Flexible access and the annual allowance: How does it work?

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Flexible access and the annual allowance: How does it work? www.allenovery.com"

Transcription

1 Flexible access and the annual allowance: How does it work?

2 2 DCHQ Freedom and choice series: briefing 3 Flexible access and the annual allowance how does it work? Certain methods of flexible access for example, taking a cash lump sum from a DC pot worth more than GBP10,000 or taking a payment from a flexi-access drawdown fund will trigger changes to an individual s annual allowance, restricting their ability to make tax-relieved contributions to a DC arrangement to GBP10,000. This briefing looks at how the restriction works, what actions trigger it, and the tax planning implications for individuals.

3 3 HOW THE ANNUAL ALLOWANCE WORKS Normally, an individual has an annual allowance (AA) of GBP40,000 for making tax-relieved contributions to any type of arrangement, whether defined benefit or defined contribution. That may be increased by carrying forward any unused AA from the previous three tax years. In the year in which an individual flexibly accesses DC pension rights for the first time, and in later years, things get more complicated. You have to see whether the individual s non-tax-relieved contributions would be greater under the default AA or the new alternative basis. This alternative basis looks separately at defined benefit accrual (if the individual has any) and DC contributions. In relation to DB accrual, the AA is the default amount (the same amount as on the standard basis, including any carry forward) less GBP10,000. For DC contributions, there s a separate allowance, which is GBP10,000. This is a fixed allowance each year, with no carry-forward and no cross-over with the allowance for DB inputs. ACCESSING SAVINGS WITHOUT TRIGGERING THE ALTERNATIVE AA The alternative AA basis doesn t apply in every situation. For example, from April 2015 an individual can: cash out a DC pot of up to GBP10,000 under the small lump sum rules; buy an annuity; continue in capped drawdown; or designate funds for flexi-access drawdown and take a 25% tax-free lump sum; all without any impact on their AA.

4 4 EVENTS WHICH TRIGGER THE ALTERNATIVE AA If a member: takes a cash lump sum from a DC pot which is worth more than GBP10,000, or takes a payment from a flexi-access drawdown fund which is created from 6 April 2015 onwards, or which is converted from capped drawdown, then they need to bear in mind that their future DC contributions will be restricted to GBP10,000. There could also be an impact in relation to any ongoing DB accrual. The same rules apply immediately from 6 April 2015, to members with existing flexible drawdown funds which convert to flexi-access on that date that s the case whether or not a payment is taken from the fund. It s important to remember that this alternative AA basis only makes a difference to members who are still accruing DB pension rights, or making DC contributions for example, if they are using their DC access to fund reduced working hours. In addition, it only applies if a series of conditions is met: First, the member has to have undertaken flexible access in one of the ways we ve just seen. Even then, if the member makes DC contributions of less than GBP10,000 in the relevant pension input period, the default annual allowance applies. If the member makes DC contributions of more than GBP10,000 in an input period, then this alternative basis may apply. Tax will only be charged on the alternative AA basis if the tax charge would be higher on this basis than on the basis of the default annual allowance. To recap, individuals can cash out any number of small pots worth up to GBP10,000 each from occupational pension schemes, and up to three from personal pension schemes, without any impact on the annual allowance at all. Members can also designate funds for flexi-access drawdown after 6 April 2015 (or for capped drawdown before 6 April 2015) and take a tax-free pension commencement lump sum without triggering these new rules unless and until they take a payment from a flexi-access fund. However, accessing DC savings through lump sum cash withdrawal (from a pot worth more than GBP10,000) or through a payment from a flexi-access drawdown fund or a converted capped drawdown fund will trigger a restriction on DC contributions and different annual allowance calculations. These will also apply to members who are in flexible drawdown before 6 April 2015.

5 5 IMPLICATIONS FOR MEMBERS In practice, individuals who don t have ongoing DB accrual are likely to want to use up any rolled-forward annual allowance which they haven t used in previous years before triggering the new rules it s a case of use it or lose it. In contrast, individuals who are already in flexible drawdown currently have a nil annual allowance. If they are still working, they may want to restructure their benefit arrangements to take advantage of the new GBP10,000 annual allowance which will apply to them from 6 April. Members with multiple DC pots from previous employment may want to consider carefully the order in which they access their DC savings - for instance, if an active member has several DC pots elsewhere worth less than GBP10,000 each, it may make sense to cash those out under the small lump sum rules before accessing funds from larger pots which would trigger the alternative annual allowance rules. IMPLICATIONS FOR TRUSTEES AND ADMINISTRATORS For trustees and administrators, there will obviously be a need to update systems to address the new rules. Many schemes have previously incorporated provisions addressing the annual allowance into their rules and these will need to be reviewed to make sure they are still appropriate. The trustees of an individual s active scheme will need prompt information about the member accessing DC rights under other schemes, as this will affect annual allowance calculations. Regulations will require members to inform their current scheme about this, but members will need to understand their responsibilities in this area, and the information they provide will have to be processed promptly and correctly so that pension savings statements can be issued. Members may also need more help understanding their annual allowance and keeping track of contributions against the changed limits, and their current scheme is likely to be the first port of call for queries on these issues. For all these reasons, schemes may need to plan for an increased administration workload in the run-up to the changes and possibly on an ongoing basis. To find out more about the detail and implications of the April 2015 changes, visit our DC resource base, SEPTEMBER 2014

