Detrimental modification meaning

In this issue: Key developments and horizon scanning Transferring property Leasing property Property management Residential property Environment, energy and buildings Easements, rights and covenants Property development Property taxes Property in Wales Property in Scotland LexTalk®Property: a Lexis®Nexis community Additional property updates this week Daily and weekly news alerts New and updated content Trackers New Q&As Key developments and horizon scanning BPF and Law Commission comment on draft Commonhold and Leasehold Reform Bill The British Property Federation (BPF) has issued its views on the draft Commonhold and Leasehold Reform Bill, warning that proposed caps on ground rents could undermine investments held by pension funds and institutional investors. It said investors who acted in good faith to meet pension liabilities should be compensated, and noted that government announcements do not address this point. While it supports parts of the commonhold package, including adjustments to funding for major works,...

In this issue: Key developments and horizon scanning Residential tenancies Trespass and adverse possession Rent and rates Disputes and remedies Service charges Repairing obligations and dilapidations Electronic communications Easements and covenants Additional Property Disputes updates LexTalk®Property Disputes: a Lexis®Nexis community Daily and weekly news alerts New and updated content Dates for your diary Trackers Latest Q&As Key developments and horizon scanning BPF and Law Commission comment on draft Commonhold and Leasehold Reform Bill The British Property Federation (BPF) has replied to the draft Commonhold and Leasehold Reform Bill, warning that mooted ground rent caps may undermine investments held by pension schemes and other institutional backers. It argued that those investors, who acted in good faith to meet pension promises, ought to receive appropriate compensation, highlighting that current government statements do not address this. The BPF backs elements of the commonhold overhaul, such as revised funding for major...

THIS PRACTICE NOTE APPLIES IN RELATION TO OCCUPATIONAL PENSION SCHEMES The framework set out in sections 67–67I of the Pensions Act 1995 (PA 1995), often called the ‘subsisting rights provisions’ or simply the ‘section 67 regime’, places statutory limits on what changes can be made to occupational pension schemes. Broadly, section 67 is intended to stop adverse changes to members’ accrued (past service) benefits unless members agree. From 6 April 2006 (A‑day), section 262 of the Pensions Act 2004 revised the wording of the original section 67 (the ‘old s 67’). Following A‑day, the regime applies to ‘regulated modifications’ (see below), whereas the old s 67 covered any change that ‘would or might affect any entitlement, accrued right […] of any member acquired before’ the modification took effect. The old s 67 regime governed amendments made between 6 April 1997 and 5 April 2006. Prior to 6 April 1997, no section 67 regime existed and any protection against adverse alterations to scheme benefits (if any) derived solely from the...