Employee pension rights after a TUPE transfer

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Employee pension rights after a TUPE transfer"

Transcription

1 Employee pension rights after a TUPE transfer June 2006 Contents Introduction History of TUPE and pensions Public sector contracts The Pensions Act 2004 The general principles Pension obligations on TUPE transfers - summary Contacts

2 Introduction From April 2006, the Transfer of Undertakings (Protection of Employment) Regulations 2006 ( TUPE ) will provide renewed protection for UK employees in business transfers. As with the predecessor 1981 Regulations, the protection excludes pension rights in a number of ways. In April 2005, the protection of employees pensions in business transfers was expanded by the Pensions Act 2004 ( PA04 ). Some employees in former nationalised industries have special statutory protection for their pension rights which are outside the scope of this briefing note. The standard TUPE transfer is where an ongoing business is sold from one owner to another. TUPE protection for employees can also be triggered by the creation or termination of a franchise, a merger of businesses, the beginning or end of an outsourcing arrangement or an internal restructuring within corporate groups. Primarily, TUPE issues are concerns for the employers involved, but sometimes the trustees of any pension scheme involved will have to have some understanding of the extent of and limits to the rights which members have. History of TUPE and pensions On a TUPE transfer, the rights and obligations of the transferor as employer become the rights and obligations of the transferee, subject to one exception: ongoing membership of any occupational pension scheme. The reference to an occupational scheme in the TUPE exception means that rights relating to personal pension, group personal pension and stakeholder plans transfer from the transferor to the transferee. Separately, European Court of Justice decisions in the cases of Beckmann and Martin - mean that some early retirement and redundancy pensions are to be treated as employer obligations protected by TUPE, even where in the UK they are delivered through occupational pension schemes. Applying TUPE protection to these rights is very difficult if the new employer does not have a pension scheme which is similar to the old employer s. In particular if employees retain deferred rights in the old employer s scheme the new employer should be able to pay less to an employee who is made redundant. In practice, it may be difficult for the new employer to obtain the information needed to perform such calculations. As the rights are protected by TUPE they cannot easily be amended by variation of employment contracts. These are complex issues and where early retirement or redundancy pensions are provided by the old employer both parties will need specialist advice. The full implications of these court decisions, which related to the NHS Superannuation Scheme, remain unclear in relation to private sector transactions. Public sector contracts Where a central government body awards a contract which involves a transfer of employees from the public to the private sector, guidance notes and policies set a higher standard than TUPE and PA04. It is the sponsoring department s responsibility to ensure that the contract discharges its duties and places responsibilities on the contractor to reflect: the Fair Deal for Staff Pensions guidance ( Fair Deal ); and the Code of Practice on Workforce Matters in Public Sector Service Contracts (the Two Tier Workforce guide). Under Fair Deal, the private sector employer taking on the public sector employees must offer the employees a final salary scheme which provides benefits, certified by the Government Actuary s Department, which are materially at least as good as those provided under the public sector pension scheme. Transferring employees must also have the opportunity to transfer their past service rights as part of a bulk transfer process. New employees employed by the private sector employer after the transfer date will get protection under the Two Tier Workforce guide if they are employed to work alongside the employees transferred from the public sector. Under the Two Tier Workforce Guide, they must be offered employment on fair and reasonable terms and conditions which are, overall, no less favourable than those of transferred employees. Pension benefits offered to new employees must meet a minimum level,

3 although need not be the same as those offered to the transferred employees so long as their overall package of remuneration is no less favourable. The minimum level of pension benefit is either a contracted-out final salary scheme or a money purchase scheme or arrangement with 6% employer contributions available. The Pensions Act 2004 From 6 April 2005, PA04 and accompanying regulations created pension obligations applying to new employers following TUPE transfers where the old employer sponsors an occupational pension scheme. PA04 does not apply to a TUPE transfer which is purely an internal restructuring within an employer group. Every employee who is in or entitled to join the old employer s scheme will have statutory pension rights immediately after the transfer and these will be enforceable against the new employer. The new employer will have an obligation to offer pension benefits in respect of service after the transfer. It is not only employees who are building up pension rights in the old employer s scheme who are protected by the PA04 but also: employees who transfer during a waiting period, that is, who will be entitled to join the scheme once they have completed, say, 12 months service; and transferring employees who are entitled to death benefits only under the scheme where the same scheme also provides benefits on retirement. This applies even if the scheme is closed for building up new pension rights. In setting the level of the new statutory rights created by TUPE transfers, the Government had to choose between making a few broad rules apply across the board, or making a tailored and intricate web of rules to fit all different pension schemes and benefit systems. The Government chose the general principles option. The general principles There is a basic scheme minimum for each main type of pension scheme (final salary and money purchase) rather than a more tailored approach. This makes it easier for the new employer to provide one scheme for all employees, if preferred. The new employer can provide a final salary or other defined benefit scheme, an occupational money purchase scheme or access to a stakeholder pension scheme. The new employer will not discharge its duty if it only provides benefits under a group personal pension scheme. The new employer s scheme type does not have to match the old employer s scheme for instance a final salary scheme can be replaced by a money purchase scheme. If the new employer provides a final salary or other defined benefit scheme, the scheme must satisfy at least one of three final salary tests: the test used for National Insurance contracting out; or broadly, the benefits to be provided under the scheme funded by employer contributions must be at least equal to 6% of the employee s pensionable pay and any mandatory employee contributions must not exceed 6% of pensionable pay; or the employer must match employee contributions up to 6% of basic salary. If the new employer provides a money purchase scheme a single minimum standard will apply to occupational schemes and stakeholder schemes. This minimum standard will be that the new employer must match employee contributions up to 6% of basic salary. This is the same as the standard applied under the Two Tier Workforce guide. In some cases the obligation on the new employer will be greater than that which existed before the transfer. Take for example where the old employer promised to match its employees money purchase contributions to its scheme up to 4% of pay. After a TUPE transfer, that automatically becomes a duty on the new employer to match contributions up to 6% of pay. Of course, employees in some transfers would be worse off. Take an example of the old employer having a duty to match contributions up to 8% of pay and an employee contributing 8% before the transfer.

