Successor fund meaning

Scottish Pension Fund Trustees Ltd v Marshall Ross & Munro and others [2018] CSIH 39 What are the practical implications of this case? While appearing to be a ‘pensions’ dispute, the judgment has far wider relevance for the commercial sector. It advances the reconciliation between a strictly technical view of partnership law in Scotland and the practical realities of day-to-day business operations. The court confirmed that, where a business has traded as a single continuing entity over time, there is a presumption under Scottish law—absent in English law—that liabilities transfer to successor partnerships. In this matter, the onus fell on the party with specific knowledge of how each partnership alteration occurred to rebut that presumption. A central policy reason is the protection of creditors. Of broader importance is the dicta of Lord Drummond Young, who reiterates two significant principles in the context of a pension scheme: firstly, pension schemes ...

Jardine Strategic Ltd v Oasis Investments II Master Fund Ltd and 80 others (No 2) [2025] UKPC 34 The facts Heard on appeal from Bermuda, the dispute centred in essence on the amalgamation of two companies—Jardine Strategic Ltd (Jardine Strategic) and JMH Bermuda Ltd—the successor entity that was created as a result of that transaction, Jardine Strategic Holdings Ltd (the Company), and those Jardine Strategic shareholders who themselves opposed the amalgamation at a special general meeting. The companies formed part of the Jardine Matheson group, a conglomerate with stakes in numerous portfolio companies active particularly in both China and South-East Asia. Its ultimate holding company, a Bermudian entity, was quoted on the London Stock Exchange and also maintained secondary quotations on the Singapore and Bermuda public exchanges. Pursuant to section 106 of Bermuda’s Companies Act 1981, any shareholder who voted against the amalgamation had the right to require the Company to purchase their shares at fair value; if they were dissatisfied that the price offered represented fair value,...

Statutory framework In England, there are three pension arrangements in place for firefighters, collectively referred to as the Firefighters’ Pension Scheme. These are: Firefighters’ Pension Scheme 1992 (FPS 1992), which stopped accepting new members from 6 April 2006 and ended future accrual on 1 April 2022 Firefighters’ Pension Scheme 2006 (FPS 2006, or NFPS – the New Firefighters’ Pension Scheme), which likewise closed to future accrual with effect from 1 April 2022 Firefighters’ Pension Scheme 2015 (FPS 2015), which commenced on 1 April 2015 FPS 1992 also covered fire and rescue personnel in Scotland and Wales. FPS 2006 did not, and separate new schemes were put in place by the Firefighters’ Pension Scheme (Scotland) Order 2007, SSI 2007/199, and the Firefighters’ Pension Scheme (Wales) Order 2007, SI 2007/1072. In 2014 and 2015, distinct successor schemes were also introduced for England, Scotland and Wales, titled respectively the Firefighters’ Pension Scheme 2015, the Firefighters’ Pension Scheme (Scotland) 2015 and the Firefighters’ Pension Scheme...

FORTHCOMING CHANGE: The Finance Bill 2025–26 proposes rules that will draw unused pension pots and death benefits into a deceased member’s estate, and therefore into the inheritance tax (IHT) net, from 6 April 2027. It should be noted that these changes will not extend to death‑in‑service payments to active employees in relevant employment, nor to a dependant’s scheme pension (that is, a DB scheme pension for a spouse or dependant). The usual exemptions, including those for spouses and civil partners, will continue to apply. Liability for settling the IHT will principally sit with the personal representatives of the estate. For more detail, please see Practice Note: Inheritance tax and pensions; News Analyses: HMRC—Reforming inheritance tax—unused pension funds and death benefits; HMRC confirms new IHT rules on unused pension funds to apply from 6 April 2027; and HMRC policy paper: Inheritance Tax: unused pension funds and death benefits (November 2025). If a member of a registered pension scheme that offers flexible benefits dies whilst in drawdown (via income withdrawal...

Entries in this tracker are arranged by topic in alphabetical order. You can locate these topics in the Table of Contents to the left of the page. WARNING: Although the Pensions Ombudsman’s determinations provide helpful guidance, they are not binding precedents for the same Pensions Ombudsman or any successor. Judgments of the court are binding on the Pension Ombudsman, unless the factual position can be distinguished. For key themes drawn from recent Pensions Ombudsman determinations, see Practice Note: The Pensions Ombudsman—key themes from the determinations. Abatement PO reference: [PO-25374] PO news report: 5 November 2021 Parties: Complainant—Mr E; Respondent—Warwickshire Fire and Rescue Service Scheme: Firefighters’ Pension Scheme 1992 The Pensions Ombudsman upheld a complaint that a public sector pension scheme misapplied an abatement rule on a member’s re-employment...