6 FOR MORE INFORMATION, PLEASE CONTACT: Maria Stimpson Tel Däna Burstow Tel Neil Bowden Tel Helen Powell Tel GLOBAL PRESENCE Allen & Overy is an international legal practice with approximately 5,000 people, including some 526 partners, working in 44 offices worldwide. Allen & Overy LLP or an affiliated undertaking has an office in each of: Abu Dhabi Amsterdam Antwerp Budapest Casablanca Doha Jakarta (associated office) London Luxembourg Prague Riyadh (associated office) Rome Athens (representative office) Bangkok Dubai Düsseldorf Madrid Mannheim São Paulo Shanghai Barcelona Frankfurt Milan Singapore Beijing Hamburg Moscow Sydney Belfast Hanoi Munich Tokyo Bratislava Ho Chi Minh City New York Warsaw Brussels Hong Kong Paris Washington, D.C. Bucharest (associated office) Istanbul Perth Yangon Allen & Overy means Allen & Overy LLP and/or its affiliated undertakings. The term partner is used to refer to a member of Allen & Overy LLP or an employee or consultant with equivalent standing and qualifications or an individual with equivalent status in one of Allen & Overy LLP s affiliated undertakings. CS1409_CDD-40046_ADD-47113_Briefing3

Accessing DC savings: The new rules. www.allenovery.com

Accessing DC savings: The new rules. www.allenovery.com Accessing DC savings: The new rules www.allenovery.com 2 2 DCHQ Freedom and choice series: briefing 2 In addition to existing options such as cashing out a small lump sum, buying an annuity or going into

More information

DC pensions: All change from April 2015

DC pensions: All change from April 2015 DC pensions: All change from April 2015 www.allenovery.com 2 DCHQ Freedom and choice series: briefing 1 The most fundamental reform to the way people access their pension rights in almost a century. That

More information

VAT recovery and pension schemes: Where are we now?

VAT recovery and pension schemes: Where are we now? VAT recovery and pension schemes: Where are we now? Speed read HMRC s policy on reclaiming VAT on investment management and other costs remains under review in the light of two recent decisions from the

More information

Connecting people at A&O and beyond. www.allenovery.com/alumni

Connecting people at A&O and beyond. www.allenovery.com/alumni Connecting people at A&O and beyond www.allenovery.com/alumni 2 Connecting People at A&O and beyond Our alumni explain why the A&O Alumni Network is useful to them It is good that the firm still likes

More information

Hot topics in insolvency and restructuring. Wendy Braithwaite, Counsel, Banking Restructuring. 13 March 2014

Hot topics in insolvency and restructuring. Wendy Braithwaite, Counsel, Banking Restructuring. 13 March 2014 Hot topics in insolvency and restructuring Wendy Braithwaite, Counsel, Banking Restructuring 13 March 2014 Allen & Overy 2014 2014 Seminar schedule Thursday 13 March 12.30pm-1.30pm Bishops Square Wednesday

More information

Amsterdam.

Amsterdam. Amsterdam 2 Allen & Overy Amsterdam Companies today have to be able to respond to global trends while still building on strong, local foundations. As a truly global firm, with strong attachment to our

More information

Derivatives and Structured Finance Practice

Derivatives and Structured Finance Practice Derivatives and Structured Finance Practice Global Key Contacts 2015 www.allenovery.com Derivatives and Structured Finance Practice 2015 Our Global Presence AFRICA ASIA PACIFIC EUROPE Casablanca Johannesburg

More information

Corporate funding monitor: The changing face of fi nance. January 2014. www.allenovery.com

Corporate funding monitor: The changing face of fi nance. January 2014. www.allenovery.com Corporate funding monitor: The changing face of fi nance January 214 www.allenovery.com 2 The Allen & Overy Corporate Funding Monitor looks at loan, bond and equity issues to non-financial corporates over

More information

Corporate funding monitor 2015

Corporate funding monitor 2015 Corporate funding monitor 2015 The changing face of finance February 2015 2 Corporate funding monitor 2015 A global reaction to a global crisis Global corporate funding by source (USDtn) USD4tn USD3tn

More information

FCA Business Plan. Key messages for litigators 2015/16.