4 After the transfer, the employee would only have the right to receive a contribution of up to 6% of pay from the new employer. On transfer, the new employer s pensions duty becomes a condition of each transferring employee s contract of employment. However, the pension rights created by PA04 may be varied at any time after the transfer by agreement between the employee and the new employer. As these pension rights are contractual rights, any failure by the new employer to comply with its pension obligations under PA04 would amount to a breach of contract and an employee could claim for any loss flowing such a breach. Where the breach is fundamental, an employee could respond by resigning and bringing a claim for wrongful and unfair dismissal. Importantly, there is no regulatory enforcement of these new rights under PA04 against a new employer who fails to discharge the obligation to provide pensions after a transfer.

5 Pension obligations on TUPE transfers - summary Old employer s scheme Scheme Benefit New employer s obligations Final salary scheme Normal retirement benefits Must provide pension benefits. Unless Fair Deal applies, employer chooses whether to offer final salary or money purchase benefits. Minimum standard set for each type. Final salary scheme Will be entitled to join after waiting period of further service Must provide entitlement to build up pension once the waiting period is completed. Unless Fair Deal applies, employer chooses whether to offer final salary or money purchase benefits. Minimum standard set for each type. Final salary scheme Early retirement benefits Must provide similar benefits, although there are practical difficulties. Money purchase occupational scheme Entitlement to join with employer contributions Must provide pension benefits. Employer chooses whether to offer final salary or money purchase benefits. Minimum standard set for each type. Money purchase occupational scheme Will be entitled to join after waiting period of further service Must provide entitlement to build up pension once the waiting period is completed. Employer chooses whether to offer final salary or money purchase benefits. Minimum standard set for each type. Personal pension arrangement (inc. GPP) Entitlement to join Must provide the same entitlement. Personal pension arrangement (inc. GPP) Employer contributions Must provide the same entitlement on the same conditions (if any). No separate obligation to match contributions or provide up to 6%. Stakeholder pension arrangement Entitlement to join Must provide the same entitlement. Stakeholder pension arrangement Employer contributions Must provide the same entitlement on the same conditions (if any). No separate obligation to match contributions or provide up to 6%.

6 Contacts Field Fisher Waterhouse has a dedicated pensions team advising on all aspects of corporate transactions in the private and public sector and on day-to-day scheme advisory issues including compliance with the Pensions Acts 1995 and 2004 regulatory regimes, Government pension reform and tax simplification, scheme wind-ups, deficit counselling, scheme design and restructuring. Belinda Benney t: +44 (0) e: David Gallagher t: +44 (0) e:

7 Field Fisher Waterhouse LLP 35 Vine Street London EC3N 2AA t. +44 (0) f. +44 (0) This publication is not a substitute for detailed advice on specific transactions and should not be taken as providing legal advice on any of the topics discussed. Copyright Field Fisher Waterhouse LLP All rights reserved. Field Fisher Waterhouse LLP is a limited liability partnership registered in England and Wales with registered number OC318472, which is regulated by the Law Society. A list of members and their professional qualifications is available for inspection at its registered office, 35 Vine Street London EC3N 2AA. We use the word partner to refer to a member of Field Fisher Waterhouse LLP, or an employee or consultant with equivalent standing and qualifications.

Civil Service PPPs Pensions issues

Civil Service PPPs Pensions issues Civil Service PPPs Pensions issues April 2006 Contents 2. Introduction 2. Civil service pension arrangements 3. Can employees continue as PCSPS active members following the PPP? 3. What will be the transferring

More information

MAYFIELD SCHOOL. Author: Torbay Human Resources [April 2011] Renewed 9 th November 2015

MAYFIELD SCHOOL. Author: Torbay Human Resources [April 2011] Renewed 9 th November 2015 MAYFIELD SCHOOL Policy: TUPE Guidelines for Managers Author: Torbay Human Resources [April 2011] Governors Committee: Leadership Date adopted: 23 rd May 2011 Renewed 9 th November 2015 Next review: Autumn

More information

TUPE Redundancy Restructuring

TUPE Redundancy Restructuring Thinking the unthinkable TUPE Redundancy Restructuring Mark Makin Acas Senior Adviser Aims and objectives of today By the end of this session we will: provide an overview of the Transfer of Undertakings

More information

Companies Act 2006. Capital reductions and share buybacks. April 2008

Companies Act 2006. Capital reductions and share buybacks. April 2008 Companies Act 2006 Capital reductions and share buybacks April 2008 Introduction Under the Companies Act 2006, private companies will from 1 October 2008 be able to make a reduction of capital without

More information

THE TRANSFER OF UNDERTAKINGS (PROTECTION OF EMPLOYMENT) REGULATIONS 2006

THE TRANSFER OF UNDERTAKINGS (PROTECTION OF EMPLOYMENT) REGULATIONS 2006 THE TRANSFER OF UNDERTAKINGS (PROTECTION OF EMPLOYMENT) REGULATIONS 2006 EMPLOYMENT BACKGROUND What is TUPE? TUPE stands for the Transfer of Undertakings (Protection of Employment) Regulations. TUPE has

More information

TUPE : The Transfer of Undertakings (Protection of Employment Regulations) 2006 A Brief Guide

TUPE : The Transfer of Undertakings (Protection of Employment Regulations) 2006 A Brief Guide TUPE : The Transfer of Undertakings (Protection of Employment Regulations) 2006 A Brief Guide The following is intended to provide a brief introduction to the subject of TUPE. It explains some of the key

