Pension Trustees

Actuarial guidance note GN11: retirement benefit schemes - transfer values, adopted by the Board for Actuarial Standards (version 9.3, effective 1 February 2008, ceased to apply from 1 October 2008).

Actuarial guidance note GN29: advisers to the trustees, published by the Faculty and Institute of Actuaries (version 7.0 effective 1 April 2007) Withdrawn 31 March 2011.

In this month's column, Peter McDonald considers the immediate financial impact on pension schemes of the recent market turmoil. Employers, with both defined benefit (DB) and defined contribution (DC) schemes, may be wishing they’d had a longer summer holiday as they return to their desks.  Partner and chief actuary, PricewaterhouseCoopers

A working party of the Standards and Practice Committee of the Pensions Board (the Pensions Board) has been set up to prepare a new actuarial practice standard dealing with conflicts of interests for actuaries advising both the employees and trustees of the same pension scheme. The working party will consult on the draft standard later this year, and the new standard will come into force in 2008. The Pensions Board is not considering prohibiting actuaries from accepting appointments from both the trustees and employers of the same scheme. However, the actuary should set out certain conditions before he accepts the two appointments. The Pensions Board suggests that the conditions may relate to: The terms of each appointment. Obtaining informed consent from the trustees and employer about confidentiality issues, and in respect of the scope of advice that may be provided. The procedures that would be followed if there were a material conflict of interests. The draft standard may give priority to the scheme actuary role in the event of a conflict of interest. For more information about the working party, see Conflicts of interest for pensions actuaries.

A checklist of points for advisers to employers or trustees of occupational pension schemes to consider when making amendments to the scheme deed or rules.

This practice note considers the law relating to the appointment, retirement and removal of trustees to and from occupational pension schemes.

An Ask the team article examining the circumstances in which an employer might decide not to make a clearance application to the Pensions Regulator, and the steps the trustees might take in response.

This overview note explains the legal background to the implementation of an asset-backed funding structure, which can be used by trustees and employers of occupational pension schemes to use assets as an alternative to cash funding.

The Department for Work and Pensions has published its response to the consultation on the Occupational Pension Schemes (Disclosure of Information) (Amendment) Regulations 2012 (SI 2012/1811), which have been made and will come into force on 1 October 2012.

We have published a new practice note on the benefits available on retirement. (Free access.)

This note considers how criminal liability for offences under the Bribery Act 2010 may attach to companies.

This note explains what principles the Serious Fraud Office (SFO) must apply when making decisions about how to deal with cases of suspected criminal activity. In particular, the note examines the various guidelines the SFO must apply, particularly with regard to the Bribery Act 2010.

PLC Corporate has published new practice notes on the Bribery Act, covering the Serious Fraud Office's prosecutorial discretion, corporate criminal liability, corporate hospitality, gifts and expenses and facilitation payments. (Free access.)

The High Court has ruled on the employer’s duty of good faith and on trustees’ duty to be familiar with their powers.

A pensions industry working group has published a voluntary code of good practice on incentive exercises, which is designed to ensure that incentive exercises encouraging members to do things that will reduce pension schemes’ liabilities are undertaken in line with good practice principles.

A note about our plans to publish a standard-form trust deed. (Free access)

The Occupational Pensions Regulatory Authority has given guidance on actions it expects trustees to take when agreeing compromises with employers.

The thrust of recent pensions legislation has been to give greater powers to trustees of pension schemes. The Pensions Regulator considers trustees should take a more independent position with the sponsoring employer and act like a creditor - meaning more negotiations between trustees and the employer. This note looks at the conflict of duty that can arise for the individuals concerned, and identifies the factors that companies and individuals should take into account when deciding whether a director or other senior officer should be a pension trustee. It supplements Regulator guidance on conflicts of interest.

This practice note highlights the implications of the financial crisis for defined benefit and defined contribution schemes and considers the practical steps that trustees and employers may take in response. For a follow-up article examining these issues in 2010, please see Article, Hard times: pensions implications of the ongoing financial crisis.

The Court of Appeal has given its decision in Thorpe v Her Majesty's Revenue & Customs [2010] EWCA Civ 339.

In Stephens v Michelin Pensions Trust Ltd, the High Court refused to intervene to change the way pension trustees had apportioned a lump sum death benefit between surviving dependants, following a member's death.