FCA Business Plan. Key messages for litigators 2015/16. FCA Business Plan Key messages for litigators 2015/16 2 FCA Business Plan Key messages for litigators 2015/16 Introduction On 24 March 2015, the FCA published its Business Plan for 2015/16. The purpose

More information

Equity Capital Markets Team Germany

Equity Capital Markets Team Germany Equity Capital Markets Team Germany 2 Equity Capital Markets Team Germany Our strength is our experience with complex assignments Capital markets are difficult to predict and present serious challenges

More information

Our global Product Liability group

Our global Product Liability group Our global Product Liability group 2014 www.allenovery.com 2 Sources say: Extremely impressive; the response times are incredible and the advice is well thought out. Chambers 2014 They are on top of the

More information

Analysis - the worldwide reach of FATCA

Analysis - the worldwide reach of FATCA January 2012 Analysis - the worldwide reach of FATCA This article was first published in the Tax Journal in July 2011 SPEED READ Recent US legislation effectively makes non-us banks and non US financial

More information

The European pensions agenda for 2014

The European pensions agenda for 2014 The European pensions agenda for 2014 2 The European pensions agenda for 2014 What pensions issues are on the European agenda for 2014? Keeping track of the latest European developments, as well as domestic

More information

Our Financial Services Regulatory practice

Our Financial Services Regulatory practice Our Financial Services Regulatory practice 2015 2 Our Financial Services Regulatory practice 2015 Allen & Overy LLP 2015 3 How we can assist you Ranked Tier 1 for Financial Services Regulatory: Non-contentious

More information

New amendments to the Spanish Insolvency Law

New amendments to the Spanish Insolvency Law 3 rd June 2015 New amendments to the Spanish Insolvency Law Ley 9/2015 Contents Summary 2 Refinancing agreements 2 The communication foreseen under Article 5bis of the insolvency Law 3 Ranking of creditors

More information

Passive infrastructure sharing

Passive infrastructure sharing Passive infrastructure sharing 2 Why sharing? Passive infrastructure sharing started with mobile phone towers. Mobile network operators allowed each other to hang antennas on their mast sites, resulting

More information

Capital Requirements Directive IV Framework Leverage Ratio. Allen & Overy Client Briefing Paper 16 January 2014. www.allenovery.

Capital Requirements Directive IV Framework Leverage Ratio. Allen & Overy Client Briefing Paper 16 January 2014. www.allenovery. Capital Requirements Directive IV Framework Leverage Ratio Allen & Overy Client Briefing Paper 16 January 2014 2 CRD IV Framework: Leverage Ratio January 2014 CRD IV Framework: Leverage Ratio This briefing

More information

Capital Requirements Directive IV Framework Liquidity Requirements. Allen & Overy Client Briefing Paper 15 January 2014. www.allenovery.

Capital Requirements Directive IV Framework Liquidity Requirements. Allen & Overy Client Briefing Paper 15 January 2014. www.allenovery. Capital Requirements Directive IV Framework Liquidity Requirements Allen & Overy Client Briefing Paper 15 January 2014 2 CRD IV Framework: Liquidity Requirements January 2014 CRD IV Framework: Liquidity

More information

Jackson reforms to civil litigation

Jackson reforms to civil litigation June 2013 Jackson reforms to civil litigation What do commercial parties really need to know? SPEED READ The bulk of the Jackson reforms to costs in English civil litigation were implemented on 1 April

More information

The new gtlds. What do trademark owners need to know?

The new gtlds. What do trademark owners need to know? The new gtlds What do trademark owners need to know? Allen & Overy 2012 Contents The new gtlds 3 Introduction 3 Can trademark owners object against a gtld application? 3 Can trademark owners apply for

More information

U.S. Tax and the Issuance of Debt Securities after the HIRE Act

U.S. Tax and the Issuance of Debt Securities after the HIRE Act October 2011 U.S. Tax and the Issuance of Debt Securities after the HIRE Act An update SPEED READ This Bulletin provides participants in debt capital markets transactions with updated guidance on U.S.

More information

Why choose us? Germany. allenovery.com

Why choose us? Germany. allenovery.com Why choose us? Germany 2 Why choose us? Allen & Overy stands for quality and innovation. In addition to our all-round expertise, transparency and building long-term relationships with our clients founded

More information

Myanmar. Asia Pacific.

Myanmar. Asia Pacific. Myanmar Asia Pacific www.allenovery.com Myanmar Asia Pacific A&O in Myanmar 4 partners with extensive Myanmar experience 13 offices across Asia Pacific 6 offices* across ASEAN 14 Tier #1 ASEAN rankings

More information

Ship Finance Practice. Covering ship finance from every perspective. www.allenovery.com

Ship Finance Practice. Covering ship finance from every perspective. www.allenovery.com Ship Finance Practice Covering ship finance from every perspective 2 Ship Finance Practice Why Allen & Overy? A pre-eminent ship finance practice Our international ship finance practice holds a premier

More information

Financial services regulation in Australia

Financial services regulation in Australia Financial services regulation in Australia FEBRUARY What you need to know Financial services regulation in Australia February 2016 1 What you need to know Key points Do you do business in Australia or

More information

Overview of our expertise in restructuring and insolvency. www.allenovery.com

Overview of our expertise in restructuring and insolvency. www.allenovery.com Overview of our expertise in restructuring and insolvency 2015 2 Overview of our expertise in restructuring and insolvency 2015 3 Our practice The magic circle firm is strongest in banking and restructuring,

More information

Capital Requirements Directive IV Framework Operational Risk. Allen & Overy Client Briefing Paper 13 January 2014. www.allenovery.

