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Solvency II—timeline (2007–2023) [Archived]

Solvency II—timeline (2007–2023) [Archived] ARCHIVED: This timeline is archived and is no longer maintained. For key developments relating to the EU’s Solvency II framework (Directive 2008/138/EC), see EU Solvency II—timeline. For key developments relating to the UK's Solvency II regime, see UK Solvency II—timeline. 2023 Date Source Document Description 20 December 2023 Official Journal REGULATION (EU) 2023/2859 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 December 2023 establishing a European single access point providing centralised access to publicly available information of relevance to  financial services, capital markets and sustainabilityDIRECTIVE (EU) 2023/2864 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 13 December 2023 amending certain Directives as regards the establishment and functioning of the European single access point Regulation (EU) 2023/2859 establishing a European Single Access Point (ESAP) providing centralised access to publicly available information of relevance to  financial services, capital markets and sustainability and Directive (EU) 2023/2864 amending certain Directives as regards the establishment and functioning of the ESAP was published in the Official Journal of the...

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Equalisation and Barber—the pension implications

This Practice Note contains references to case law of the Court of Justice of the European Union. For guidance on whether EU judgments are binding on UK courts, see Practice Note: Assimilated law — Assimilated case law.The equal pay principle and pensionsIn its judgment in the Barber case handed down on 17 May 1990, the European Court of Justice (ECJ) (now the Court of Justice of the European Communities (CJEU)) held that pensions paid under the terms of a private occupational pension scheme were deferred remuneration, so that the right to equal pay under Article 119 of the Treaty of Rome (the predecessor of Article 157 of the Treaty on the Functioning of the European Union (TFEU)) applied to that part of a person’s remuneration which consisted of pension benefits as it did to any other part of their pay. The ECJ in Barber also held that the right to equal pay had direct effect in relation to occupational pension schemes and that it was for the national courts to...

Equalisation of guaranteed minimum pensions (GMPs)

What are guaranteed minimum pensions?Guaranteed minimum pensions (GMPs) arrived on the pension scene on 6 April 1978, at the same time as the State Earnings-Related Pension (SERPS) was introduced. The relevant legislation (then the Social Security Act 1975 and the Social Security Pensions Act 1975) provided that an employee’s employment could be contracted out of SERPS if certain conditions were satisfied. The conditions were in essence that the employee was a member of a pension scheme which would provide a pension of a guaranteed minimum amount. That guaranteed minimum pension was of course intended to be equal to the pension the employee would have received under SERPS. It was expected that in general the pension payable under the relevant scheme would be higher than the GMP.The attraction of contracting-out was that since the state would not be obliged to pay SERPS in addition to the member’s basic state pension (unless in any particular case the GMP was less than the SERPS entitlement would have been), a reduced level of national...

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Bulk Transfer Agreement

Bulk Transfer Agreement This Deed of Merger is made on the [insert day] day of [insert date]. Parties 1 [TRUSTEE OF TRANSFERRING SCHEME] (Company No. [ ]) whose registered office is at [address] (the ‘Transferring Trustee’); 2 [PRINCIPAL EMPLOYER OF TRANSFERRING SCHEME] (Company No. [ ]) whose registered office is at [address] (‘Transferring Scheme Employer’); 3 [TRUSTEE OF RECEIVING SCHEME] (Company No. [ ]) whose registered office is at [address] (the ‘Receiving Trustee’); and 4 [PRINCIPAL EMPLOYER OF RECEIVING SCHEME] (Company No. [ ]) whose registered office is at [address] (‘Receiving Scheme Employer’). BACKGROUND (A) The Transferring Trustee is the trustee of the [Name of Transferring Scheme] (the ‘Transferring Scheme’). (B) The Receiving Trustee is the trustee of the [Name of Receiving Scheme] (the ‘Receiving Scheme’). (C) The Receiving Scheme Employer is the Principal Employer of the Receiving Scheme and the Transferring Scheme Employer is the Principal Employer of the Transferring Scheme. (D) Both the Receiving Scheme and the Transferring Scheme are registered...