The Pensions Ombudsman has ordered trustees to reconsider distribution of a lump sum death benefit.

A deed of removal to be used when the principal employer of an occupational pension scheme wishes to remove a trustee from office. This standard document contains drafting notes integrated within the text. You can view the document without the integrated drafting notes, or view the notes by themselves, using the options in the "Actions" box in the top-right corner of the screen.

A deed of retirement to be used when a trustee of an occupational pension scheme wants to step down from office of his own accord. This standard document contains drafting notes integrated within the text. You can view the document without the integrated drafting notes, or view the notes by themselves, using the options in the "Actions" box in the top-right corner of the screen.

The Determinations Panel of the Pensions Regulator has prohibited three individuals from acting as trustees of any occupational pension scheme established under trust in the UK.

Those drafting board minutes for corporate pension trustees need to be aware of a change in the law on 1 October 2008. The law on directors' declarations of interest changes on that date, when sections 182 to 187 of the Companies Act 2006 come into effect. The key changes are that directors must declare the nature and extent of their interests and that the sole director of a private company need not declare an interest. There is also a new requirement that a director does not need to disclose anything that his or her co-directors already know about (or ought reasonably to have known). For more information, see PLC Corporate, Practice note, Declaration of directors' interests: Companies Act 2006.

A note outlining the changes to the law on directors' liabilities under the Companies Act 2006 (2006 Act). For a link to the 2006 Act, see Companies Act 2006: publication of final text. For general background to the 2006 Act, see Practice note, Companies Act 2006: materials. Chapter 7 of Part 10 (directors' liabilities) came into force on 1 October 2007.

The trustees of the Mirror Group pension scheme have decided not to challenge a decision of the Pensions Ombudsman requiring them to disclose actuarial advice.

This practice note considers the requirements on trustees and employers to disclose certain information to pension scheme members, prospective pension scheme members, beneficiaries, spouses and civil partners, and recognised trade unions. The note specifically concentrates on the obligations set out in The Occupational Pension Schemes (Disclosure of Information) Regulations 1996 (SI 1996/1655).

The Court of Session has held that trustees of a pension scheme in Scotland cannot surrender the exercise of a discretionary power to the court, although they could seek directions from the court.

The Pensions Ombudsman has ruled that the trustee of the National Bus Company pension scheme should seek to recover the £168 million paid to the government on the dissolution of the National Bus Company and the winding up of its pension scheme.

The Department for Work and Pensions (DWP) has issued a consultation document and draft regulations implementing changes to the regime for calculating transfer values from defined benefit schemes. The changes will come into force on 6 April 2008. As announced in January 2007, the DWP is proceeding with a scheme-specific basis for calculating transfer values, in preference to other methods canvassed in an earlier consultation. Scheme trustees will have sole responsibility for setting the assumptions used in the calculation of transfer values, and must set these on a "best estimate" basis, after obtaining actuarial advice. The consultation closes on 17 August 2007.

The Department for Work and Pensions has published a research report about member-nominated trustees.

HM Treasury has published a consultation paper entitled Early access to pension savings. HM Treasury published a response to its consultation paper on 19 April 2011, see Legal update, Government rules out early access to pension savings.

The Deputy Pensions Ombudsman has given her determination in a complaint by Mr N Ecart against IHS Global Ltd.

The Pensions Ombudsman has given his determination in a complaint brought by Mrs M Ellaway and others against IBC Pension Trustees Ltd.

The High Court has clarified when a statutory debt becomes due from an employer.

An outline of the common law fiduciary duties, ways of modifying those duties (including the use of Chinese walls) and proposals for reform.

Trustees of pension schemes qualifying for the Financial Assistance Scheme (FAS) are being brought together by the Department for Work and Pensions (DWP) for a series of workshops on changes to the scheme and to ensure members receive payments quickly. The first workshop was held yesterday. It served as an information exchange and to flush out issues of concern to the trustees and the DWP. Further workshops will follow. The government announced last December that the FAS would be extended to guarantee 90% of accrued pension for the 140,000 who have lost their pensions. The pension will be payable from normal pension age subject to a lower age limit of 60 (see Legal update, Government unveils Financial Assistance Scheme improvements and publishes final report of Young review). The DWP is scheduled to outline legislation to give effect to the package. The DWP is urging schemes which have yet to apply for payments or return member information to the FAS to do so quickly. There are some 81 schemes in wind up where data is awaited and 84 qualifying schemes which still have to apply for payments on behalf of members. See Trustees workshops on FAS changes, DWP, 15 January 2008.

