Pensions analysis: The High Court has approved the decision of Brass Trustees Ltd (the trustees) who were the trustees of the Biwater Retirement and Security Scheme (the Scheme), to issue petitions to wind up the Scheme’s sponsoring employers, Biwater Holdings Ltd (BHL) and Biwater International Ltd (together Biwater). In approving the decision of the trustees, the court acknowledged the trustees’ recognition of the momentous consequences of deciding to place Biwater in a liquidation process with a view to the Scheme being wound up, including Biwater staff losing their jobs and the financial impact on Scheme members. The court also recognised that it had a limited role in what it termed a ‘blessing application’, whereby trustees seek approval that the proposed exercise of their powers is lawful and does not infringe their duty to act as ordinary, reasonable and prudent trustees might act. This includes ignoring irrelevant, improper or irrational factors. Written by Rowena Wisniewska Sethi, barrister...
To continue reading this news article, as well as thousands of others like it, sign in with ÀÏ˾»úÎçÒ¹¸£Àû or register for a free trial
EXISTING USER? SIGN IN CONTINUE READING GET A QUOTE
To read the full news article, register for a free Lexis+ trial
**Trials are provided to all ÀÏ˾»úÎçÒ¹¸£Àû content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these ÀÏ˾»úÎçÒ¹¸£Àû services please email customer service via our online form. Free trials are only available to individuals based in the UK, Ireland and selected UK overseas territories and Caribbean countries. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
* denotes a required field
The Pensions Regulator’s moral hazard powers—what should company directors look out for?What are the moral hazard (anti-avoidance) powers?Broadly, the Pensions Regulator’s (TPR) moral hazard powers or anti-avoidance powers under the Pensions Act 2004 (PeA 2004) enable it to circumvent corporate
The Pension Protection Fund—assessment periods and operation of schemesCORONAVIRUS (COVID-19) UPDATE: As a result of coronavirus, the PPF decided to make certain changes to its policies. For instance, the PPF will accept e-signatures and other forms of confirmation for PPF-specific documents (eg
Law360: The trustee for the pension plan of Wilko, the homewares retailer that has collapsed into administration, has said that the retirement scheme will be assessed by the Pension Protection Fund (PPF) for future retirement compensation.
Micklefield clausesWhat is a Micklefield clause?It is common for employee share plans to provide that, on termination of employment (or when an employee is given or receives notice of termination of employment), subsisting share awards will be forfeited and subsisting share options will lapse.It is
0330 161 1234