Fiduciary management meaning

What is the background to TPR’s guidance? As funding positions strengthen and market innovations come through, trustees and employers are encountering a wider suite of financial, governance and insurance tools to meet their schemes’ long-term aims. Insurer buy-out was once viewed as the definitive DB endgame, yet TPR has now confirmed it is not the only route. The guidance is intended to help trustees steer through emerging options, judge their suitability, and make informed choices that improve financial outcomes, strengthen governance and bolster member security. It also emphasises the relevance of scheme-specific circumstances and the importance of obtaining professional advice. What are the key points, aspects, and themes of the guidance? The guidance is framed around several core themes. Endgame planning is no longer a single-track journey, and trustees are encouraged to explore a spectrum of outcomes: aiming for self-sufficiency, continuing to run on the scheme, transferring to consolidators such as superfunds, or insuring benefits via buy-ins and buy-outs. Each route carries distinct characteristics, risks and benefits,...

Restructuring & Insolvency weekly highlights—27 November 2025 In this issue: Key R&I law developments Insolvency litigation Restructuring Directors and insolvency The office-holder Financial institutions R&I in Scotland Daily and weekly news alerts Key dates for restructuring and insolvency professionals New content New Q&As Key R&I law developments Budget 2025—key Restructuring & Insolvency announcements On 26 November 2025, the Chancellor of the Exchequer, the Rt Hon Rachel Reeves MP, set out measures of note for restructuring and insolvency practitioners. Plans cover business rates changes, hiring extra Insolvency Service staff to combat abusive phoenixism and rogue directors, the creation of the Public Authorities Fraud Investigation and Enforcement Service, and adjustments to National Insurance Contributions. See: LNB News 26/11/2025 65. Council of the EU agrees directive harmonising insolvency law across member states Negotiators for the Council of the EU and the European Parliament have reached a provisional deal on a directive aligning...

In this issue Key DR developments Claims and remedies Costs and funding Cross-border disputes Injunctions Pre-action and limitation Litigation Dates for your diary Useful information Daily and weekly news alerts Key DR developments Court and the legal profession The 11th Edition of the King’s Bench Guide: Key changes from the 10th Edition (April 2024) feature, among other updates, refreshed guidance on telephone hearings (Chapter 9); a reoriented emphasis reflecting the court’s enhanced alternative dispute resolution powers (Chapter 10); updated costs management, with the Senior Master’s Guidance Note now placed at Annex 8 (Chapter 10); amendments mirroring recent Part 25 reforms and the removal of CPR PD 25A and CPR PD 25B (Chapter 12); plus a new section on securing evidence from other jurisdictions (Chapter 20). For more detail, see LNB News 29/04/2025 29—the 11th Edition of the King’s Bench Guide has been released. UKSC and JCPC publish final year of 2023–2026 business plan:...

Where a company has been struck off, an application can sometimes be made to the registrar of companies to reinstate it to the register through administrative restoration. This Practice Note sets out the restoration process by administrative restoration under the Companies Act 2006 (CA 2006). Why restore a company to the register? Common reasons for using the administrative restoration procedure include: the company was still trading or otherwise in operation when the registrar struck it off the company held property at the time of strike-off and dissolution, which has now vested as bona vacantia What is administrative restoration? Introduced by the Companies Act 2006, administrative restoration offers a simpler way to place back on the register a company struck off under the registrar of companies’ powers, without the need to...

FORTHCOMING CHANGE 1 : On 1 September 2022, the DLUHC opened a consultation proposing new duties for the LGPS to oversee and disclose climate-related risks, including the carbon emissions tied to their investments. The LGPS is the UK’s largest public sector pension scheme, covering 6.2 million members and holding £342bn in assets worldwide. Under the government’s plans, administering authorities would be required to: Calculate their carbon footprint; Assess how climate change could influence pension-related assets and liabilities; and Report each year on the extent to which assets align with the 2015 Paris Accords, the international climate treaty adopted by much of the world. This seeks to enhance the management of climate-related financial risk and would bring the LGPS into line with requirements already in force for private pension schemes. The proposals are intended to replicate the Task Force for Climate-Related Financial Disclosures (TCFD) measures that already apply to the largest private occupational pension schemes and master trusts. The consultation closed...

Informal creditors' committees In numerous restructurings, creditors often convene informal (ad hoc or unofficial) committees instead of formal ones (see Practice Note: Formal creditors' committee in a restructuring), which can significantly support discussions between the debtor company and its creditors. Since the 2007/8 credit crunch, the emergence of alternative finance providers, such as hedge funds and other investors, has amplified the influence of these informal groups. Typically assembled by bondholders, noteholders or unsecured creditors, they are playing a bigger part in the current surge of informal liability management exercises (LMEs) (see Practice Note: FAQs on Liability Management Exercises). There are no statutory provisions or best practice standards governing how such committees are set up, and their make-up and operation are even more flexible than for formal committees. Informal committees possess no defined powers, and their members owe no fiduciary obligations to fellow members or to other creditors. Members are not, by default, entitled to recover their expenses unless the finance documentation provides for it, or it is agreed as...