The Institute of Chartered Accountants has issued guidance to accountants on the responsibility of pension scheme trustees as regards the preparation of scheme accounts.

FSA handbook: perimeter guidance: guidance on activities related to pension schemes (PERG 10)

This article looks at the current legal and regulatory landscape in relation to governance in DC schemes and considers the direction it might take in future.

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.

The High Court has confirmed the test of dishonesty for professional trustees in relation to trustee exemption clauses (Fattal and others v Walbrook Trustees (Jersey) Ltd and others [2010] EWHC 2767 (Ch)).

The High Court has given its judgment in Independent Trustee Services Ltd v GP Noble Trustees Ltd and others [2010] EWHC 1653 (Ch).

Form APSS 100A: pension scheme registration form, published by HM Revenue & Customs. HMRC has also published notes on completing the form.

Since 16 October 2007 it has been mandatory to file scheme returns for registred occupational pension schemes (formerly form APSS301) online. HMRC has published guidance on how to file a scheme return and a checklist  for pension scheme returns. For details of HMRC's online service for pension schemes see:

An opinion piece regarding the judgment in Independent Trustee Services Limited v Hope & Others [2009] EWHC 2810 (Ch).

A recent decision of the Pensions Ombudsman covers several important points which trustees should bear in mind when considering applications for ill health retirement pensions.

The Pensions Ombudsman has held that trustees' reasons must be given for the exercise of an opinion on incapacity, so that the reasonableness of a decision can be tested.

The High Court has held that a trustee can rely on up-to-date medical evidence when making a decision about granting an ill-health pension to an employee who was ill at the time of leaving employment, but who has since recovered.

The Investment Management Association (IMA) has published five case studies on conflicts of interest in relation to trustees' investment advisers.

Following a recent decision of the High Court, an independent trustee cannot ask his partners or other companies in the same group to provide services to the pension scheme.

This note considers the issues arising for trustees and employers in relation to investment of assets in defined contribution pension schemes, including how to define responsibilities, managing delegation, dealing with member investment choice and default funds, communications, decumulation and the importance of employer engagement. These issues are becoming all the more important in the light of auto-enrolment. Trust and contract-based schemes are covered and compared, highlighting the key aspects of the legal and regulatory investment regimes and summarising the relevant best practice guidelines.

A "reverse" citator setting out the main legislative provisions, regulatory materials, leading cases and determinations of the Pensions Ombudsman for some key topics in occupational pensions. Links are also included to the main PLC Pensions materials available for each topic.

The High Court has held that a trustee's decision to distribute two-thirds of a lump sum death benefit to the deceased's co-habitee, who was expecting his child, and only one-third to his daughter, who was not financially dependent on him, was a valid exercise of its discretion.

This note explores the reasons why the cost and risks associated with defined benefit pension schemes have increased over recent years, and looks at strategies for employers to manage or reduce this risk.

The government has issued proposals to change the legislation relating to member nominated trustees in 2001.

Form on which members shall nominate candidates to become member-nominated trustees under section 241 of the Pensions Act 2004.

The government has issued further draft regulations extending the maximum period for approval of alternative arrangements under the member-nominated trustee legislation.

The government has issued draft Regulations extending the maximum period for approval of existing arrangements for appointing member-nominated trustees from six to nine years.

This checklist summarises the requirements on trustees of occupational pension schemes to put in place arrangements that ensure at least one-third of their number are nominated by the members. It also sets out the steps to be taken to comply with the current legislation. References in this checklist to member-nominated trustees (MNTs) include references to member-nominated directors (MNDs), for those schemes where there is a corporate trustee. For a full discussion of these issues, see Practice note, Member-nominated trustees and directors.

HM Revenue & Customs has clarified the anti-money laundering requirements for paid trustees.