More information

A GUIDE TO THE TRANSFER OF UNDERTAKINGS (PROTECTION OF EMPLOYMENT) REGULATIONS 2006

A GUIDE TO THE TRANSFER OF UNDERTAKINGS (PROTECTION OF EMPLOYMENT) REGULATIONS 2006 A GUIDE TO THE TRANSFER OF UNDERTAKINGS (PROTECTION OF EMPLOYMENT) REGULATIONS 2006 Jennifer McGrandle & Abigail Black Mayer Brown Type: Published: Last Updated: Keywords: Legal Guide 13.01.2012 13.01.2012

More information

An introduction to European employment law for Japanese companies

An introduction to European employment law for Japanese companies Acquisitions issues to expect Employing staff in Europe An introduction to European employment law for Japanese companies For Japanese companies encountering the European employment law system for the

More information

TUPE AND OUTSOURCING. Louise McCartney Charity Sector Procurement Group 15 th June 2011

TUPE AND OUTSOURCING. Louise McCartney Charity Sector Procurement Group 15 th June 2011 TUPE AND OUTSOURCING Louise McCartney Charity Sector Procurement Group 15 th June 2011 Bates Wells & Braithwaite 2009 Transfer of Undertakings (Protection of Employment Regulations) 2006 What is TUPE?

More information

Legal Masterclass: TUPE and Pensions

Legal Masterclass: TUPE and Pensions Legal Masterclass: TUPE and Pensions February 2014 Rhian Brace Partner, Employment What we are going to cover Introduction and Context TUPE Overview Contractual Issues and Due Diligence Pensions Transforming

More information

LEGAL UPDATES AND FACTSHEETS

LEGAL UPDATES AND FACTSHEETS LEGAL UPDATES AND FACTSHEETS TRANSFER OF UNDERTAKINGS (TUPE) PREFACE: TUPE 1981: This factsheet looks at the law surrounding the transfer of undertakings, established by The Transfer of Undertakings (Protection

More information

TUPE: Frequently Asked Questions For Schools becoming an Academy

TUPE: Frequently Asked Questions For Schools becoming an Academy TUPE: Frequently Asked Questions For Schools becoming an Academy 1. PURPOSE This document is for Governors, Head Teachers and staff of schools who have received the Academy Order from the Department for

More information

Transfers of undertakings an introduction

Transfers of undertakings an introduction Transfers of undertakings an introduction January 2014 The law relating to transfers of undertakings is notoriously complex and is constantly developing. Inevitably, this account can only be an introduction,

More information

The Transfer of Undertakings (Protection of Employment) Regulations 2006 ( TUPE )

The Transfer of Undertakings (Protection of Employment) Regulations 2006 ( TUPE ) The Transfer of Undertakings (Protection of Employment) Regulations 2006 ( TUPE ) what is TUPE? Prior to 1981 employees were afforded little protection when their employer changed as a result of the sale

More information

DENTAL ACCESS PROGRAMME GUIDE TO THE USE OF SCHEDULE 18 (STAFF TRANSFER) AND TUPE TRANSFERS UNDER THE PDS PLUS AGREEMENT

DENTAL ACCESS PROGRAMME GUIDE TO THE USE OF SCHEDULE 18 (STAFF TRANSFER) AND TUPE TRANSFERS UNDER THE PDS PLUS AGREEMENT DENTAL ACCESS PROGRAMME GUIDE TO THE USE OF SCHEDULE 18 (STAFF TRANSFER) AND TUPE TRANSFERS UNDER THE PDS PLUS AGREEMENT Beachcroft LLP 7 Park Square East Leeds LS1 2LW UK tel: +44 (0) 113 251 4700 fax:

More information

Fair Deal for staff pensions: staff transfer from central government

Fair Deal for staff pensions: staff transfer from central government Fair Deal for staff pensions: staff transfer from central government October 2013 Fair Deal for staff pensions: staff transfer from central government October 2013 Crown copyright 2013 You may re-use

More information

TUPE: in a nutshell. Newsletter 1 December 1 st 2014. www.fb-education.co.uk 01332 227596

TUPE: in a nutshell. Newsletter 1 December 1 st 2014. www.fb-education.co.uk 01332 227596 TUPE: in a nutshell Newsletter 1 December 1 st 2014 www.fb-education.co.uk 01332 227596 TUPE in a nutshell By Natalie Peacock Employment Solicitor for Education What is TUPE? TUPE is an abbreviation for

More information

The EC3\Legal Guide to TUPE

The EC3\Legal Guide to TUPE The EC3\Legal Guide to TUPE Overview and the 2014 Regulations Marina Garston Legal Director +44 (0)203 553 4879 marina@ec3legal.com This guide focuses on the main provisions of TUPE and takes into account

More information

Operational Risk. Corporate governance. Contents

Operational Risk. Corporate governance. Contents Operational Risk Corporate governance Contents 3. Introduction 3. Establish Operational Risk policies 4. Define Operational Risk framework to carry out these policies 2 Introduction The purpose of this

More information

Regulated Mortgages. March 2012

Regulated Mortgages. March 2012 Regulated Mortgages March 2012 1 Introduction Since 31 October 2004, Regulated Mortgage Contracts have been subject to statutory control, supervised by the Financial Services Authority ("FSA"). Under Section

More information

Acquired Rights Directive: A Practical Approach for Navigating European HR Laws

Acquired Rights Directive: A Practical Approach for Navigating European HR Laws 0 Acquired Rights Directive: A Practical Approach for Navigating European HR Laws Duncan Aitchison Sarah Seabury Jon Lightman 7 December 2006 Copyright 2006, Technology Partners Copyright International,