Capital Requirements Directive IV Framework Operational Risk. Allen & Overy Client Briefing Paper 13 January 2014. www.allenovery. Capital Requirements Directive IV Framework Operational Risk Allen & Overy Client Briefing Paper 13 January 2014 www.allenovery.com 2 CRD IV Framework: Operational Risk January 2014 CRD IV Framework: Operational

More information

Cybersecurity. www.allenovery.com

Cybersecurity. www.allenovery.com Cybersecurity 2016 www.allenovery.com 2 Cybersecurity 2016 Our cybersecurity practice Computers, the internet, mobile devices and electronic transactions all play an important and ever-increasing role

More information

Private Equity, Leveraged Finance and High Yield

Private Equity, Leveraged Finance and High Yield Private Equity, Leveraged Finance and High Yield 2014 2 Private Equity, Leveraged Finance and High Yield 2014 A leading global practice We are continuing to invest in a growing network of international

More information

ASEAN. Southeast Asia. www.allenovery.com

ASEAN. Southeast Asia. www.allenovery.com ASEAN Southeast Asia www.allenovery.com ASEAN Southeast Asia A&O in ASEAN 22 partners 130+ lawyers (including partners) 6 offices across ASEAN* 15 Tier #1 ASEAN rankings Chambers Asia 2014 Allen & Overy

More information

Korea. Asia Pacific.

Korea. Asia Pacific. Korea Asia Pacific www.allenovery.com Korea Asia Pacific Allen & Overy s Korea practice 11 Korea-focused partners 18 Korean-speaking lawyers 30+ years Korea experience Tier 1 Legal 500 2015 Allen & Overy

More information

Abu Dhabi, Doha, Dubai & Riyadh. Middle East.

Abu Dhabi, Doha, Dubai & Riyadh. Middle East. , Doha, Dubai & Riyadh Middle East www.allenovery.com , Doha, Dubai & Riyadh Middle East A&O in the Middle East 24 partners 100+ lawyers 36+ years on the ground Native Arabic capabilities One-stop shop:

More information

Our Capital Markets practice in Germany. allenovery.com

Our Capital Markets practice in Germany. allenovery.com Our Capital Markets practice in Germany 2016 2 Our Capital Markets practice in Germany The team maintains a high standard of advice across debt and equity capital markets, with particularly strong recognition

More information

SFC proposes amendments to regulation of automated trading services guidelines

SFC proposes amendments to regulation of automated trading services guidelines SFC proposes amendments to regulation of automated trading services guidelines 1 Briefing note December 2015 SFC proposes amendments to regulation of automated trading services guidelines On 20 November

More information

Cybersecurity and risk management Our view

Cybersecurity and risk management Our view Cybersecurity and risk management Our view 2016 2 Cybersecurity and risk management Our view 2016 The challenge and risks The topic of cybersecurity is seldom out of the press these days, occupying the

More information

Covering aviation finance from every perspective

Covering aviation finance from every perspective AVIAtion finance practice Covering aviation finance from every perspective 2 Aviation Finance Practice Why Allen & Overy? A pre-eminent and award winning international aviation finance practice Our international

More information

Singapore. Asia Pacific. www.allenovery.com

Singapore. Asia Pacific. www.allenovery.com Singapore Asia Pacific 2 Why choose us? Awards GN Power acquisition of a majority interest in a greenfield 600 MW coal-fired power project in the Philippines Asia Pacific Power Deal of the Year 2010 Project

More information

Schemes and Company Voluntary Arrangements. Mark Sterling Partner, Banking Ian Field Partner, Banking

Schemes and Company Voluntary Arrangements. Mark Sterling Partner, Banking Ian Field Partner, Banking Schemes and Company Voluntary Arrangements Mark Sterling Partner, Banking Ian Field Partner, Banking 18 June 2010 påüéãéë=~åç=`çãé~åó=sçäìåí~êó=^êê~åöéãéåíë ENOKPMéã=Ó NKPMéãF Mark Sterling Ian Field

More information

Beijing and Shanghai. Asia Pacific. www.allenovery.com

Beijing and Shanghai. Asia Pacific. www.allenovery.com Beijing and Shanghai Asia Pacific www.allenovery.com Beijing and Shanghai Asia Pacific A&O in China 9 partners 25+ years in China 12 offices across Asia Pacific 80% of work on cross-border mandates Allen