The National Association of Pension Funds (NAPF) has published corporate governance policy and voting guidelines specifically for AIM and investment companies. The guidelines are designed to illustrate where it may be appropriate for these types of companies to depart from the Combined Code guidelines. For an AIM company, the issues addressed by the NAPF guidelines include:A suggestion that on larger boards, there should be at least two independent directors (excluding the chairman). On smaller boards, there should be at least two independent non-executive directors, one of whom may be the chairman, and they must count as at least one third of the board.The independence of the audit and remuneration committees. The Combined Code requires that all members of these committees are independent. The guidelines accept that there may be a lack of independent directors on the board, but advocates that the majority of members of the audit and remuneration committees should be independent.Maintaining the independence of the directors: the guidelines encourage directors to be remunerated by fees alone (paid in cash or shares). Participation in a share option scheme or a performance-related pay scheme is therefore discouraged.There is no deviation from the current best practice guidelines on remuneration generally for AIM companies. The NAPF guidelines for investment companies have been developed in conjunction with the Association of Investment Companies (AIC) and mostly fo

We have published a new practice note on the implications of the financial crisis for pension schemes, written by Ruth Bamforth of Eversheds LLP.

We have new content on investment in pension schemes: a practice note on investment issues in defined contribution (DC) pension schemes and two quick guides (one on pension trustee investment powers and duties and the other on default options in DC schemes used for auto-enrolment).

We have published a new checklist of points to consider when advising trustees on their duties of knowledge and understanding.

We have published a new practice note, Closing defined benefit schemes to future accrual: overview. This note examines the respective positions of employers and trustees on key issues such as amending the scheme, communicating with members and dealing with conflicts of interest.

We have published a new practice note examining pension scheme buyouts.

We have published a new practice note on the recovery of overpayments to pension scheme members, written by Peter Shave and Ian Gordon of Wragge & Co LLP.

We have published a new practice note about pension trustee liability insurance.

We have published a new standard document, trustee confidentiality agreement and drafting notes.

This practice note considers the powers and duties of pension scheme trustees in relation to the investment of scheme assets.

A standard document for a resolution by trustees of an occupational pension scheme. Integrated drafting notes. This document has integrated drafting notes embedded within the text. Click on a heading to read the note. See the Actions box on the right for additional viewing options.

This note considers the law and practice relating to conflicts of interest and/or duty of trustees in the context of pension schemes. It covers the case law and legislation on the general rule against conflicts, exceptions to the rule and the consequences of conflicts. This includes consideration of the key issues arising in relation to pension schemes and a summary of the guidance from the Pensions Regulator. Fenner Moeran, 3 Stone Buildings

The High Court has held that the trustees of a scheme could use the power to change the index which they use to work out increases to pensions in payment and the revaluation of deferred pensions in order to switch to the consumer prices index instead of the retail prices index without breaching section 67 of the Pensions Act 1995.

Trustee exoneration and indemnity clauses protect trustees from personal liability to scheme members and beneficiaries for breach of trust and negligence. This practice note considers the scope and construction of these clauses and examines alternative forms of trustee protection.

This practice note considers the availability of liability insurance for the trustees of occupational pension schemes and examines issues including trustees' powers to buy insurance and how a typical policy might respond to claims in some common areas.

A table of significant pensions-related cases. The table covers decisions from the last twelve months and forthcoming appeals. It includes links to transcripts, if these are available, and to relevant PLC legal updates. For information about older pensions-related cases, please see Case tracker: archive.  If you have any information on the progress of the cases that appear in this tracker, or on any other relevant cases, please e-mail the PLC Pensions team on pensionsfeedback@practicallaw.com.

Each month, members of Allen & Overy's pensions law team share their views with subscribers on current issues in pensions law and practice. This month, Stephen Beattie looks at how the Bribery Act 2010, which comes into force on 1 July 2011, might affect pension scheme trustees.

Each month, members of Allen & Overy's pensions law team share their views with subscribers on current issues in pensions law and practice. In this article, Däna Burstow considers the need for schemes to identify which employers are statutory employers.

An explanation of the PLC Pensions legisative and regulatory developments tracker, which charts the progress of selected primary and secondary pensions legislation, together with key regulatory changes.

The Pensions Ombudsman has ruled that trustees of a scheme are liable for maladministration even where this results from the actions of the insurance company administering the scheme.