More information

Transfer of undertakings. Business owner/ manager briefing

Transfer of undertakings. Business owner/ manager briefing Transfer of undertakings Business owner/ manager briefing 02 Transfer of undertakings: Business owner / manager briefing Transfer of undertakings: manager / business owner briefing on handling TUPE transfers

More information

An introduction to European employment law for Korean companies

An introduction to European employment law for Korean companies Acquisitions issues to expect Employing staff in Europe An introduction to European employment law for Korean companies For Korean companies encountering the European employment law system for the first

More information

HR & OD POLICIES. TUPE Manager Q&A

HR & OD POLICIES. TUPE Manager Q&A Q. What constitutes a transfer of undertaking under the Transfer of Undertaking (Protection of Employment) Regulations 2006 ()? A. As a general guide, a transfer is said to have taken place when the whole

More information

Pensions Act 2008 CONTENTS CHAPTER 30 PART I PENSION SCHEME MEMBERSHIP FOR JOBHOLDERS CHAPTER 1 EMPLOYERS DUTIES. PENSIONS ACT 2008 (c.

Pensions Act 2008 CONTENTS CHAPTER 30 PART I PENSION SCHEME MEMBERSHIP FOR JOBHOLDERS CHAPTER 1 EMPLOYERS DUTIES. PENSIONS ACT 2008 (c. Pensions Act 2008 CHAPTER 30 CONTENTS PART I PENSION SCHEME MEMBERSHIP FOR JOBHOLDERS CHAPTER 1 EMPLOYERS DUTIES Jobholders 1. Jobholders Employers' duties 2. Continuity of scheme membership 3. Automatic

More information

Outsourcing. FSA Regulated firms (including offshore outsourcing) Contents. March 2004

Outsourcing. FSA Regulated firms (including offshore outsourcing) Contents. March 2004 Outsourcing FSA Regulated firms (including offshore outsourcing) March 2004 Contents 2. Introduction 2. How do the regulations impact an outsourcing? 3. Prudential Sourcebooks 4. Service Level Agreements

More information

AND REDUNDANCY. Summary of the law on

AND REDUNDANCY. Summary of the law on Summary of the law on UNFAIR DISMISSAL AND REDUNDANCY Workers are protected under the Employment Rights Act 1996 from being sacked or chosen unfairly for redundancy. This booklet provides a basic outline

More information

Redundancy. A Guide. 4500 Lawyers 87 Firms 57 Countries TOP RANKED CHAMBERS GLOBAL 2013. Leading Law Firm Network

Redundancy. A Guide. 4500 Lawyers 87 Firms 57 Countries TOP RANKED CHAMBERS GLOBAL 2013. Leading Law Firm Network Redundancy A Guide TOP RANKED CHAMBERS GLOBAL 2013 Leading Law Firm Network 4500 Lawyers 87 Firms 57 Countries INTRODUCTION The decision to make employees redundant is never one that is taken lightly.

More information

VOIP 2000 - HR Direct Fife Council June 2011 Page 1 of 10 MC70

VOIP 2000 - HR Direct Fife Council June 2011 Page 1 of 10 MC70 Managing Workforce Change: Transfer of Undertakings (TUPE) P r o c e d u r e This procedure should be applied where there is a transfer of work from one employer to another. The procedure covers the following

More information

TUPE Regulations Staff contracts when you buy or sell a practice Advice Note 20

TUPE Regulations Staff contracts when you buy or sell a practice Advice Note 20 Advice TUPE Regulations Staff contracts when you buy or sell a practice Advice Note 20 The Transfer of Undertakings (Protection of Employment) Regulations 2006 (known as TUPE ) provide legal protection

More information

Employment law changes for 2014 what do they mean for your business?

Employment law changes for 2014 what do they mean for your business? Employment law changes for 2014 what do they mean for your business? Employment law has constantly changed and evolved over the last number of years. This year marks a number of further changes including

More information

Policy & Procedure. Specific Instructions to Tenderers for Contracted- Out Services relating to Transfer of Undertakings

Policy & Procedure. Specific Instructions to Tenderers for Contracted- Out Services relating to Transfer of Undertakings Specific Instructions to Tenderers for Contracted- Out Services relating to Transfer of Undertakings 1. Your attention is drawn to SI 131 of 2003 entitled European Communities (Protection of Employees

More information

Facing redundancy in local government

Facing redundancy in local government 1 Facing redundancy in local government 2 Facing redundancy in local government Facing redundancy in local government Many hard working local government employees in local government have already lost

More information

T.U.P.E. Transfers. Cathy Taylor 1 May 2015. 8 May, 2015 British Medical Association

T.U.P.E. Transfers. Cathy Taylor 1 May 2015. 8 May, 2015 British Medical Association T.U.P.E. Transfers Cathy Taylor 1 May 2015 What is T.U.P.E.? Transfer of Undertakings for the Protection of Employment (2006) 2 When does it apply? The regulations apply when: a business or undertaking,

More information

EMPLOYMENT RIGHTS ON THE TRANSFER OF AN UNDERTAKING

EMPLOYMENT RIGHTS ON THE TRANSFER OF AN UNDERTAKING EMPLOYMENT RIGHTS ON THE TRANSFER OF AN UNDERTAKING A guide to the 2006 TUPE Regulations (as amended by the Collective Redundancies and Transfer of Undertakings (Protection of Employment) (Amendment) Regulations

More information

Subcontracting. Modules 5 and 6

Subcontracting. Modules 5 and 6 Subcontracting A guide to the legal implications of the Industry Standard Partnering Agreement for voluntary, community and social enterprise organisations Modules 5 and 6 HR implications including TUPE