More information

Brexit assessing the impact on asset managers

Brexit assessing the impact on asset managers Asset management and funds briefing note 1 Briefing note April 2016 Brexit assessing the impact on asset managers On 23 June 2016, the UK will decide in a referendum whether to remain in or to leave the

More information

Program trading in China will be regulated

Program trading in China will be regulated Program trading in China will be regulated 1 Briefing note October 2015 Program trading in China will be regulated The significant drop in the value of China's stock market since June 2015 has prompted

More information

Capital Requirements Directive IV Framework Introduction to Regulatory Capital and Liquidity. Allen & Overy Client Briefing Paper 1 January 2014

Capital Requirements Directive IV Framework Introduction to Regulatory Capital and Liquidity. Allen & Overy Client Briefing Paper 1 January 2014 Capital Requirements Directive IV Framework Introduction to Regulatory Capital and Liquidity Allen & Overy Client Briefing Paper 1 January 2014 2 CRD IV Framework: Introduction to Regulatory Capital and

More information

A Comparison of Takeovers of Hong Kong, Mainland China and Singapore listed Chinese Companies

A Comparison of Takeovers of Hong Kong, Mainland China and Singapore listed Chinese Companies October 2011 A Comparison of Takeovers of Hong Kong, Mainland China and Singapore Place of incorporation A incorporated in a jurisdiction outside the PRC which is accepted for listing on the Hong Kong

More information

Our European VAT practice

Our European VAT practice Our European VAT practice 2014 www.allenovery.com 2 Our European VAT practice 2014 Are you VAT aware? VAT is everywhere VAT, in the European Union, is a general, broadly based consumption tax assessed

More information

Funding European business: What s the alternative? November 2014. www.allenovery.com

Funding European business: What s the alternative? November 2014. www.allenovery.com Funding European business: What s the alternative? November 2014 2 Funding European business: What s the alternative? November 2014 Allen & Overy LLP 2014 3 Contents Introduction 04 The survey findings

More information

Tax Guide 2014/15 South Africa

Tax Guide 2014/15 South Africa Tax Guide 2014/15 South Africa Individuals and Trusts Tax Rates 1 March 2014 to 28 February 2015 Individual Taxpayers and Special Trusts Taxable Income R0 174 550 Rate of Tax 18% of taxable income R174

More information

What is Cloud Computing? Up to speed July 2011. www.allenovery.com

What is Cloud Computing? Up to speed July 2011. www.allenovery.com What is Cloud Computing? Up to speed July 2011 2 Up to speed What is Cloud Computing? July 2011 What is Cloud Computing? Confusion abounds when cloud computing is discussed, and the situation is getting

More information

Working and ordinarily working in the UK

Working and ordinarily working in the UK Financial institutions Energy Infrastructure, mining and commodities Transport Technology and innovation Life sciences and healthcare Working and ordinarily working in the UK Briefing January 2015 Introduction

More information

JUDGMENT ON THE SPANISH TAX LEASE SYSTEM

JUDGMENT ON THE SPANISH TAX LEASE SYSTEM JUDGMENT ON THE SPANISH TAX LEASE SYSTEM CASE T-719/13 PYMAR / COMMISSION Contents 1. Background 2. Judgment of the GCEU of 17 December 2015 in Case T- 719/13, PYMAR / Commission 3. Effects of the Judgment

More information

The impact of social media on your business

The impact of social media on your business Belgium The impact of social media on your business Allen & Overy 2012 Contents The increasing importance of social media 3 Social media and employment law 4 1_Recruitment 4 2_Performance of the employment

More information

is no To fill the critical gap between strategy and execution plan and performance you must have the right people in the right jobs

is no To fill the critical gap between strategy and execution plan and performance you must have the right people in the right jobs Winning is no accident Proven assessments of performance and potential to improve organizational leadership at every level To fill the critical gap between strategy and execution plan and performance you

More information

Australia.

Australia. Australia 2 Australia Allen & Overy 2014 Australia 3 Contents Our market recognition 4 Allen & Overy in Australia 5 Practice areas 6 Key deals 7 Global coverage 8 Why choose us? 9 Partner contacts 10 4

More information

Our Global Environmental and Regulatory Law practice

Our Global Environmental and Regulatory Law practice Our Global Environmental and Regulatory Law practice 2015 2 Our Global Environmental and Regulatory Law practice 2015 Introduction Environmental and regulatory compliance issues are now part of everyday

More information

Selection and Use of Patient-Reported Outcome Measures The Role of Outside Consultants Janice Hogan, Partner, Hogan Lovells LLP

Selection and Use of Patient-Reported Outcome Measures The Role of Outside Consultants Janice Hogan, Partner, Hogan Lovells LLP Selection and Use of Patient-Reported Outcome Measures The Role of Outside Consultants Janice Hogan, Partner, Hogan Lovells LLP Tuesday, November 27, 2012 Key Topics for Consultants Selection of Instruments

More information

Norton Rose Group expands across Canada, Latin America and Kazakhstan. Creating one of the world s leading energy and mining practices

Norton Rose Group expands across Canada, Latin America and Kazakhstan. Creating one of the world s leading energy and mining practices Norton Rose Group expands across Canada, Latin America and Kazakhstan Creating one of the world s leading energy and mining practices Norton Rose Group expands across Canada, Latin America and Kazakhstan

More information

Hanoi and Ho Chi Minh City. Asia Pacific.

