Paul Carney
Paul advises employers, trustees and public bodies on the legal aspects of all matters relating to pension law. Paul has particular expertise in advising on public service pension schemes and is experienced in drafting documentation for private sector schemes as well as providing ongoing advice on the day to day running of pension schemes. He also provides support to employers and trustees on pensions’ aspects of corporate transactions.
Paul’s recent work includes:
- advising a higher education body in relation to its ongoing participation in the Teachers’ Pension Scheme, the Local Government Pension Scheme and the Universities’ Superannuation Scheme;
- advising the trustees of an occupational pension scheme in relation to a challenge raised in connection with changes made to the rules of their pension scheme some years earlier in circumstances where those changes may, according to applicable (and recent) case law, have been incorrectly applied;
- advising a local authority in its capacity as administering authority to one of the UK’s largest sections of the Local Government Pension Scheme;
- advising the trustees of an occupational pension scheme further to a challenge from the Pensions Regulator which questioned their approach in agreeing to a corporate restructuring some three years previously;
- advising the trustees of a number of UK pension schemes in relation to putting into place contingent assets and guarantees (including guarantees from non-UK guarantors) for the purposes of the PPF Levy.
Paul is a member of the Association of Pension Lawyers (APL), the North West APL and he is a committee member of the (national) APL’s sub-committee for Public Service Pension Schemes.
Practice Area
Panel
- Contributing Author
6 Contributions by Paul Carney
PRACTICE NOTES
Fair Deal 2013 in central government outsourcing: pensions protection, scope, exceptions, re-tenders, bulk transfers, participation agreements and employer costs
Specific measures usually operate to secure a basic level of pension protection for employees whose roles are compulsorily transferred from central government to private sector contractors due to the outsourcing of services. These safeguards are commonly known as ‘Fair Deal’.
Fair Deal protection—background history
Fair Deal guidance first appeared in Annex A of the HM Treasury Guidance ‘Staff Transfers From Central Government: A Fair Deal for Staff Pensions’, issued in June 1999, and was directed solely at central government departments and agencies. This initial guidance (referred to as ‘old Fair Deal’ in this Practice Note) developed over time as follows:
In January 2000, old Fair Deal was annexed to, and cited in, the Cabinet Office Statement of Practice ‘Staff Transfers in the Public Sector’ (COSOP), which was later revised in November 2007 and December 2013. This annexing was significant because the government expects public sector organisations—beyond central government departments, agencies and the National Health Service (NHS)—to follow COSOP.
...
Pensions
PRACTICE NOTES
Legacy NHS Pension Scheme (England and Wales): 1995/2008 Sections—legal framework, benefits, contributions, retirement flexibilities and McCloud remedy
This Practice Note considers the National Health Service Pension Scheme (NHSPS) as it existed before the amendments taking effect on 1 April 2015.
What is the National Health Service Pension Scheme?
The NHSPS is an unfunded public service occupational pension arrangement providing retirement benefits to health service employees on a salary-related, or defined benefit (DB), basis.
Since 1 April 2015, there have been two distinct NHSPS schemes:
the reformed NHSPS (often called in NHS publications the ‘2015 Scheme’), established under the Public Service Pensions Act 2013 (PSPA 2013) on 1 April 2015 as a career average revalued earnings (CARE) scheme. New members from 1 April 2015 have joined this arrangement. For further details, see Practice Note: The reformed National Health Service Pension Scheme
the legacy NHSPS (often described in NHS publications as the ‘1995/2008 Scheme’), comprising two separate final salary sections—the 1995 Section and the 2008 Section—which are addressed in this Practice Note
Note that separate schemes operate in Scotland and Northern Ireland and are not covered by this Practice Note...
Pensions
PRACTICE NOTES
Reformed NHS Pension Scheme 2015 (England and Wales): statutory framework, governance and funding, contributions, CARE benefits, McCloud remedy, membership, survivor benefits, flexible retirement, transfers, outsourcing and GMP indexation
What is the National Health Service Pension Scheme?
The NHSPS is an unfunded public service occupational pension that delivers salary‑related, defined benefit (DB) retirement provision for health service staff.
