Stephen Maynard
Stephen provides advice to trustees and employers of occupational pension schemes on all aspects of pensions law and also advises businesses on the pensions aspects arising from corporate transactions and restructurings.
His experience includes advising on the drafting and interpretation of scheme documentation, advising trustees and employers on their responsibilities when proposing changes to pension schemes, working on the pensions aspects of corporate transactions, advising on obligations under TUPE and in respect of automatic enrolment and transferring schemes to the Pension Protection Fund and the Financial Assistance Scheme.
Stephen also manages a number of occupational pension schemes to which Gateley's independent trustee company acts as the corporate trustee and takes an active role in the management and governance of the trustee company and its schemes
Practice Area
Panel
- Contributing Author
1 Contributions by Stephen Maynard
PRACTICE NOTES
UK Hybrid Occupational Pension Schemes: DB/DC Structures, Underpins, PPF, Employer Debt, Auto‑Enrolment, Governance and TPR Guidance
What is a hybrid pension scheme?
Current pensions law largely divides UK occupational pension schemes into two categories, based on whether they qualify as money purchase schemes. In outline:
a money purchase scheme is one where every benefit provided is a money purchase benefit (see Practice Note: Money purchase benefits—the statutory definition for the statutory meaning of “money purchase benefits”)
Defined benefit schemes are, generally, not separately defined. There are limited exceptions for automatic enrolment under the Pensions Act 2008 (PenA 2008) and for the types of benefits payable as authorised payments under the Finance Act 2004 (FA 2004), under which:
a defined benefits (DB) scheme is one where none of the benefits provided are money purchase benefits (note also the similar definition of a “defined benefits arrangement” in FA 2004, s 152(6))
For most purposes, these definitions therefore do not address situations where only some of a scheme’s benefits are money purchase. Schemes delivering a mixture of benefit types are commonly known as hybrid schemes. Two statutory definitions exist...
Pensions
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