Hard times: pensions implications of the ongoing financial crisis

Resource type: Practice note

Status: Published on 25-Feb-2010

Jurisdictions: England, Scotland, Wales

This note highlights the continuing implications of the harsh financial climate in 2010 for defined benefit and defined contribution pension schemes. It considers the practical steps that trustees and employers may take in dealing with the legal and regulatory issues arising, with links to related information.

Ruth Bamforth, Eversheds LLP

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Resource information

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Resource ID: 1-501-3695
Published: 25-Feb-2010
Products: PLC UK Finance, PLC UK Pensions, PLC UK Public Sector, PLC UK Restructuring and Insolvency

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Related content

Related content

Topics

Administering Pension SchemesAdministering Pension Schemes (http://competition.practicallaw.com/8-205-7953)
Employers and Occupational PensionsEmployers and Occupational Pensions (http://competition.practicallaw.com/2-308-5967)
Funding and Investment: PensionsFunding and Investment: Pensions (http://competition.practicallaw.com/1-205-7956)
Pension TrusteesPension Trustees (http://competition.practicallaw.com/4-207-2074)
Pensions RegulatorPensions Regulator (http://competition.practicallaw.com/2-379-8240)
Reorganisations and Outsourcing: PensionsReorganisations and Outsourcing: Pensions (http://competition.practicallaw.com/0-379-8241)
Restructuring and InsolvencyRestructuring and Insolvency (http://competition.practicallaw.com/9-103-2072)
Winding-up and Insolvency: PensionsWinding-up and Insolvency: Pensions (http://competition.practicallaw.com/5-205-7959)

Practice note: overview

Money purchase pension schemes: overview Money purchase pension schemes: overview (http://uk.practicallaw.com/topic8-422-1664)
Pension trustees' duties of care and skill Pension trustees' duties of care and skill (http://uk.practicallaw.com/topic4-422-5206)
Statutory debt on the employer: overview Statutory debt on the employer: overview (http://uk.practicallaw.com/topic3-203-4898)

Practice notes

Conflicts of interest: Should the finance director be a trustee? Conflicts of interest: Should the finance director be a trustee? (http://uk.practicallaw.com/topic0-381-9663)
Liability management exercises and incentives Liability management exercises and incentives (http://uk.practicallaw.com/topic0-385-9734)
Pension scheme buyouts and buy-ins Pension scheme buyouts and buy-ins (http://uk.practicallaw.com/topic5-385-3758)
Pension scheme investment: trustees' duties Pension scheme investment: trustees' duties (http://uk.practicallaw.com/topic3-203-9947)
Pensions Regulator: anti-avoidance powers Pensions Regulator: anti-avoidance powers (http://uk.practicallaw.com/topic2-205-4995)
Pensions Regulator: clearance applications Pensions Regulator: clearance applications (http://uk.practicallaw.com/topic2-205-5042)
Restructuring final-salary schemes (1): options for employers Restructuring final-salary schemes (1): options for employers (http://uk.practicallaw.com/topic9-376-6603)
Restructuring final-salary schemes (2): implementing the changes Restructuring final-salary schemes (2): implementing the changes (http://uk.practicallaw.com/topic6-384-3467)
Scheme-specific funding Scheme-specific funding (http://uk.practicallaw.com/topic7-203-0742)
Scheme-specific funding:issues in practice Scheme-specific funding:issues in practice (http://uk.practicallaw.com/topic7-382-9908)

Glossary

Contribution notice Contribution notice (http://uk.practicallaw.com/topic8-201-5524)
Defined benefit (DB) pension scheme Defined benefit (DB) pension scheme (http://uk.practicallaw.com/topic0-107-7545)
Defined contribution (DC) pension scheme Defined contribution (DC) pension scheme (http://uk.practicallaw.com/topic6-107-6072)
Employer debt Employer debt (http://uk.practicallaw.com/topic0-206-2072)
Financial Reporting Standard 17 (FRS 17) Financial Reporting Standard 17 (FRS 17) (http://uk.practicallaw.com/topic5-204-1096)
Financial support direction (FSD) Financial support direction (FSD) (http://uk.practicallaw.com/topic5-201-5525)
International Accounting Standard 19 (IAS 19) International Accounting Standard 19 (IAS 19) (http://uk.practicallaw.com/topic5-204-1124)
Liability-driven investment (LDI) Liability-driven investment (LDI) (http://uk.practicallaw.com/topic2-366-2977)
National Association of Pension Funds (NAPF) National Association of Pension Funds (NAPF) (http://uk.practicallaw.com/topic9-107-6297)
Pension Protection Fund (PPF) Pension Protection Fund (PPF) (http://uk.practicallaw.com/topic7-205-4059)
Pensions Regulator Pensions Regulator (http://uk.practicallaw.com/topic9-201-5137)
Recovery plan Recovery plan (http://uk.practicallaw.com/topic9-206-1964)
Restoration order Restoration order (http://uk.practicallaw.com/topic8-375-8533)
Schedule of contributions Schedule of contributions (http://uk.practicallaw.com/topic1-206-2967)
Statement of funding principles (SFP) Statement of funding principles (SFP) (http://uk.practicallaw.com/topic6-206-1965)
Technical provisions Technical provisions (http://uk.practicallaw.com/topic1-206-1963)