The Pensions Regulator has announced that it has appointed three independent trustees to the Telent pension scheme (formerly the Marconi scheme), following an approach from the trustees. The Regulator's determinations panel made the appointments using its powers contained in section 7 of the Pensions Act 1995. The panel followed the expedited "special procedure" provided in the Pensions Act 2004, and held a private hearing on the morning of 19 October 2007. The appointments follow recent reports that the trustees of the scheme had sought the Regulator's intervention because they were unhappy with the proposed takeover of Telent by pensions buy-out specialist, Pension Corporation, which has now acquired 29% of Telent's shares (see News round-up for the week ending 28 September 2007: GEC pension trustees call for say in takeover bid). Sacker & Partners, legal advisers to the trustees, welcomed the appointment and said that the move would protect the scheme by giving the new independent trustees sole control for six months. For background about the Regulator's power to appoint trustees, see Practice note, Appointment, retirement and removal of pension trustees. For more about the Regulator's procedures, see Practice note, Pensions Regulator: overview. See Press release: Regulator uses powers to appoint independent trustees to Telent pension scheme, Pensions Regulator, 19 October 2007 and Press release: Telent and the Pensions Regulator - comment from Sacker & Partne

The Pensions Regulator is consulting on a new code of practice, regulatory guidance and a regulatory approach to regulating occupational defined contribution trust-based schemes.

On 16 November 2007, the determinations panel of the Pensions Regulator published its reasons for upholding its decision to appoint three firms of independent trustee to the Telent pension scheme. The panel concluded that the appointment was necessary under section 7(3)(c) of the Pensions Act 1995 to secure the proper use or application of the scheme assets. It found that there was a realistic prospect that fundamental conflicts of interest might arise on the part of Pensions Corporation, who had mounted a takeover bid for Telent plc, given that Pensions Corporation intended to manage the scheme in such a way that would generate a return for its investors. The panel felt that the appointments were a balanced and proportionate response to the risks, given the Regulator's duty to have regard to members' interests.

The Pensions Regulator has issued the final module in the trustee toolkit, its e-learning programme for pension trustees. The module is entitled "Running your scheme" and considers good practices for trustees to adopt over a typical scheme year. The module is relevant for trustees of both defined benefit and defined contribution schemes. Since April 2005, trustees of work-based pension schemes have been subject to a duty to have "knowledge and understanding" of pensions and trust law, as well as of other areas of expertise fundamental to their role, for example the investment of scheme assets. Trustees are also now required to be "conversant with" their scheme's governing documents. The Regulator has issued scope documents for both defined benefit and defined contribution schemes, and the trustee toolkit now covers all the areas identified in the scope documents. (See Press release: Trustee toolkit now complete, Pensions Regulator, 21 May 2007 and Trustee toolkit.)

Form published by the Pensions Regulator to register a pension scheme under sections 59-62 of the Pensions Act 2004.

Standard form for use by trustess who must make annual reports to the Pensions Regulator on progress in a scheme's winding up, in accordance with section 72A of the Pensions Act 1995.

Form published by the Pensions Regulator for registrable schemes to notify changes in registrable information.

Standard form for use by employers and trustees who want to report a notifiable event to the Pensions Regulator in accordance with section 69 of the Pensions Act 2004. Notifiable events can also be submitted online using Exchange.

Guidance published by the Pensions Regulator supplementing its code of practice no. 9 on internal controls. The guidance was originally published in February 2007 and has since been updated. This version was published in June 2010.

Code of practice 08: member-nominated trustees and directors - putting in place and implementing arrangements, published by the Pensions Regulator.

Directions issued by the Pensions Regulator under section 69(1) of the Pensions Act 2004, relating to the requirement for trustees and employers to report certain scheme-related and employer-related events. These directions were updated in April 2009 following amendments made to the notifiable events regime by the Pensions Regulator (Miscellaneous Amendments) Regulations 2009 (SI 2009/617). (Subscribers should note that, although they have been updated, the directions are still entitled "Version 1 dated 6 April 2005".)

Guidance published by the Pensions Regulator relating to the Regulator's powers to prohibit and suspend individuals and corporate bodies from acting as pension scheme trustees.

Guidance on complying with the duty to report breaches of the law, published by the Pensions Regulator to accompany its code of practice 01: reporting breaches of the law.