More information

Derivative claims against directors - are you at risk? Companies Act 2006

Derivative claims against directors - are you at risk? Companies Act 2006 Derivative claims against directors - are you at risk? December 2010 1 Background It is more than three years since the ( Act ) introduced a new statutory regime for derivative claims. Concerns were raised

More information

Pensions. Briefing. Summary. May 2012

Pensions. Briefing. Summary. May 2012 Pensions FINANCIAL INSTITUTIONS ENERGY INFRASTRUCTURE, MINING AND COMMODITIES TRANSPORT TECHNOLOGY AND INNOVATION PHARMACEUTICALS AND LIFE SCIENCES Briefing May 2012 High Court considers scope of transferring

More information

STAFF TRANSFERS IN THE STATEMENT OF PRACTICE. (Revised November 2007)

STAFF TRANSFERS IN THE STATEMENT OF PRACTICE. (Revised November 2007) STAFF TRANSFERS IN THE PUBLIC SECTOR STATEMENT OF PRACTICE JANUARY 2000 (Revised November 2007) 1 Guiding Principles STAFF TRANSFERS IN THE PUBLIC SECTOR STATEMENT OF PRACTICE The Government is committed

More information

MANAGING CHANGE IN WORKPLACE PENSIONS

MANAGING CHANGE IN WORKPLACE PENSIONS MANAGING CHANGE IN WORKPLACE PENSIONS CHANGES IN THE LAW: -autoenrolment -age discrimination -tax issues COMPETITIVE ADVANTAGE: -attracting the best -retention -level playing field HARMONISATION -pension

More information

Revised Code of Practice on Workforce Matters

Revised Code of Practice on Workforce Matters Revised Code of Practice on Workforce Matters Procurement Advice Note (PAN) for the Public Sector in Wales Page 1 of 29 Contents Section No. Section Name Page No. 1. Introduction 3 (i) Points to Note (ii)

More information

FREQUENTLY ASKED QUESTIONS TUPE

FREQUENTLY ASKED QUESTIONS TUPE FREQUENTLY ASKED QUESTIONS TUPE DATE: 25 th July 2014 VERSION: 4 AUTHORS: HR ADVISORY NUMBER QUESTION ANSWER 1 What is TUPE? TUPE is an abbreviation for the Transfer of Undertakings (Protection of Employment)

More information

Simplification of the Tax and National Insurance Treatment of Termination Payments

Simplification of the Tax and National Insurance Treatment of Termination Payments Simplification of the Tax and National Insurance Treatment of Termination Payments Consultation document Publication date: 24 July 2015 Closing date for comments: 16 October 2015 Subject of this consultation:

More information

Directors remuneration

Directors remuneration Briefing A review of the Government s June 2012 proposals for a binding shareholder vote on directors pay and new pay disclosures Summary This briefing looks at the detailed proposals for the new regime

More information

Bulk annuity transactions - insurer financial strength and beyond

Bulk annuity transactions - insurer financial strength and beyond Bulk annuity transactions - insurer financial strength and beyond More and more defined benefit pension schemes are securing liabilities through a buy-in or buy-out contract in order to manage their costs

More information

Summary of the law on UNFAIR DISMISSAL AND REDUNDANCY

Summary of the law on UNFAIR DISMISSAL AND REDUNDANCY Summary of the law on UNFAIR DISMISSAL AND REDUNDANCY Workers are protected under the Employment Rights Act 1996 from being sacked or chosen unfairly for redundancy. All employees can bring a claim of

More information

PENSIONS PROFILE MARCH 2014. It is possible to transfer from one arrangement to another and retain the right to:

PENSIONS PROFILE MARCH 2014. It is possible to transfer from one arrangement to another and retain the right to: PENSIONS PROFILE MARCH 2014 BLOCK TRANSFERS. This is not a consumer advertisement. It is intended for professional financial advisers and should not be relied upon by private customers or any other persons.

More information

Detailed guidance for employers

Detailed guidance for employers April 2015 6 Detailed guidance for employers Opting in, joining and contractual enrolment: How to process pension scheme membership outside of the automatic enrolment process Publications in the series

More information

Changes to TUPE from 31st January 2014

Changes to TUPE from 31st January 2014 Employment Law www.simpsonmillar.co.uk February 2014 Changes to TUPE from 31st January 2014 The Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE) implemented the EU Acquired Rights

More information

payroll services BUSINESS SERVICES AND ACCOUNTING

payroll services BUSINESS SERVICES AND ACCOUNTING payroll services BUSINESS SERVICES AND ACCOUNTING payroll services How effective is the operation of your payroll? Are you up to date on your regulatory requirements? BDO s Payroll Team helps clients negotiate

More information

Guide for Local Government Pension Scheme employers and admission bodies

Guide for Local Government Pension Scheme employers and admission bodies Preparing for automatic enrolment Guide for Local Government Pension Scheme employers and admission bodies June 2013 A Introduction This guide is intended to highlight key aspects of the automatic enrolment

More information

A Guide to Settlement Agreements

A Guide to Settlement Agreements A Guide to Settlement Agreements Please contact us to discuss your Settlement Agreement in more detail. Whether you are an Employer or an Employee we shall be delighted to help with your Settlement Agreement.