Articles

Contending with the credit crunch: issues for pension schemes Contending with the credit crunch: issues for pension schemes (http://uk.practicallaw.com/topic3-385-1562)
Defined benefit pensions: recent developments in financial reporting Defined benefit pensions: recent developments in financial reporting (http://uk.practicallaw.com/topic1-500-8321)

Legal update: archive

IGG unveils framework for DC scheme investment IGG unveils framework for DC scheme investment (http://uk.practicallaw.com/topic7-501-4507)
Internal controls: Regulator calls for small schemes to focus on key risks Internal controls: Regulator calls for small schemes to focus on key risks (http://uk.practicallaw.com/topic0-500-9081)
News round-up for the week ending 12 February 2010 News round-up for the week ending 12 February 2010 (http://uk.practicallaw.com/topic7-501-4545)
News round-up for the week ending 19 February 2010 News round-up for the week ending 19 February 2010 (http://uk.practicallaw.com/topic5-501-5032)
News round-up for the week ending 26 February 2010 News round-up for the week ending 26 February 2010 (http://uk.practicallaw.com/topic8-501-5648)
Pensions Regulator finalises guidance on mortality assumptions Pensions Regulator finalises guidance on mortality assumptions (http://uk.practicallaw.com/topic1-383-4955)
Pensions Regulator highlights importance of assessing employer covenant strength in setting funding assumptions Pensions Regulator highlights importance of assessing employer covenant strength in setting funding assumptions (http://uk.practicallaw.com/topic4-386-4818)
Pensions Regulator publishes analysis of recovery plans Pensions Regulator publishes analysis of recovery plans (http://uk.practicallaw.com/topic3-500-7132)
Pensions Regulator will not amend funding code of practice or triggers despite financial crisis Pensions Regulator will not amend funding code of practice or triggers despite financial crisis (http://uk.practicallaw.com/topic3-383-8882)
Purple Book reveals increase in use of contingent assets to control PPF levies Purple Book reveals increase in use of contingent assets to control PPF levies (http://uk.practicallaw.com/topic6-501-2542)
Regulator expects increased workload in the light of economic downturn and preparing for NEST (corporate plan 2010-2013) Regulator expects increased workload in the light of economic downturn and preparing for NEST (corporate plan 2010-2013) (http://uk.practicallaw.com/topic4-501-9182)
Regulator statement: employers should not renegotiate recovery plans if still paying dividends Regulator statement: employers should not renegotiate recovery plans if still paying dividends (http://uk.practicallaw.com/topic8-385-0372)
Regulator's risk-based approach endorsed by Hampton review Regulator's risk-based approach endorsed by Hampton review (http://uk.practicallaw.com/topic8-501-3828)
Risk of fraud increasing during downturn warns Pensions Regulator Risk of fraud increasing during downturn warns Pensions Regulator (http://uk.practicallaw.com/topic1-385-6527)

External resources

Pensions Act 2004 Pensions Act 2004 (http://uk.practicallaw.com/topic8-383-2509)
Pensions Regulator: clearance guidance (June 2009 version) Pensions Regulator: clearance guidance (June 2009 version) (http://uk.practicallaw.com/topic9-386-3350)
Pensions Regulator: scheme funding code of practice Pensions Regulator: scheme funding code of practice (http://uk.practicallaw.com/topic8-203-9643)
Pensions Regulator: statement on funding Pensions Regulator: statement on funding (http://uk.practicallaw.com/topic0-203-9642)
Statement of Insolvency Practice 16 (England and Wales): Pre-packaged sales in administrations Statement of Insolvency Practice 16 (England and Wales): Pre-packaged sales in administrations (http://uk.practicallaw.com/topic9-384-5059)

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