Code of practice 07: Trustee knowledge and understanding (second issue), published by the Pensions Regulator. This version was published in November 2009.

Revised guidance published by the Pensions Regulator listing matters that trustees of defined benefit schemes should show knowledge and understanding of, and documents of which they should have a working knowledge. This version of the guidance was published by the Regulator in November 2009. See also Pensions Regulator: trustee knowledge and understanding code of practice.

A checklist of points for legal advisers to pension scheme trustees to consider in relation to the requirement to report certain matters to the Pensions Regulator. For a full discussion of these issues, see Practice note, Pensions Regulator: trustee reporting requirements.

A note explaing how the rule against perpetuities applies when drafting, varying and exercising trustee powers, how to determine whether existing powers and appointments are valid and what the consequences are if they are void. It describes the difference between general and special powers of appointment, and between administrative and dispositive powers.

On 8 January 2013, the Pension Protection Fund published member communication guidance for trustees.

The Privy Council has handed down its decision in Jacinth Kelly, Millicent Campbell, Claudia Davis, Courtney Miller, Ernel Lewis  v Michael Fraser [2012] UKPC 25.

The Pensions Ombudsman has given his determination in a complaint by Mrs J M Quest against Dorset County Council and others.

A note addressing the issues that can arise when overpayments which have been made to members need to be corrected.

The NAPF has published its response to the Pensions Regulator's consultation on conflicts of interest. Among the points raised is that trustee interests are not always going to be aligned with those of the Regulator. It is the trustees' responsibility to implement the terms of the trust while complying with relevant legal requirements. The Regulator's objectives include not only protecting members' benefits but also minimising calls on the Pension Protection Fund. This could lead to trustees having a different view to the Regulator on whether a conflict exists, for instance in the area of scheme funding. The NAPF has also criticised the consultation for putting too much emphasis on trustees obtaining legal advice which could make them reluctant to manage conflicts when they are quite capable of doing so. The SPC has also made the same point in its response. Additionally, the SPC has said that the document is lukewarm on senior employees serving on the trustee board, giving the impression that they are an unwelcome presence. While exposed to a greater risk of conflict, senior employees who are trustees, can of course provide a vital function for the scheme by liasing with the employer and driving through difficult trustee and employer proposals. For more about the consultation, see Legal update, Pensions Regulator consults on draft conflicts of interest guidance. See NAPF response to TPR consultation on Conflicts of Interest, NAPF, May 2008 and SPC response: consu

The Pensions Regulator has issued a press release formally announcing the publication of its record keeping guidance.

On 22 July 2009 the Pensions Regulator issued a statement for trustees and employers about higher standards for defined contribution pension schemes.

The Pensions Regulator has published a response to its discussion paper "Enabling good member outcomes in work -based pension provision" on the regulation of DC pensions.   

The Pensions Regulator has published a consultation document on proposals to regulate schemes that fail to improve their record-keeping.

The Pensions Regulator has published best practice guidance setting out key issues for trustees to consider in their relations with advisers.

The revised version of the Pensions Regulator's code of practice 07: Trustee knowledge and understanding has come into effect.

The Society for Pension Consultants (SPC) has published a guide for trustees about monitoring the strength of the covenant of their scheme's sponsoring employer. The SPC recommends several steps for trustees, including: Arranging for formal financial presentations from the employer's finance director or equivalent every six months. Requesting early warning of any restructuring plans. Avoiding information-overload by standing back from the detail of financial data and looking at the direction of the business and the overall market, and the position of the scheme relative to these points. Obtaining specialist advice about the possibility of obtaining contingent asset arrangements. Drawing up contingency plans for potentially adverse situations. Appended to the guide are a checklist for regular financial monitoring and a list of key information that trustees should consider (such as reports and accounts, filings at Companies House, management accounts, finance terms and banking covenants). See A practical starting point for monitoring the employer's covenant, SPC, November 2007.

This practice note considers the powers of the Pensions Regulator and the court to suspend or prohibit the trustees of occupational pension schemes. It also refers to the statutory restrictions that prevent certain individuals acting as pension trustees.

The Takeover Panel is consulting on proposals to extend some of the provisions of the Takeover Code which relate to employee representatives to the trustees of the target’s pension scheme.