Letter of instruction to a single joint expert for valuation and advice on pension rights

Letter of instruction to a single joint expert for valuation and advice on pension rights 1 Introduction This letter is written as a joint instruction to you as an expert in financial remedy proceedings relating to divorce proceedings between [client’s full name], born on [insert date of birth] and [spouse/civil partner’s full name], born on [insert date of birth]. You are being instructed jointly by [lead firm preparing letter] who act on behalf of [client’s full name] and [name and address of spouse/civil partner’s solicitors], [telephone number and email of spouse/civil partner’s solicitors] on behalf of [spouse/civil partner’s full name], but on the basis that you will provide an expert opinion independent of each of them. [At the first appointment on [date of first appointment], District Judge [name] sitting at the Family Court at [location] made the following order [insert exact wording from order].] The parties have agreed that you should be instructed on a joint basis as the single joint expert. Your scope of instructions is...

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Regarding equalisation of normal retirement dates, is it a valid method of equalisation to allow ask members to choose an normal retirement date of 60 or 65 without giving them credit for age 60 benefits if they chose age 65?

Regarding equalisation of normal retirement dates, is it a valid method of equalisation to allow ask members to choose an normal retirement date of 60 or 65 without giving them credit for age 60 benefits if they chose age 65? It is assumed that the method of equalisation contemplated in the question envisages asking all scheme members (not just those being discriminated against) to choose a normal retirement date of NRD of 60 or 65. Since the case Barber v Guardian Royal Exchange, occupational pension schemes are required to have their normal retirement dates (NRD) equalised for both men and women, in application of the equal pay principle originally set out in Article 119 of the Treaty of Rome. European and domestic caselaw has sought to clarify what this means in practice. In particular, in Coloroll Trustees v Russell, the European Court of Justice held that during the Barber window (ie from 17 May 1990 to the date on which a scheme has equalised its benefits), the less...

What can the tenant of a residential lease, which requires the landlord to set up a sinking fund/reserve fund, do if the landlord fails to use service charge payments from the tenants to build up the fund, but instead asks the tenants for large payments upfront for repair/decoration to external parts of the building?

What can the tenant of a residential lease, which requires the landlord to set up a sinking fund/reserve fund, do if the landlord fails to use service charge payments from the tenants to build up the fund, but instead asks the tenants for large payments upfront for repair/decoration to external parts of the building? Can the landlord establish a sinking/reserve fund? The issue with sinking funds is more usually whether a landlord is entitled to set one up/demand payments from the tenants. Therefore, in the first instance, it is usually necessary to determine as a matter of law whether the landlord, on the construction of the lease, is entitled to establish a reserve fund or sinking fund. These are subject to the Landlord and Tenant Act 1985 (LTA 1985) and the Landlord and Tenant Act 1987 (LTA 1987). For further information, see Sinking and Reserve Funds: Butterworths Property Law Service [796]. It was confirmed in the case you referenced, Universities Superannuation Scheme Ltd v Marks & Spencer plc...

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Pensions weekly highlights—19 September 2024

This week's edition of Pensions weekly highlights includes a review of key news stories, as well as dates for your diary and trackers.

Retrospective equalisation of NRD to 65 for pre-Barber pensionable service compatible with trustee powers (Mrs E)

Pensions analysis: On 29 April 2024 the Pensions Ombudsman dismissed Mrs E’s (the applicant) complaint that following the judgment of the Court of Justice of the European Union (CJEU) in Barber v Guardian Royal Exchange on 18 May 1990, the applicant’s pension scheme’s rules had been wrongly amended to retrospectively increase the normal retirement date (NRD) for the period of her pensionable service prior to the Barber decision. Written by Rowena Wisniewska Sethi, barrister, and Benedict Scantlebury, pupil at 4-5 Gray’s Inn Square.