Hanoi and Ho Chi Minh City. Asia Pacific. Hanoi and Ho Chi Minh City Asia Pacific www.allenovery.com Hanoi and Ho Chi Minh City Asia Pacific A&O in Vietnam 2 partners 12+ lawyers (including partners) 6 offices* across ASEAN 14 Tier #1 ASEAN rankings

More information

Our insurance disputes practice. www.allenovery.com

Our insurance disputes practice. www.allenovery.com Our insurance disputes practice 2012 2 Our insurance disputes practice About our insurance disputes practice Insurance coverage expertise Unlike almost every other top commercial law firm, our insurance

More information

Go for the top. www.allenovery.com. CS1008019_v2.indd 1 14/3/11 11:11:32

Go for the top. www.allenovery.com. CS1008019_v2.indd 1 14/3/11 11:11:32 Go for the top CS1008019_v2.indd 1 14/3/11 11:11:32 2 Go for the top Allen & Overy LLP 2011 CS1008019_v2.indd 2 14/3/11 11:12:06 3 Who are we? Allen & Overy was founded on 1 January 1930 by George Allen

More information

List of lawyers in Romania

List of lawyers in Romania List of lawyers in Romania Prepared by the British Embassy Bucharest www.gov.uk The following list of lawyers has been prepared by the British Embassy Bucharest for the convenience of British Nationals

More information

Cloud computing. A great tool. www.allenovery.com

Cloud computing. A great tool. www.allenovery.com Cloud computing A great tool 2 Cloud computing A great tool 2014 The worldwide cloud computing market will grow at a 36% compound annual growth rate (CAGR) through 2016, reaching a market size of USD19.5bn

More information

IPOs in Luxembourg. www.allenovery.com

IPOs in Luxembourg. www.allenovery.com IPOs in Luxembourg www.allenovery.com 2 IPOs in Luxembourg Corporate Law Firm of the Year Luxembourg Finance Monthly Law Awards 2013 Law Firm of the Year for Benelux FT Mergermarket Awards 2007, 2008,

More information

China Publishes Draft Rules on Protection of Information Network Dissemination Rights

China Publishes Draft Rules on Protection of Information Network Dissemination Rights China Publishes Draft Rules on Protection of Information Network Dissemination Rights 1 China Publishes Draft Rules on Protection of Information Network Dissemination Rights On 22 April, 2012, the Supreme

More information

On the move: avoiding the legal pitfalls when moving your business

On the move: avoiding the legal pitfalls when moving your business On the move: avoiding the legal pitfalls when moving your business Beverley Vara Partner, Litigation Real Estate Richard White Group Property Director, New Look 10 May 2011 Season One 2011 Seminar Schedule

More information

Capital Requirements Directive IV Framework Standardised Approach to Credit Risk in the Banking Book

Capital Requirements Directive IV Framework Standardised Approach to Credit Risk in the Banking Book Capital Requirements Directive IV Framework Standardised Approach to Credit Risk in the Banking Book Allen & Overy Client Briefing Paper 3 January 2014 2 CRD IV Framework: Standardised Approach to Credit

More information

Loan Trading under LMA Documentation A Guide for Traders and In-house Counsel

Loan Trading under LMA Documentation A Guide for Traders and In-house Counsel Loan Trading under LMA Documentation A Guide for Traders and In-house Counsel 2 Further information If you would like further information on any aspect of this note, please contact a person mentioned below

More information

of business Leadership development at the pace The Leadership Express Series Calgary, AB

of business Leadership development at the pace The Leadership Express Series Calgary, AB at the pace Leadership development of business The Leadership Express Series Calgary, AB Join other successful and like-minded leaders committed to becoming their absolute best. Learn powerful ways to

More information

UPC benchmarking study. Reality dawns 2016. www.allenovery.com

UPC benchmarking study. Reality dawns 2016. www.allenovery.com UPC benchmarking study Reality dawns 2016 www.allenovery.com 2 UPC benchmarking study Reality dawns 2016 Take the politics out of setting up the system and realise that the impact on the competitiveness

More information

Unbundling a market. The appetite for new legal services models. Global survey results May 2014. www.allenovery.com

Unbundling a market. The appetite for new legal services models. Global survey results May 2014. www.allenovery.com Unbundling a market The appetite for new legal services models Global survey results May 2014 www.allenovery.com 2 Foreword Whether you are a buyer or a provider of legal services, this is an exciting

