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Category Archives: Scheme Restructuring

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Check your Rules before 31 December 2013: Change to State Pension Age – Implications for Integrated Pensions and Bridging Pensions

Posted in Funding, Legislation, Pensions Board, Scheme Restructuring, Trusteeship

Where a scheme is operated on an integrated basis, it reduces the pension entitlements of members to account for their State pension. A bridging pension is a supplemental pension which is sometimes paid to members who retire before the age at which the State pension is payable. Schemes may also reduce the contributions payable by… Continue Reading

Nortel – UK regulatory imposed pension liabilities now rank alongside unsecured claims in UK insolvency events

Posted in Administration, Scheme Restructuring

Overview The recent UK Supreme Court judgment in Re Nortel GMBH (in administration) and others; Re Lehman Brothers International (Europe) (in administration) and others [2013] UKSC 52 (the Nortel Appeal) overturned the decisions of the High Court and the Court of Appeal, which previously gave “super-priority” to liabilities under financial support directions and contribution notices… Continue Reading

Future of DC scheme regulation

Posted in Pensions Board, Scheme Restructuring, Trusteeship

The Pensions Board has published a consultation paper on the future regulation of defined contribution schemes in Ireland.  The paper sets out the Pensions Board’s concerns with the current system.  Those concerns relate, among other things, to the level of scheme costs borne by members, the appropriateness of investment choice, the independence of trustees from… Continue Reading

Creative DB scheme funding approaches – contingent assets and unsecured undertakings

Posted in Funding, Investment, Pensions Board, Scheme Restructuring

The funding difficulties facing defined benefit schemes in this country at the moment as well as the strengthening of the Pensions Act funding requirements and re-introduction of funding standard deadlines has seen both scheme sponsors and trustees adopt an increasingly more creative approach to satisfying statutory obligations as well as providing a sustainable basis for… Continue Reading

DB restructuring – managing the unions

Posted in Administration, Funding, Scheme Restructuring, Trusteeship, Unions

The current state of funding of DB schemes has pushed many of the sponsoring employers of these schemes to consider how to minimise their defined benefit liabilities and risks.  In order for the liability management process to be successful, a number of key stakeholders need to be managed.  These are:  the trustees of the scheme;… Continue Reading

Sovereign Annuities – Nearly a Reality

Posted in Administration, Funding, Investment, Pensions Board, Scheme Restructuring, Trusteeship

After much talk over the past 2 or 3 years, at last sovereign annuities have become a reality… nearly.  This week, I was one of the speakers at the launch of the first sovereign annuity approved by the Pensions Board.  Getting to this point is a major milestone in the long journey towards being able to… Continue Reading

Five Key Irish Pension Issues in Corporate Transactions

Posted in Corporate Transactions, Funding, Scheme Restructuring

Pension issues can be a major factor influencing merger and acquisition activity.  Companies may pull out of deals due to uncertainty around pensions (especially uncertainty over the funding of defined benefit plans).  Pension plan deficits are now part of corporate life and how the deficit and the other pension issues will be dealt with needs to… Continue Reading

Managing Occupational Pension Schemes in Crisis: 5 things to Consider

Posted in Funding, Scheme Restructuring, Trusteeship

The continuing economic crisis sees those with responsibility for pension schemes faced with a number of complex issues. There are a number of core issues which we are seeing consistently arise. These include the following: Check the Power of Amendment Check Employment Contracts Check the Effect of the Change Conflict, Confidentiality and Consultation Obtain Advice