Corporate trustee meaning

Do the requirements for appointing member-nominated trustees (MNTs) or member-nominated directors (MNDs) apply? Verify whether the arrangement is a trust-based occupational pension scheme. Identify whether the scheme is exempt; if it is, document the method used to reach that conclusion. Which of the requirements apply: member-nominated trustees (MNTs) or member-nominated directors (MNDs)? Determine if the trustees are individuals, a corporate entity, or a combination of both. Where trustees are individuals, or a mix of individual and corporate trustees, the MNT requirements apply. If there is a sole corporate trustee, or all trustees are corporate, the MND requirements apply. If a company acts as trustee for more than one scheme to which MND rules apply, decide whether those rules apply to it separately for each scheme, as though the schemes were a single scheme, or a blend of both approaches. The requirements Ensure at least one-third of the trustees are MNTs, or...

Public disclosures to compare pension schemes The government said that opening up disclosures will enable employers and workers to compare pension schemes more easily. But the Society of Pension Professionals warned the policy could also weaken pension funds’ decision-making authority. Chancellor of the Exchequer Jeremy Hunt outlined the disclosure programme in March 2024, alongside a push for UK pension funds to invest at least 5% of assets in unlisted British companies. In a paper dated 1 May 2024, the SPP noted that the main pension providers—covering more than 15 million UK pension savers—already publish their UK investments via Corporate Adviser magazine’s annual Master Trust & GPP report. The SPP pointed out that such disclosures are already available through that report. According to the paper, the results indicate that funds with higher UK equity weightings have typically underperformed those with minimal or no exposure to the UK market...

Restructuring & Insolvency weekly highlights—29 February 2024 In this issue: Restructuring Corporate insolvency processes Insolvency litigation Directors and insolvency Personal insolvency Industry/sector guides for R&I lawyers Daily and weekly news alerts Key dates for R&I professionals Corporate Rescue and Insolvency (February 2024 edition) Latest Q&A Restructuring New Practice Notes—Part 26A restructuring plan deal debriefs The LexisNexis Restructuring & Insolvency practical guidance team have released four fresh Practice Notes within their ‘Restructuring Plan deal debrief’ series: ‘Part 26A restructuring plan deal debrief—The Good Box Labs Co Ltd (in administration)’, ‘Part 26A restructuring plan deal debrief—CFG Investments SAC’, ‘Part 26A restructuring plan deal debrief—ED&F Man Holdings Ltd’ and ‘Part 26A restructuring plan deal debrief—Hong Kong Airlines Ltd’. These Notes consider the key terms of the Part 26A restructuring plan proposed by NGI Systems & Solutions Ltd for the SME, The Good Box Labs Co Ltd (in administration), in 2023. They also examine the...

WTW reports that 50% of UK defined benefit schemes now utilise a professional trustee. It found that 48% of appointments are corporate sole trustees, in which a single firm takes full responsibility for a scheme’s trustee board. The balance is split between trustee chairs at 27% and co-trustees at 25%. Findings are based on a survey of 15 of the largest professional trustee firms, covering nearly 2,500 appointments. WTW observes that the size of a scheme strongly shapes the professional trustee model selected...

The official receiver (OR) is designated as trustee in bankruptcy (trustee) or as liquidator to manage and investigate every bankruptcy and court-ordered winding up, including those of partnerships. The Secretary of State or the creditors may, in place of the OR, appoint an insolvency practitioner (IP) to act as trustee for personal insolvencies or as liquidator for corporate cases. Under the Insolvency Regulations 1994, SI 1994/2507, as amended (the Regulations), the OR or IP, as appropriate, is obliged to pay into the (ISA) any funds they receive while administering all bankruptcies and compulsory liquidations. Before 1 October 2011, sums from voluntary liquidations could also be lodged in the ISA; now, only unclaimed dividends in a voluntary liquidation may be paid into the ISA. Likewise, unclaimed dividends arising in an administration or an administrative receivership may be paid into the ISA once the company has been dissolved. The Regulations also permit payments out of the ISA for disbursements, expenses and distributions to creditors and, in a liquidation, to contributories, or, in...