More information

Microfinance and social investment. www.allenovery.com

Microfinance and social investment. www.allenovery.com Microfinance and social investment 2014 2 Microfinance and social investment 2014 These loans may appear small but can make such a difference to people for whom finance often seems out of reach. We are

More information

Discrimination at work. Part three: Protected characteristics and the perception-reality gap July

Discrimination at work. Part three: Protected characteristics and the perception-reality gap July Discrimination at work Part three: characteristics and the perception-reality gap July 2013 2 Discrimination at work characteristics and the perception-reality gap July 2013 About this report Discrimination

More information

The EU General Data Protection Regulation

The EU General Data Protection Regulation The EU General Data Protection Regulation 2016 2 The EU General Data Protection Regulation 2016 A new data protection landscape After over four years of discussion, the new EU data protection framework

More information

Funding European business: Harnessing alternatives. November 2015. www.allenovery.com

Funding European business: Harnessing alternatives. November 2015. www.allenovery.com Funding European business: Harnessing alternatives November 2015 www.allenovery.com 2 Funding European business: Harnessing alternatives November 2015 Allen & Overy LLP 2015 3 Contents Introduction 5 Alternative

More information

at the pace of business Leadership development In-house programs available! The Leadership Express Series Ottawa, ON

at the pace of business Leadership development In-house programs available! The Leadership Express Series Ottawa, ON Africa Cape Town Johannesburg Pretoria Asia Bangkok Beijing Ho Chi Minh City Hong Kong Jakarta Kuala Lumpur Mumbai New Delhi Seoul Shanghai Shenzhen Singapore Tokyo Europe Amsterdam Athens Barcelona Berlin

More information

Denied Boarding Eligibility

Denied Boarding Eligibility Option 1 Denied Boarding Compensation voucher may be used for a single Emirates operated two sector return journey between Dubai and the adjoining list of cities. (OR) Between Australia & New Zealand or

More information

Fraudulent Insurance Claims A Mucky Present and a Murky Future

Fraudulent Insurance Claims A Mucky Present and a Murky Future Fraudulent Insurance Claims A Mucky Present and a Murky Future Dan Screene, Senior Associate Insurance Litigation Practice Group London 12 February 2013 The fraud epidemic Economic landscape Losses to

More information

Jakarta. Asia Pacific. www.allenovery.com www.grlaw.co.id

Jakarta. Asia Pacific. www.allenovery.com www.grlaw.co.id Jakarta Asia Pacific www.allenovery.com www.grlaw.co.id Jakarta Asia Pacific Ginting & Reksodiputro in association with Allen & Overy 4 partners 25+ lawyers (including partners) 6 offices across ASEAN*

More information

Special Timetable of Lufthansa German Airlines for 20APR10 Sonderflugplan der Deutschen Lufthansa für 20APR10

Special Timetable of Lufthansa German Airlines for 20APR10 Sonderflugplan der Deutschen Lufthansa für 20APR10 Special Timetable of Lufthansa German Airlines for 20APR10 Sonderflugplan der Deutschen Lufthansa für 20APR10 All flights listed here are most likely to be operated - short time cancellations might still

More information

New lease accounting standard IFRS 16 all change for lessees

New lease accounting standard IFRS 16 all change for lessees New lease accounting standard IFRS 16 all change for lessees 1 Briefing note June 2016 New lease accounting standard IFRS 16 all change for lessees Lease accounting is being overhauled for companies accounting

More information

The introduction of a new filing and registration regime for foreign debt management in China

The introduction of a new filing and registration regime for foreign debt management in China The introduction of a new filing and registration regime for foreign debt management in China 1 Briefing note November 2015 The introduction of a new filing and registration regime for foreign debt management

More information

Impact of Brexit on Asset and Fund Managers

Impact of Brexit on Asset and Fund Managers Brexit legal consequences for commercial parties Impact of Brexit on Asset and Fund Managers Specialist Paper June 2016 Issue in focus With the referendum on the UK s continued membership of the EU fast

More information

Cyber security: A major issue for Australian business

Cyber security: A major issue for Australian business Cyber Security: A major issue for Australian business: February 2016 1 Cyber security: A major issue for Australian business Contents Introduction and background Is your industry particularly vulnerable

More information

The Big Think. Social media: leading the way through the shades of grey. 1 June 2013. www.allenovery.com

The Big Think. Social media: leading the way through the shades of grey. 1 June 2013. www.allenovery.com The Big Think Social media: leading the way through the shades of grey 1 June 2013 2 The Big Think Social media: leading the way through the shades of grey 2013 Allen & Overy LLP 2013 3 The Big Think is

More information

DHL Global Energy Conference 2015 Outsourcing logistics Enhancing innovation or increasing risk?

DHL Global Energy Conference 2015 Outsourcing logistics Enhancing innovation or increasing risk? DHL Global Energy Conference 2015 Outsourcing logistics Enhancing innovation or increasing risk? Introduction to panel discussion Houston, October 13 th What has happened since the last DHL conference?

