries
act for a proper purpose
possess sufficient knowledge and understanding of pensions law
consider all relevant factors and ignore those that are irrelevant
In putting this principle into effect, trustees need to determine:
what amounts to a relevant factor, and
the extent to which the trustees can (or ought to) take that factor into account
For further information on trustee duties, see Practice Note: Duties of pension trustees.
These matters were considered by the High Court in Independent Trustee Services Ltd v Hope (the Ilford case), which explored the relevance of the Pension Protection Fund (PPF) in trustees’ decision-making.
The Ilford case—the facts
Independent Trustee Services Ltd was the sole corporate trustee of the Ilford pension scheme, a defined benefit occupational scheme sponsored by Ilford Ltd (Ilford). Ilford then went into administrative receivership, an occurrence which, at that time, did not constitute a qualifying insolvency event for the purpose of possible entry into the PPF...
Pensions
PRACTICE NOTES
UK defined benefit occupational pension scheme funding: statutory regime, 2024 low‑dependency strategy, valuations (Fast Track/Bespoke), recovery plans, employer covenant, disclosure and deficit/risk management
THIS BEGINNERS’ GUIDE APPLIES TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES
This Beginner’s Guide explores the legal framework in relation to the funding of registered defined benefit occupational pension schemes (DB schemes), including:
the statutory scheme-specific funding regime and how it operates
the funding and investment strategy
actuarial valuations
scheme funding negotiations
the Pensions Regulator’s approach to scheme funding, and
methods of managing scheme funding deficits
The statutory scheme-specific funding regime
The Pensions Act 2004 (PeA 2004) brought in the current ‘scheme-specific’ funding regime for DB schemes. It took effect on 30 December 2005, superseding the earlier Minimum Funding Requirement (MFR) and transposing into UK law the scheme funding provisions of the IORP Directive 2003/41/EC on the activities and supervision of institutions for occupational retirement provision, which was later repealed and recast as the Archived Directive (EU) 2016/2341 (Archived IORP II). Note that neither the 2003 IORP Directive, nor Archived IORP II form part of UK domestic law, but the UK legislation implementing them does.
The relevant legislation is contained in:
PeA 2004, ss 221–233...
Pensions
PRACTICE NOTES
UK disguised remuneration and pensions: Part 7A ITEPA 2003—gateways, relevant steps, exclusions, and implications for EFRBS; HMRC Spotlight 58
What is disguised remuneration?
For many years, HMRC has worked to ensure that rewards arising from employment are correctly brought within income tax and National Insurance contributions (NICs), deducted by employers through the pay as you earn (PAYE) regime. To support this objective, the Finance Act 2011 introduced the disguised remuneration rules, designed to address the use of Employer Financed Retirement Benefit Schemes (EFRBS), Employee Benefits Trusts and other forms of ‘disguised remuneration’, so that receiving benefits is no more advantageous than taking a wage.
The legislation places a PAYE duty on the employer and/or trustees of pension arrangements to collect income tax and the related National Insurance Contribution (NIC) charges. It also serves as a clear warning to employers and the promoters of tax avoidance schemes that contrived pay structures intended to avoid, defer or lessen income tax liabilities will face robust challenge.
When the draft provisions were published in December 2010, they attracted significant criticism because of their broad scope and the risk that they would capture innocent arrangements that did not involve tax avoidance...
Pensions
PRACTICE NOTES
UK occupational pensions discrimination: from Barber/Coloroll to Equality Act 2010 - equalisation (including GMP), bridging pensions, offsets, and access for part-time and fixed-term workers - a beginners’ guide
This guide is chiefly intended for trainees, recently qualified lawyers and other persons who are new to, or unfamiliar with, pensions law.
It addresses discrimination chiefly in the specific context of occupational pension schemes.
It includes citations to the case law of the Court of Justice of the European Union.
For advice on whether EU judgments remain binding on UK courts, see Practice Note: Assimilated law — Assimilated case law.
Development of anti-discrimination law in the pensions arena
Unlawful discrimination in its many forms has created significant legal and administrative challenges for occupational pension schemes over many decades now.
Perhaps the best-known development was the European Court of Justice’s landmark ruling in the Barber case, made on 17 May 1990 (one of the most famous dates in UK pensions law history), in which the ECJ stated that pensions constitute a form of deferred pay, and that, consequently, operating schemes on the basis of unequal terms for males and females — for example, by providing unequal normal retirement dates (NRDs) — in the absence of objective justification, can, in certain circumstances, amount to a potential breach of the right to equal pay under European law...
Pensions
PRACTICE NOTES
UK pension death benefits: defining dependants, nominees and successors, evidencing dependency, scheme rule limits, drawdown succession and pension sharing exclusions
Types of death benefits payable
There are two categories of scheme benefits payable when a member dies:
pension death benefits
lump sum death benefits
Up to 5 April 2015, the pension death benefit provisions in the Finance Act 2004 (FA 2004), s 167, meant a pension death benefit could only be paid to a dependant of the member for it to be an authorised payment. ‘Dependant’ is set out in FA 2004 Sch 28 Pt 2 para 15. From 6 April 2015, a pension death benefit may be settled not only on a dependant of the deceased member but also on a nominee or a successor and still be treated as an authorised payment. ‘Nominee’ is defined in FA 2004 Sch 28 Pt 2 para 27A, while ‘successor’ is defined in FA 2004 Sch 28 Pt 2 para 27F. In particular, the following pension death benefits may be provided:
a dependant’s scheme pension—payable from a defined benefits arrangement, a money purchase arrangement or a collective money purchase arrangement
an annuity—payable from a money purchase arrangement, either to a dependant, a nominee or a successor
a dependant’s drawdown...
Pensions
PRACTICE NOTES
UK pensions tax for registered schemes: contributions relief, annual allowance, post-2024 allowances and protections, authorised payments and QROPS transfers—introductory guide
This guide is intended mainly for trainees, newly qualified lawyers and anyone else who is new to, or not familiar with, pensions law.
A-Day
The registered pension scheme framework began on A-Day (6 April 2006). Under this framework, described in Part 4 of the Finance Act 2004 (FA 2004), pension schemes of any kind are classed as either registered or unregistered. Schemes that held ‘tax approval’ before A-Day, under the then existing approval systems, were switched automatically to registered pension scheme status on A-Day, unless they chose to opt out. Since A-Day, other schemes have been able to seek registration under FA 2004, s 153, provided they meet the regime’s conditions. To benefit from the tax reliefs available under the registered pension scheme regime, it is not enough for a person merely to belong to a registered pension scheme...
Pensions
PRACTICE NOTES
UK pensions tax: annual allowance (standard, tapered and MPAA), calculations and charges, carry forward, pension input periods, Scheme Pays, deferred member carve-out, and 2015/16 transitional rules
FORTHCOMING DEVELOPMENT :
Under section 10 of the Finance Act 2022, the normal minimum pension age (NMPA) is set to rise from 55 to 57 with effect from 6 April 2028, excluding members of the public service schemes for firefighters, police and the armed forces. It also introduces a right for members of registered pension arrangements to access benefits before 57 where, on or before 4 November 2021, they already held an ‘unqualified right’ to do so, or were actively transferring to a scheme that, by that date, offered an unqualified right to a protected pension age below 57. To rely on this 2028 protection, the scheme’s rules must have, as at 11 February 2021, conferred an unqualified right to draw scheme benefits before age 57. For more detail, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact...
Pensions
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