This Practice Note forms part of the Lexis+® UK Corporate private equity buyout transaction toolkit. Beyond choosing between a share sale and an asset sale structure, a range of matters should be weighed at the outset of a private equity buyout (MBO), before due diligence begins and the principal transaction documents are negotiated. These matters can influence the core commercial and legal terms, so each side is well advised to address them before settling any headline terms (and before executing heads of terms for both the acquisition and equity elements) and before fixing the transaction timetable. The topics outlined below (and in the Practice Notes referenced in this sub‑phase) may remain relevant throughout the deal, particularly during negotiation of the formal documentation, but they are highlighted early because lawyers for all interested parties ought to consider them and brief their clients as soon as possible. Corporate issues to consider Selected corporate law points are outlined below; applicability will vary with the nature of the deal and the parties...

This Practice Note provides a concise overview of bankruptcy and its effect on legal proceedings from a dispute resolution standpoint, summarising key points in practice... What is bankruptcy? Bankruptcy is an insolvency route for individuals. It applies to individuals only. Prior to 6 April 2016—and in contrast to corporate liquidation—only the court had power to make an individual bankrupt. From 6 April 2016, a new bankruptcy applications regime took effect, replacing debtors' bankruptcy petitions, though creditors' petitions remained unaffected. Petitions lodged by debtors before that date were unaffected; now, anyone seeking their own bankruptcy must file an online application decided by an adjudicator—an official of the Insolvency Service—rather than the court. For more detail and background, see News Analysis: New bankruptcy applications regime to come into force. Once a bankruptcy order is made—by the court or by the adjudicator—it releases the debtor from liabilities owed to creditors (subject to certain statutory exceptions) and bars unsecured creditors from starting—or continuing with—any legal process against the bankrupt or their property...

1 Background 1.1 This policy covers the [ trustees (‘the Trustees’) OR directors of [ insert company name ] (‘the Trustees’), acting in its role as corporate trustee ] of the [ insert name of pension scheme ] (‘the Scheme’). 1.2 Each Trustee has an obligation to act even‑handedly and to advance the aims of the Scheme, while considering the interests of the Scheme’s beneficiaries as a whole. Beneficiaries comprise [ active members, ] pensioners, deferred members, and those asserting rights through them, such as dependants. 1.3 The Trustees may, where appropriate, consider the interests of [ insert name of sponsoring employer ] (the ‘Employer’) as sponsor of the Scheme, so long as this does not cut across their fiduciary obligations to beneficiaries. Legal advice should be obtained if it is necessary to determine whether a distinct fiduciary duty is also owed to the Employer. 1.4 The Trustees acknowledge that, at times, their personal interests or other responsibilities may conflict with—or could reasonably be...

1 Definitions and interpretation 1.1 The terms below shall be interpreted as follows: Accumulation Period — with respect to Partnership Shares, the span during which the Trustee holds a Qualifying Employee’s Partnership Share Money before buying Partnership Shares or returning it to the employee; Acquisition Date — (a) for Partnership Shares where an Accumulation Period is in place, has the meaning given in paragraph 52(5) of Schedule 2; (b) for Partnership Shares where no Accumulation Period is in place, has the meaning given in paragraph 50(4) of Schedule 2; (c) for Dividend Shares, has the same meaning given by paragraph 66(4) of Schedule 2; Associated Company — has the same meaning as in paragraph 94 of Schedule 2; Award Date — in respect of Free Shares or Matching Shares, the date on which those Shares are granted; Award — (a) in respect of Free...

This Assignment is executed as a deed on [ date ]. Parties [ Assignor ], a company incorporated in [ England and Wales ] with company number [ insert number ], whose registered office is at [ address of Assignor ] (the Assignor); and [ Security Agent ], acting as agent and trustee for itself and each of the Secured Parties (as defined below), appointed under the terms and conditions set out in the Intercreditor Agreement (the Security Agent). Background The Assignor and the Security Agent wish for the Intellectual Property Rights to be assigned by the Assignor to the Security Agent on the terms contained in this Assignment, in accordance with the provisions of the Finance Documents (as defined herein)...

We proceed on the basis that the pension scheme in question is a defined benefit scheme and that the former MND is a member. Whether the former MND should first contest the outcome of the MND election through the pension scheme’s internal dispute resolution procedure, or complain straight to the Pensions Regulator, depends on the nature and seriousness of the breach...