Regulations have been made concerning the requirement to appoint an independent trustee. (The Occupation - Pension Scheme) (Independent Trustees Regulations 1990).

The Court of Appeal has clarified the scope of the rule in Hastings-Bass.

A guide to using our materials to help train new pensions lawyers.

The Pensions Regulator is consulting on guidance on transfer incentives.

The Pensions Regulator is seeking views on its draft guidance for trustees on their new responsibilities for the calculation of defined benefit transfer values.

The Pensions Regulator has published final guidance for trustees on their new responsibilities for the calculation of defined benefit transfer values.

The Occupational Pension Schemes (Transfer Values and Miscellaneous Amendments) Regulations 2003 have been published.

A long-form confidentiality agreement for use between trustees of a pension scheme and its participating employer(s) and/or companies in the participating employer's group. This standard document contains drafting notes integrated within the text. You can view the document without the integrated drafting notes, or view the notes by themselves, using the options in the "Actions" box in the top-right corner of the screen.

A standard-form conflicts of interest policy for use by trustees of trust-based occupational pension schemes setting out the procedure for identifying, monitoring and managing actual and potential conflicts of interest. This standard document contains drafting notes integrated within the text. You can view the document without the integrated drafting notes, or view the notes by themselves, using the options in the "Actions" box in the top-right corner of the screen.

A standard-form register of trustees' interests to record and monitor interests declared by trustees of an occupational pension scheme. This standard document contains drafting notes integrated within the text. You can view the document without the integrated drafting notes, or view the notes by themselves, using the options in the "Actions" box in the top-right corner of the screen.

The Occupational Pensions Regulatory Authority has published two scope documents listing matters which trustees will be required to understand in order to comply with the Pensions Act 2004.

The Pensions Ombudsman has ruled that it is maladministration for trustees to refuse to disclose reasons for their decisions.

We have published Trustee meetings: checklist for advisers. The checklist covers the main issues that an adviser needs to consider when asked to attend a trustee meeting. It outlines the steps to take to prepare for a meeting, lists agenda items and issues that commonly come up, and explains the key post-meeting action points for advisers, including completing the minutes.

A trustee resolution adopting arrangments for nominating and selecting member-nominated trustees.

The Pensions Ombudsman has directed that trustees should pay part of the legal costs of a successful complainant.

The High Court has clarified the extent of trustees’ responsibilities for mistakes by the professional administrators of their scheme, in a case relating to provision of inaccurate information about transfer values.

The High Court has overturned a decision of the Pensions Ombudsman that pension scheme trustees failed to follow proper procedures when making a discretionary payment of a lump sum death benefit.

The Pension Protection Fund has published good practice guidelines for trustees managing pension schemes through the assessment process.

In Breakspear & Ors v Ackland & Anor [2008] EWHC 220 (Ch), the High Court granted the disclosure of a letter of wishes, as sought by the beneficiaries of a family discretionary trust. This is the first English case of its kind and provides welcome clarification on the status of a settlor's letters of wishes. The court held that letters of wishes were prima facie confidential and not discloseable on demand to beneficiaries, as they existed to assist the trustees in exercising their discretionary powers (in itself a confidential process). However, trustees may, in their discretion, disclose such letters if this was in the interests of the due administration of the trust. In addition, the courts may grant disclosure if it was appropriate to intervene under their inherent jurisdiction to supervise trustees. These findings were restricted to the context of family discretionary trusts, but may yet have a wider impact on disclosure in relation to employee trusts, pension trusts or other business trusts.

An article regarding some of the legal, regulatory and practical issues which arose in the Uniq plc restructuring. This involved a novel "deficit-for-equity" swap. The authors consider some of the steps that were involved in securing a Regulated Apportionment Agreement (satisfying the trustees, PPF and Pensions Regulator in the process) and enabling the scheme to reasonably agree to a debt for equity swap without breaching the law on employer-related investment. They also highlight some of the other company law, regulatory and tax considerations that arose along the way.

A checklist of points for trustees to consider before agreeing to the use of contingent assets in the funding of a salary-related pension scheme. The law stated in this document is correct as before the Pensions Regulator's updated guide on the use of contingent assets Monitoring employer support: Covenant, contingent assets and other security. For more information see Legal update, Regulator publishes guidance on employer covenant.