Richard Evans
Richard is a Professional Support Lawyer in Herbert Smith Freehills' pensions group. He has worked as a pensions lawyer for more than 30 years. For most of that time was a partner at another major firm, where he was the lead adviser to various household-name pension schemes.
Richard is a Fellow of the Pensions Management Institute and a member of the Association of Pensions Lawyers. He sits on Lexis PSL's Pensions Consulting Editorial Board, and on the Society of Pensions Professionals' Legislation Committee. He has spoken at various industry conferences and seminars.
Practice Area
Panels
- Consulting Editorial Board
- Contributing Author
Qualified Year
- 1992
Experience
- Mayer Brown International LLP (1990 - 2024)
Membership
- Member of the Association of Pension Lawyers
- Fellow of the Pensions Management Institute
Qualifications
- MA, English Language and Literature (1988)
- Common Professional Examination (1989)
- Law Society Finals (1990)
Education
- Brasenose College, Oxford (1988)
- College of Law, Chester (1988–1990)
4 Contributions by Richard Evans
PRACTICE NOTES
Bulk transfers between occupational pension schemes: powers, Reg 12 requirements, DC reforms (2018), trustees’ duties, contracting‑out, tax and practical guidance
This Practice Note looks at bulk transfers between occupational pension schemes. A bulk transfer involves moving a cohort of members from one arrangement (the transferring scheme) to another (the receiving scheme). The transferring scheme makes a single payment to the receiving scheme that covers all the transferring members. Those members stop having rights in the transferring scheme and instead acquire rights under the receiving scheme. In effect, the group’s position in the transferring scheme ends and restarts within the receiving scheme...
Circumstances in which bulk transfers are made
Bulk transfers are most commonly undertaken alongside the merger or demerger of schemes. This can arise where an employer is selling or demerging part of its business, or when an employer wishes to bring two schemes together to achieve economies of scale. Even where the intention is to wind up the transferring scheme, standard practice is to carry out a bulk transfer while the scheme is still ongoing, with the scheme then being wound up later as an empty shell. For simplicity, this Practice Note deals only with bulk transfers from ongoing schemes...
Pensions
PRACTICE NOTES
Calculating section 75 employer debts in defined benefit schemes: responsibilities, single- and multi-employer apportionment, valuation dates, expenses and challenges
THIS PRACTICE NOTE APPLIES IN RELATION TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMES
Under sections 75 and 75A of the Pensions Act 1995 (PA 1995), a statutory employer connected with a defined benefit occupational pension scheme must meet any deficit in the scheme’s funding upon the occurrence of certain events. A liability arising under them is known as a ‘section 75 debt’ or ‘employer debt’. The detailed operation of sections 75 and 75A is prescribed by the Occupational Pension Schemes (Employer Debt) Regulations 2005, SI 2005/678 (the Employer Debt Regulations), while the Occupational Pension Schemes (Deficiency on Winding Up etc) Regulations 1996, SI 1996/3128 can also be pertinent (see Calculating the section 75 debt: single-employer schemes, below). These statutory obligations concern funding deficits at key trigger points within schemes as above. For more on section 75 debts and events that can trigger them, see Practice Note: When is a section 75 debt triggered? Who is responsible for calculating the section 75 debt?...
Pensions
PRACTICE NOTES
Triggers, timing and management of section 75 employer debts in defined benefit occupational pension schemes
THIS PRACTICE NOTE APPLIES IN RELATION TO DB OCCUPATIONAL PENSION SCHEMES
Certain events can give rise to a section 75 debt becoming payable from a participating employer of an underfunded defined benefit (DB) occupational pension scheme. This Practice Note sets out the situations in which such a section 75 debt might be triggered.
The legislative framework for section 75 debts is set out in the following key pieces of legislation:
sections 75–75A of the Pensions Act 1995 (PA 1995), which state the circumstances in which a section 75 debt is triggered
the Occupational Pension Schemes (Employer Debt) Regulations, SI 2005/678 (Employer Debt Regulations), which provide further detail and information on when a section 75 debt arises, how it is calculated and the alternative ways of addressing the debt
the Occupational Pension Schemes (Deficiency on Winding Up etc) Regulations 1996, SI 1996/3128, which may also be relevant where a section 75 debt was triggered as a result of an event occurring before 6 April 2005
What is a section 75 debt?
A section 75 debt is a statutory liability triggered under PA 1995, ss 75–75A. It is also referred to as an employer debt. In broad outline, PA 1995, ss 75–75A...
Pensions
PRECEDENTS
Pension Trustee Board Equality, Diversity and Inclusion Policy: Beliefs, Objectives, Training, Inclusive Culture, Third-Party Engagement and Annual Review
This document outlines the Trustees’ approach to equality, diversity and inclusion (EDI). In developing this approach, the Trustees have taken account of [ employer ]’s EDI policy and The Pensions Regulator’s EDI guidance.
The Trustees' EDI beliefs
The Trustees understand EDI to encompass:
Equality: providing fair access to opportunities for everyone, recognising that some individuals may begin from a position of disadvantage.
Diversity: recognising and valuing differences between people, whether linked to legally protected characteristics or otherwise. Protected characteristics include age, disability, sex, sexual orientation, gender reassignment, race, and religion or belief. Other relevant characteristics include neurodiversity, socio-economic background, educational history, life experiences and family responsibilities.
Inclusion: enabling the full and effective participation of all relevant people, drawing on their varied characteristics for the common good.
The Trustees believe that by advancing EDI they can help secure the best possible experiences and outcomes for members of the Scheme...
Pensions
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