More information

Transfer of Undertakings. (Protection of Employment) Regulations 2006

Transfer of Undertakings. (Protection of Employment) Regulations 2006 Transfer of Undertakings (Protection of Employment) Regulations 2006 A brief guide to the Transfer of Undertakings (Protection of Employment) Regulations 2006 Published by Unite the Union General Secretary

More information

TUPE - The Latest. special reports

TUPE - The Latest. special reports What if employees don t want to transfer? An employee has the fundamental freedom to choose their employer. Therefore, on notification of the proposed transfer, an employee has the right not to transfer

More information

Guidance Booklet Charity Incorporation Made Simple

Guidance Booklet Charity Incorporation Made Simple Guidance Booklet Charity Incorporation Made Simple *berwin leighton paisner Contents What is an incorporated charity? 1 What are the key features of an incorporated charity? 2 What is an unincorporated

More information

Employment Breakfast Briefing TUPE: Changes in 2014 - Impact and Practicalities

Employment Breakfast Briefing TUPE: Changes in 2014 - Impact and Practicalities Employment Breakfast Briefing TUPE: Changes in 2014 - Impact and Practicalities Thursday 6 March 2014 Adrian Crawford, Partner, Employment Kirsty Churm, Solicitor, Employment Collective redundancy consultation

More information

HR MANAGEMENT GUIDELINES (HR/D02) TUPE

HR MANAGEMENT GUIDELINES (HR/D02) TUPE HR MANAGEMENT GUIDELINES (HR/D02) TUPE TUPE MANAGEMENT GUIDELINES CONTENTS PAGE SECTION PAGE 1. TUPE: definition 1 2. When TUPE applies 1 3. HR involvement 1 4. The employees transferring in 2 5. The employees

More information

Pension schemes Pension schemes under the new employer duties

Pension schemes Pension schemes under the new employer duties Workplace pensions reform detailed guidance Pension schemes Pension schemes under the new employer duties 4 April 2013 v4.1 1 Employer duties and defining the workforce An introduction to the new employer

More information

Offshore Outsourcing. A Practical Guide

Offshore Outsourcing. A Practical Guide APRIL 2004 Offshore Outsourcing A Practical Guide In brief 1 Introduction 2 Scoping the services 3 Selecting the service provider 4 Contractual issues 5 Conclusion 6 Contacts OFFSHORE OUTSOURCING: A PRACTICAL

More information

METLIFE SINGLE LIFE RELEVANT LIFE POLICY TERMS AND CONDITIONS

METLIFE SINGLE LIFE RELEVANT LIFE POLICY TERMS AND CONDITIONS METLIFE SINGLE LIFE RELEVANT LIFE POLICY TERMS AND CONDITIONS Contents 1 The MetLife Single Life Relevant Life policy 4 2 Definitions 4 3 Minimum requirements for the MetLife Single Life Relevant Life

More information

COMPENSATION UPON TERMINATION OF APPOINTMENTS OF DIRECTORS AND SENIOR EXECUTIVES

COMPENSATION UPON TERMINATION OF APPOINTMENTS OF DIRECTORS AND SENIOR EXECUTIVES COMPENSATION UPON TERMINATION OF APPOINTMENTS OF DIRECTORS AND SENIOR EXECUTIVES DIRECTORS ADVISORY SERVICE FACTSHEET These Guidance Notes provide an outline of the relevant provisions, but they are not

More information

TUPE POLICY AND PROCEDURE FOR SCHOOLS / ACADEMIES

TUPE POLICY AND PROCEDURE FOR SCHOOLS / ACADEMIES BRINKWORTH EARL DANBY S CE PRIMARY SCHOOL Serving the communities of Brinkworth and Dauntsey VISION Believe to Achieve! To provide a secure, happy and stimulating learning environment in which EVERYONE

More information

Pensions Benchmarking Survey

Pensions Benchmarking Survey Benchmarking Survey 2009 February 2009 Pensions Benchmarking Survey Companies in the Infrastructure and Facilities Management Sector involved in PFI/PPP contracts Page 1 Benchmarking Survey 2009 Introduction

More information

APPEAL AGAINST FIRST FINANCIAL SUPPORT DIRECTION

APPEAL AGAINST FIRST FINANCIAL SUPPORT DIRECTION Pensions update Newsletter July 2007 HEADLINES Appeal against first financial support direction Court of Appeal ruling on winding up priorities Pensions deregulatory review Local Government pensions broad

More information

Debt for equity swaps: an introduction

Debt for equity swaps: an introduction Restructuring and insolvency briefing October 2009 Debt for equity swaps: an introduction Summary and implications Companies are often looking for ways to strengthen their balance sheet and reduce their

More information

CWU SUBMISSION TO BIS CONSULTATION TUPE REGULATIONS 2006: CONSULTATION ON PROPOSED CHANGES TO THE REGULATIONS

CWU SUBMISSION TO BIS CONSULTATION TUPE REGULATIONS 2006: CONSULTATION ON PROPOSED CHANGES TO THE REGULATIONS CWU SUBMISSION TO BIS CONSULTATION TUPE REGULATIONS 2006: CONSULTATION ON PROPOSED CHANGES TO THE REGULATIONS The Communication Workers Union (CWU) is the largest union in the communications sector in

More information

Detailed guidance for employers

Detailed guidance for employers April 2016 1 Detailed guidance for employers Employer duties and defining the workforce: An introduction to the new employer duties Publications in the series 1 2 3 3a 3b 3c 4 5 6 7 8 9 10 11 Employer

More information

COMPANIES. The Companies (Cross-Border Mergers) Regulations 2007

COMPANIES. The Companies (Cross-Border Mergers) Regulations 2007 STATUTORY INSTRUMENTS 2007 No. 2974 COMPANIES The Companies (Cross-Border Mergers) Regulations 2007 Made - - - - - 15th October 2007 Laid before Parliament 16th October 2007 Coming into force - - 15th

More information

Operational Risk. The new FSA requirements. Contents. February 2004

Operational Risk. The new FSA requirements. Contents. February 2004 Operational Risk The new FSA requirements February 2004 Contents Purpose Definition of OR by FSA Factors to take into account Business functions within a company with individual OR plans for their function

