Recovery plan (Pensions) meaning

In this issue: Investigating criminal conduct Criminal procedure and evidence Bribery, corruption, sanctions and export controls Consumer protection and cartels Cybercrime and data protection offences Environmental offences Financial services and pensions offences Fraud, forgery, tax and theft offences Health and safety and corporate manslaughter offences Insolvency offences and Companies Act offences Local authority prosecutions Money laundering Corporate Crime in Scotland International Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Investigating criminal conduct UK fraud watchdog backs broader powers to compel company information from firms Proposals allowing investigators to demand company information before they are formally under investigation have been endorsed by the UK’s anti-fraud authority, which has welcomed these wider powers. See News Analysis: UK fraud agency welcomes wider powers to force information from companies. Criminal procedure and evidence Post Office Horizon prosecutions ...

In this issue: The Pensions Regulator Pensions dashboards Collective defined contribution schemes Public sector pensions Daily and weekly news alerts Dates for your diary Trackers The Pensions Regulator TPR publishes final Fast Track parameters The Pensions Regulator (TPR) has issued a standalone, finalised version of the Fast Track tests and conditions. Previously included as Appendix 1 to TPR’s response to its Fast Track and regulatory approach consultation, this document details the parameters that a defined benefit (DB) scheme must meet when submitting an actuarial valuation with an effective date on or after 22 September 2024 under the Fast Track route. In essence, the framework sets expectations across funding and investment stress, technical provisions, investment risk, and the recovery plan. In completing the parameters, TPR made a number of minor tweaks to better clarify its intentions. Fast Track is one of two newly introduced pathways—alongside the Bespoke route—available to trustees when filing a DB scheme valuation dated...

In this issue: Proceeds of crime Sentencing Bribery, corruption, sanctions and export controls Environmental offences Financial services and pensions offences Food safety and hygiene offences Fraud, forgery, tax and theft offences Health and safety and corporate manslaughter offences Insolvency offences and Companies Act offences Local authority prosecutions International Other corporate crime news Daily and weekly news alerts New and updated content Dates for your diary Trackers Useful information Proceeds of crime CPS announces UWO and freezing order over £81 million London property portfolio The Crown Prosecution Service (CPS) confirmed it has secured an unexplained wealth order (UWO) alongside an interim freezing order (IFO) concerning a London property portfolio valued at more than £81 million, made up of flats across central and south London. The orders apply to a Chinese national and connected UK companies suspected of using illicitly obtained funds to purchase the properties, which remain...

Practice Note for UK defined benefit (DB) occupational pension schemes This Practice Note is archived and is not maintained. It reviews the Pensions Regulator’s approach to funding defined benefit pension schemes for valuations with an effective date before 22 September 2024, in line with the Code of Practice on funding defined benefits dated 29 July 2014, alongside the relevant annual funding statements. It also summarises the Pensions Regulator’s approach prior to July 2014. For information on the Pensions Regulator’s approach for scheme valuations with an effective date on or after 22 September 2024, see Practice Notes: DB pensions funding reforms 2024 and The scheme-specific funding regime. When considering scheme funding issues, trustees and employers should take into account the Pensions Regulator’s approach to funding defined benefits (DB benefits). How would the Pension Regulator communicate its approach to DB scheme funding? The Pensions Regulator’s position in relation to DB scheme funding was mainly conveyed through the following documents: a code of practice on funding defined...

ARCHIVED This archived Practice Note explains how coronavirus affected trustees administering pension schemes, summarising the approaches taken by the Pensions Regulator, the Pension Protection Fund, the Pensions Ombudsman and other regulators. It also outlines the consequences for public service pension schemes, including measures under the Coronavirus Act 2020. The COVID-19 pandemic posed significant challenges for those running schemes, and this Note records the stances adopted by the various pensions regulatory bodies (including the Pensions Regulator (TPR) and the Pension Protection Fund (PPF)) alongside the practical issues trustees encountered. It also addresses the effect of coronavirus on public service arrangements, including impacts arising via the Coronavirus Act 2020. TPR’s position TPR consistently indicated it would regulate in a pragmatic and sympathetic manner where breaches arose from COVID-19. It introduced a number of easements, with some ending on 30 June 2020, for example: the option to pause DB transfer processing permitting delays to filing revised recovery plans and others extended to 30...

THIS PRACTICE NOTE APPLIES TO DEFINED BENEFIT (DB) OCCUPATIONAL PENSION SCHEMES Many employers opt to wind up their company’s DB pension arrangement as part of a wider de‑risking strategy. In other circumstances, an employer’s insolvency may result in the scheme entering wind‑up, activating the relevant provisions set out in the scheme rules. Where the wind‑up is anticipated, trustees and sponsoring employers can streamline the process by preparing early and ensuring they are clear on the essential stages and principal considerations before the wind‑up begins. The principal statutory framework governing the winding‑up of pension schemes is primarily found in: sections 73–76 of the Pensions Act 1995 (PA 1995) the Occupational Pension Schemes (Winding Up) Regulations 1996, SI 1996/3126 (the Winding Up Regs 1996) the Occupational Pension Schemes (Winding up etc) Regulations 2005, SI 2005/706 For practical guidance on the issues arising when winding up a DB pension scheme, see Practice Note: Practical issues on the winding‑up of a defined benefit (DB)...