More information

Managing risk when using private investigators

Managing risk when using private investigators Managing risk when using private investigators Lawson Caisley, Partner Litigation (Corporate) Nigel Parker, Senior Associate Corporate 29 April 2014 Allen & Overy 2014 2014 Seminar schedule Tuesday 29

More information

Beijing and Shanghai. Asia Pacific. www.allenovery.com

Beijing and Shanghai. Asia Pacific. www.allenovery.com Beijing and Shanghai Asia Pacific www.allenovery.com Beijing and Shanghai Asia Pacific A&O in China 9 partners 25+ years in China 12 offices across Asia Pacific 80% of work on cross-border mandates Allen

More information

Luxembourg Doing deals in the Grand Duchy, an English lawyer's perspective

Luxembourg Doing deals in the Grand Duchy, an English lawyer's perspective Luxembourg Doing deals in the Grand Duchy, an English lawyer's perspective Tom Whelan (Partner, Hogan Lovells International LLP) Erin Anderson (Senior Associate, Hogan Lovells International LLP), Camille

More information

Denied Boarding Eligibility

Denied Boarding Eligibility Option 1 Denied Boarding Compensation voucher may be used for a single Emirates operated two sector return journey between Dubai and the adjoining list of cities. (OR) Between Australia & New Zealand or

More information

Carbon Price Floor and Emissions Performance Standard: an EMR Primer

Carbon Price Floor and Emissions Performance Standard: an EMR Primer Carbon Price Floor and Emissions Performance Standard: 1 Briefing note January 2016 Carbon Price Floor and Emissions Performance Standard: This primer briefing is the third and last in the series of briefings

More information

Digital Infrastructure and Economic Development. An Impact Assessment of Facebook s Data Center in Northern Sweden executive summary

Digital Infrastructure and Economic Development. An Impact Assessment of Facebook s Data Center in Northern Sweden executive summary Digital Infrastructure and Economic Development An Impact Assessment of Facebook s Data Center in Northern Sweden executive summary The Boston Consulting Group (BCG) is a global management consulting firm

More information

China's new national security law creates more insecurity for foreign businesses

China's new national security law creates more insecurity for foreign businesses China's new national security law creates more insecurity for foreign businesses Contents Overview 1 JULY Broad definition of national security 1 Expanded national security review regime 1 NSR in relation

More information

Liberating the Power of Service The right of establishment The case of lawyers

Liberating the Power of Service The right of establishment The case of lawyers Liberating the Power of Service The right of establishment The case of lawyers Second Bruges European Business Conference College of Europe Jacques Derenne, Partner, Hogan Lovells, Brussels Associate Professor,

More information

Liberating the Power of Service The right of establishment The case of lawyers. Second Bruges European Business Conference College of Europe

Liberating the Power of Service The right of establishment The case of lawyers. Second Bruges European Business Conference College of Europe Liberating the Power of Service The right of establishment The case of lawyers Second Bruges European Business Conference College of Europe Jacques Derenne, Partner, Hogan Lovells, Brussels Associate Professor,

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

Opportunities for law graduates in Belfast

Opportunities for law graduates in Belfast Opportunities for law graduates in Belfast 2015 www.allenovery.com 2 Opportunities for law graduates in Belfast 2015 Allen & Overy LLP 2015 3 Contents Allen & Overy 04 Introducing the Legal Services Centre

More information

Contents. 08 Your route to qualification. Plot your journey from student to lawyer with our career planner.

Contents. 08 Your route to qualification. Plot your journey from student to lawyer with our career planner. A career in law Contents Our firm 02 Setting precedents Increasingly our role is to deliver distinctive insights and use the law as a tool to address commercial challenges and drive results for our clients.

More information

France A.T. Kearney Foreign Direct Investment Confidence Index (FDICI)

France A.T. Kearney Foreign Direct Investment Confidence Index (FDICI) France 20 A.T. Kearney Foreign Direct Investment Confidence Index (FDICI) 20 A.T. Kearney FDI Confidence Index 20 2 6 4 0 20 Rankings 20 2 4 0 6 20 24 20 2 4 6 0 20 24 2 US China Canada Germany UK Japan

More information

Final text for the Amended EU Regulation on Insolvency proceedings

Final text for the Amended EU Regulation on Insolvency proceedings Final text for the Amended EU Regulation on Insolvency proceedings 1 Briefing note December 2014 Final text for the Amended EU Regulation on Insolvency proceedings The process to update and extend the

More information

Capital Requirements Directive IV Framework Capital and Capital Adequacy. Allen & Overy Client Briefing Paper 2 January

Capital Requirements Directive IV Framework Capital and Capital Adequacy. Allen & Overy Client Briefing Paper 2 January Capital Requirements Directive IV Framework Capital and Capital Adequacy Allen & Overy Client Briefing Paper 2 January 2014 2 CRD IV Framework: Capital and Capital Adequacy January 2014 CRD IV Framework:

More information