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Pensions in 30: 16. Scheme modification
Manage episode 184343371 series 1460512
Key points
- Amendment or modification powers generally are found in scheme rules not in pensions legislation
- Pensions legislation restricts the way a scheme's modification power can be used
- Pensions Act 1995: Section 67 onwards protects accrued rights to pension benefits
- Section 67 also restricts the way changes can be made from defined benefit or final salary benefits to defined contribution or money purchase benefits
- Section 67 also restricts the way changes can be made which might reduce the rate of a pension
- Trust law requires trustees to act in members' interests and this applies to decisions to agree to scheme modifications
- Section 68 Pensions Act 1995 provides a statutory power to make specific modifications regardless of the powers contained in the scheme rules
- Additional considerations arise where the scheme is contracted out and section 37 of the Pension Schemes Act 1993 imposes additional formalities in such cases
You can find this episode and the accompanying transcript on our website: https://gowlg.co/3TXYfU3
Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East.
We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r
Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41
Want to get to know us? Follow us on:
LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq
This podcast may contain information of general interest about current legal issues, but does not give legal advice.
51 episodes
Manage episode 184343371 series 1460512
Key points
- Amendment or modification powers generally are found in scheme rules not in pensions legislation
- Pensions legislation restricts the way a scheme's modification power can be used
- Pensions Act 1995: Section 67 onwards protects accrued rights to pension benefits
- Section 67 also restricts the way changes can be made from defined benefit or final salary benefits to defined contribution or money purchase benefits
- Section 67 also restricts the way changes can be made which might reduce the rate of a pension
- Trust law requires trustees to act in members' interests and this applies to decisions to agree to scheme modifications
- Section 68 Pensions Act 1995 provides a statutory power to make specific modifications regardless of the powers contained in the scheme rules
- Additional considerations arise where the scheme is contracted out and section 37 of the Pension Schemes Act 1993 imposes additional formalities in such cases
You can find this episode and the accompanying transcript on our website: https://gowlg.co/3TXYfU3
Gowling WLG is an international full-service law firm working across a range of industry sectors including real estate, government, financial services, life sciences and technology. We operate across the world with offices in the UK, Europe, Canada and the Middle East.
We regularly talk about a broad range of topics that may be of interest to you. Subscribe to receive our latest articles, podcasts and webinars straight to your inbox: https://gowlg.co/35efH2r
Alternatively, you can view our full selection of insights and resources here: https://gowlg.co/3IwEr41
Want to get to know us? Follow us on:
LinkedIn: https://gowlg.co/3hqmatB Twitter: https://gowlg.co/35Do0nY Facebook: https://gowlg.co/3th2w8N Instagram: https://gowlg.co/3tEf2iq
This podcast may contain information of general interest about current legal issues, but does not give legal advice.
51 episodes
All episodes
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