The reformed NHSPS (often termed the ‘2015 Scheme’) began on 1 April 2015 as a career average revalued earnings (CARE) arrangement. New starters since that date have joined this scheme, which is the focus of this Practice Note.
The legacy NHSPS (the ‘1995/2008 Scheme’) consists of two separate final salary sections—the 1995 Section and the 2008 Section—both closed to future accrual, while preserving a final salary link within that scheme. For further details, see Practice Note: The legacy National Health Service Pension Scheme.
There are distinct schemes in Scotland and Northern Ireland, which are not covered by this Practice Note.
When the reformed NHSPS opened, the government acted to close the 1995 and 2008 Sections to future accrual, subject to: ...
Pensions
PRACTICE NOTES
The Pensions Regulator and UK public service pension schemes: governance, General Code compliance, contributions monitoring, member communications, dispute resolution and breach reporting duties for scheme managers and pension boards
The Pensions Regulator
The Pensions Regulator (TPR) is the statutory authority overseeing occupational pension schemes, with a view to, among other aims, safeguarding members’ benefits, minimising calls on the Pension Protection Fund, and promoting and improving understanding of the good administration of work‑based pension schemes. Its remit also extends to UK public service schemes.
TPR supplies guidance, education and training, and practical assistance to support scheme managers, pension boards, administrators, employers and others in meeting legal obligations while striving for best practice. It collaborates with scheme advisory boards so its message and guidance reach the widest possible audience.
Where it considers it necessary, TPR has said it is willing to deploy its powers in relation to public service pension schemes. Detailing particular cases falls outside the scope of this Practice Note. Nonetheless, TPR has confirmed it has exercised its powers in the public service pension arena.
This Practice Note reviews the Pensions Regulator’s requirements and recommendations for public sector pension schemes, which, until 2014, had for the most part sat outside the Regulator’s remit. In particular, it examines the public sector schemes under the Regulator’s...
Pensions
PRACTICE NOTES
Universities Superannuation Scheme (USS): UK legal framework, governance, employer participation, eligibility, benefits (final salary and CARE), 2022–2024 reforms, contributions, retirement options, section 75 employer debt and cessation, outsourcing.
The USS is a private sector occupational pension arrangement for higher education institutions. It offers benefits on a salary‑linked, defined benefit basis. Set up collectively by universities in the 1970s, it ranks among the largest private sector pension schemes in the UK.
Legal framework
The USS was first constituted by a declaration of trust dated 2 December 1974, and is now governed by a trust deed and rules dated 19 November 2015, effective from 1 April 2016. It is subject to pensions legislation in the same way as any other UK private sector occupational pension scheme.
Administration and governance
Universities Superannuation Scheme Limited (the USS Trustee) acts as the sole trustee and is accountable for running and administering the USS. The Trustee Board passes day‑to‑day scheme oversight to the Group Executive Committee, comprising nine individuals. The Trustee’s board of directors is required to consist of ten to twelve members, including the following:
four directors appointed by Universities UK, a representative organisation for UK universities
three directors appointed by the University and College Union, a professional association and trade union for...
Pensions
PRECEDENTS
Template Deed of Bond securing Scheme Liabilities under LGPS Admission Agreement (England and Wales)
On [ date ], the parties enter into this Agreement, namely: 1 [ ] of [ ] (the ‘ Administering Authority ’); 2 [ ] of [ ] (the ‘ Scheme Employer ’); 3 [ ] of [ ] (the ‘ Admission Body ’); and 4 [ ] of [ ] (the ‘ Guarantor ’).
Background
(A) Under the Regulations, the Administering Authority is an administering authority. It runs and upholds the Scheme in line with the Regulations and has delegated authority to make determinations under section 25(5) of the Public Service Pensions Act 2013 regarding employees of admission bodies.
(B) The Scheme Employer falls within the definition of a Scheme employer for the purposes of the Regulations.
(C) The Admission Body is an admission body as described in [ ] of Schedule 2 to the 2013 Regulations and intends to enter into the Admission Agreement. [ It supplies the [ services ] [ assets ] referenced in the Contract and, in carrying out the Contract, will employ Eligible Employees ]...
Pensions
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