More information

PENSION TRUSTEE LIABILITY INSURANCE NOTE: THIS IS A PROPOSAL FOR A CLAIMS MADE POLICY

PENSION TRUSTEE LIABILITY INSURANCE NOTE: THIS IS A PROPOSAL FOR A CLAIMS MADE POLICY HCC Global 5 th Floor, 36-38 Leadenhall Street London EC3A 1AT, United Kingdom main +44 (0)20 7648 1300 facsimile +44 (0)20 7648 1301 PENSION TRUSTEE LIABILITY INSURANCE TE: THIS IS A PROPOSAL FOR A CLAIMS

More information

Buying a business in Europe: understanding the employment issues and how to ensure a smooth acquisition. 9 June 2015

Buying a business in Europe: understanding the employment issues and how to ensure a smooth acquisition. 9 June 2015 Buying a business in Europe: understanding the employment issues and how to ensure a smooth acquisition 9 June 2015 1 Agenda The impact of the Acquired Rights Directive on the purchase of a business How

More information

working together, stronger together working together, stronger together TUPE

working together, stronger together working together, stronger together TUPE working together, stronger together working together, stronger together TUPE 1 TUPE Contents 1. What is TUPE? 2 2. The automatic transfer principle 3 3. When TUPE applies 3 4. When TUPE does not apply

More information

Offshore funds. Important tax changes a summary. March 2010

Offshore funds. Important tax changes a summary. March 2010 Important tax changes a summary March 2010 1 Important tax changes - a summary Why should I read this briefing? This briefing summarises fundamental changes to the taxation of both offshore funds and investors

More information

Technical Issues in Recognising Past Service with NHS Bodies and PHE An LGA Guidance Note, February 2015

Technical Issues in Recognising Past Service with NHS Bodies and PHE An LGA Guidance Note, February 2015 Technical Issues in Recognising Past Service with NHS Bodies and PHE An LGA Guidance Note, February 2015 This note sets out how local authorities may be able to agree to recognise past service with NHS

More information

Introduction to UK Employment Laws for U.S. Employers

Introduction to UK Employment Laws for U.S. Employers Ogletree Deakins International LLP Fourth Floor, Thavies Inn House 3-4 Holborn Circus London EC1N 2HA United Kingdom Tel: +44 (0)20 7822 7620 www.ogletreedeakins.co.uk www.ogletreedeakins.com Introduction

More information

Bristol City Council TUPE (Transfer of Undertakings (Protection Of Employment)) Guidance for Commissioners

Bristol City Council TUPE (Transfer of Undertakings (Protection Of Employment)) Guidance for Commissioners Bristol City Council TUPE (Transfer of Undertakings (Protection Of Employment)) Guidance for Commissioners 1. Introduction TUPE is shorthand for the provisions of the Transfer of Undertakings (Protection

More information

Charity Audit Committee performance evaluation Self assessment checklist. October 2014

Charity Audit Committee performance evaluation Self assessment checklist. October 2014 Charity Audit Committee performance evaluation Self assessment checklist October 2014 With increasing responsibilities and complexities, being a member of the Audit Committee has never been more challenging

More information

Employment Law Guide

Employment Law Guide Employment Law Guide Settlement Agreements (Formally known as Compromise Agreements) See the separate guide. Unfair Dismissal Length of employment Employees can only bring a claim for ordinary unfair dismissal

More information

BUSINESS TRANSFERS. Barry Hough

BUSINESS TRANSFERS. Barry Hough BUSINESS TRANSFERS Barry Hough Employment Law Free Advice Clinic Martine Eneas 02392 844080 Martine.eneas@port.ac.uk This lecture Commercial background Does TUPE apply? Consultation with workforce by vendor

More information

Investment consultancy: taking a dynamic approach

Investment consultancy: taking a dynamic approach Investment consultancy: taking a dynamic approach The current environment The increasing volatility of investment markets and heightened regulatory control means that pension fund investment has remained

More information

Spring 2015 reforms: the new DC flexibilities

Spring 2015 reforms: the new DC flexibilities Spring 2015 reforms: the new DC flexibilities THE REFORMS AT A GLANCE y Until April 2015, members usually faced serious tax penalties if they did not spend at least 75% of their DC pots on an annuity meeting

More information

Briefing note TUPE changes from 31 January 2014

Briefing note TUPE changes from 31 January 2014 Briefing note TUPE changes from 31 January 2014 The amendments to the TUPE Regulations will come into force on 31 January 2014 and apply to TUPE transfers that take place on or after that date. This Briefing

More information

RETIREMENT ANNUITY TRUST SCHEMES (RATS)

RETIREMENT ANNUITY TRUST SCHEMES (RATS) FACT SHEET RETIREMENT ANNUITY TRUST SCHEMES (RATS) With only a limited number of retirement annuity contracts (RAC) and personal pension schemes (PPS) available in Guernsey, the popularity of RATS is growing

More information

The Transfer of Undertakings (Protection Of Employment) Regulations 2006 "TUPE"

The Transfer of Undertakings (Protection Of Employment) Regulations 2006 TUPE Revised April 2006. This information leaflet gives you introductory guidance to the 2006 TUPE regulations. It does not however give you legal advice. If you need legal advice please contact Matthew Parkinson

More information

THE AUDIT OF PENSION SCHEMES

THE AUDIT OF PENSION SCHEMES THE AUDIT OF PENSION SCHEMES This helpsheet is designed to assist firms in the audit of occupational pension schemes in the United Kingdom. Pension scheme audits can vary in size and complexity, and there

More information

TUPE 2006 Detailed Analysis

TUPE 2006 Detailed Analysis that activity is central or ancillary. Under existing case law this can include an organised group of one person! TUPE 2006 Detailed Analysis The TUPE 2006 Regulations completely replace the 1981 Regulations

More information

Briefing Note. Transfer of Undertaking (Protection of Employment) Regulations 2006. Overview of the Regulations. Transfers Covered by the Regulations

