- Intermediate * 6 hours CPD
Pensions have always been important issues in many corporate transactions. Now following the provisions of the Pensions Act 2004 and the establishment of the Pensions Regulator, companies which operate or have operated defined benefit pension arrangements pose complex material issues for advisers. And the penalties for getting it wrong are significant.
This course explores the practical consequences of the now very extensive rules and in particular:
- Explains the UK pension system in outline, and puts the corporate pensions issues in context
- Discusses the ancillary issues of employment, equal treatment, TUPE and insolvency law
- Explains the funding issues, statements of investment principles, recovery plans, the impact of deficits and surpluses, dispute management, statement of funding objectives and investment guidelines in particular looking at liability driven investment
- The relevance of different pension arrangements, including overseas plans, EFRBs, former FURBS, UURBS and SBURBS, unfunded arrangements and QROPS
- Examines a pensions schedule in a sale agreement and how to deal with the hidden liabilities
- Conducts a sample clearance application submitted to the Pensions Regulator and considers the issues that need to be taken into account, and how to value the employer's covenant, the impact of the Pensions Protection Fund and how to restructure insolvent or nearly insolvent companies to remove pension liabilities
- Case law on ownership of scheme assets, the role of trustees in transactions and managing trustee liability and the liability of funders and company directors