Will Sutton

Will is a partner at Reed Smith and has a broad range of in-depth experience of the numerous issues that can arise for UK-based pension schemes. His work has mainly involved providing advice to pension scheme trustees and employers including detailed advice in relation to the tax regime, age discrimination, funding and investments, scheme mergers, scheme closure, liability management, employer debt, buy ins/buy outs and automatic enrolment. In addition to this, Will is actively involved in trustee training.

Will is also heavily involved in advising companies on the pensions aspects of the sale and purchase of companies or businesses and has dealt with the full range of issues that can arise in such transactions. This has often included public sector outsourcing projects which have involved the full range of private to public sector (or second generation transfer) pension issues.

As well as his legal role, Will is involved in independent pension trustee companies. He therefore has experience of the decisions that trustees need to make as well as practical knowledge of the day-to-day administration involved in running ongoing schemes, and schemes which are winding up (including those qualified for the Financial Assistance Scheme or the Pension Protection Fund).

Practice Area

Panel

  • Contributing Author

Qualified Year

  • 2006

Membership

  • Association of Pensions Lawyers
  • National Association of Pension Funds
  • Law Society

Qualification

  • Solicitor

1 Contributions by Will Sutton

Individual transfers from trust-based DC occupational pension schemes: statutory rights, 2021 transfer conditions and scam flags, due diligence, timescales, calculation, delays, penalties and non-statutory options
PRACTICE NOTES
Individual transfers from trust-based DC occupational pension schemes: statutory rights, 2021 transfer conditions and scam flags, due diligence, timescales, calculation, delays, penalties and non-statutory options
THIS PRACTICE NOTE APPLIES TO TRUST-BASED DEFINED CONTRIBUTION (DC) OCCUPATIONAL PENSION SCHEMES Statutory right to cash equivalent In the same way as defined benefit (DB) occupational pension schemes, members of defined contribution (DC) occupational pension schemes have a legal entitlement to transfer the cash equivalent of their benefits to another pension arrangement. This entitlement is primarily set out in sections 93–101 of the Pension Schemes Act 1993 (PSA 1993). The Occupational Pension Schemes (Transfer Values) Regulations 1996, SI 1996/1847 (the Transfer Regulations) provide further detail, including the rules for working out a member’s cash equivalent. Together, these instruments govern the transfer process and calculation mechanics in DC schemes. Overriding nature of statutory right to transfer This entitlement is an overriding statutory right (subject to the statutory conditions below). It expressly prevails over any provision in a scheme’s trust deed and rules where those provisions conflict with that right. Some DC scheme rules restate the statutory provisions in detail, while others simply cross-reference them or do not address individual transfer rights at all. Statutory right to partial transfers since 6 April 2015 From 6 April 2015, the statutory cash equivalent transfer framework was altered by grouping benefits into three categories,...
Pensions
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