Briefing Note. Transfer of Undertaking (Protection of Employment) Regulations 2006. Overview of the Regulations. Transfers Covered by the Regulations Briefing Note Transfer of Undertaking (Protection of Employment) Regulations 2006 The purpose of this Briefing Note is to provide a summary of the effect of the Transfer of Undertakings (Protection of

More information

Derbyshire Constabulary REORGANISATION, REDUNDANCY AND REDEPLOYMENT POLICY POLICY REFERENCE 05/001. This policy is suitable for Public Disclosure

Derbyshire Constabulary REORGANISATION, REDUNDANCY AND REDEPLOYMENT POLICY POLICY REFERENCE 05/001. This policy is suitable for Public Disclosure Derbyshire Constabulary REORGANISATION, REDUNDANCY AND REDEPLOYMENT POLICY POLICY REFERENCE 05/001 This policy is suitable for Public Disclosure Owner of Doc: Head of Department, Human Resources Date Approved:

More information

Overview of the Transfer of Undertakings (Protection of Employment) Regulations 2006

Overview of the Transfer of Undertakings (Protection of Employment) Regulations 2006 TUPE Overview of the Transfer of Undertakings (Protection of Employment) Regulations 2006... 1 Service Provision Changes... 1 Employer Liability Information... 2 Liability for Failure to Inform and Consult

More information

2013 PENSIONS BILL EVIDENCE FROM THE ASSOCIATION OF CONSULTING ACTUARIES TO THE PUBLIC BILL COMMITTEE

2013 PENSIONS BILL EVIDENCE FROM THE ASSOCIATION OF CONSULTING ACTUARIES TO THE PUBLIC BILL COMMITTEE 1. Introduction 2013 PENSIONS BILL EVIDENCE FROM THE ASSOCIATION OF CONSULTING ACTUARIES TO THE PUBLIC BILL COMMITTEE 1.1 The Association of Consulting Actuaries (ACA) welcomes the key measure in the 2013

More information

Sri Lanka Accounting Standard-LKAS 26. Accounting and Reporting by Retirement Benefit Plans

Sri Lanka Accounting Standard-LKAS 26. Accounting and Reporting by Retirement Benefit Plans Sri Lanka Accounting Standard-LKAS 26 Accounting and Reporting by Retirement Benefit Plans -661- Sri Lanka Accounting Standard-LKAS 26 Accounting and Reporting by Retirement Benefit Plans Sri Lanka Accounting

More information

2006 No. 246 TERMS AND CONDITIONS OF EMPLOYMENT. The Transfer of Undertakings (Protection of Employment) Regulations 2006

2006 No. 246 TERMS AND CONDITIONS OF EMPLOYMENT. The Transfer of Undertakings (Protection of Employment) Regulations 2006 STATUTORY INSTRUMENTS 2006 No. 246 TERMS AND CONDITIONS OF EMPLOYMENT The Transfer of Undertakings (Protection of Employment) Regulations 2006 Made - - - - 6th February 2006 Laid before Parliament 7th

More information

Asbestos Disease Claims

Asbestos Disease Claims Asbestos Disease Claims A client s guide Spring 2007 Contents 2. Essential elements for a successful claim 3. What we will do 3. Funding the case 3. Preliminary investigations 4. What happens next? 4.

More information

International Accounting Standard 26 Accounting and Reporting by Retirement Benefit Plans

International Accounting Standard 26 Accounting and Reporting by Retirement Benefit Plans International Accounting Standard 26 Accounting and Reporting by Retirement Benefit Plans Scope 1 This Standard shall be applied in the financial statements of retirement benefit plans where such financial

More information

Pensions and Employment

Pensions and Employment Pensions and Employment Legal and regulatory developments in Pensions and Employment NO. 4 9TH MARCH, 2006 In this issue: PPF: risk based levy: update and key dates Cross border guidance General and PPF

More information

TUPE STEVEN FLYNN. Barrister. St John s Buildings. June 2015 St John s Buildings 1

TUPE STEVEN FLYNN. Barrister. St John s Buildings. June 2015 St John s Buildings 1 TUPE Barrister St John s Buildings June 2015 St John s Buildings 1 TUPE CHANGES AT A GLANCE Relevant transfers Service provision changes Change 1: The activities carried out under outsourced or tendered

More information

SUPERANNUATION SCHEMES REPORT

SUPERANNUATION SCHEMES REPORT B30 SUPERANNUATION SCHEMES REPORT 2014 FOR THE YEAR ENDED 30 JUNE Financial Markets Authority www.fma.govt.nz AUCKLAND OFFICE Level 5, Ernst & Young Building 2 Takutai Square, Britomart PO Box 106 672

More information

Pension benefits with a guarantee and the advice requirement

Pension benefits with a guarantee and the advice requirement Pension benefits with a guarantee and the advice requirement January 2016 This factsheet is intended to help pension scheme providers determine: whether certain types of pension benefits which contain

More information

Comparison of new Regulations with previous Regulations

Comparison of new Regulations with previous Regulations Comparison of new Regulations with previous Regulations Section Part 1: Interpretation and Application... 1 Definitions and Calculations... 1 Citation... 1 Definitions... 1 New definitions have been added:

More information

LONDON CYCLE HIRE SCHEME AGREEMENT. Schedule 39 Service Provider Personnel. Schedule 39 Service Provider Personnel - REDACTED VERSION

LONDON CYCLE HIRE SCHEME AGREEMENT. Schedule 39 Service Provider Personnel. Schedule 39 Service Provider Personnel - REDACTED VERSION Schedule 39 Service Provider Personnel - REDACTED VERSION LONDON CYCLE HIRE SCHEME AGREEMENT Schedule 39 Service Provider Personnel Transport for London - Version Final CCS0000151079 Schedule 39 Service

More information