Pensions advice
Pensions experts
Pension provision is a significant strategic issue for businesses. It is an integral part of an employees benefits, however the rapid changes in pensions legislation and regulation mean it is also an increasingly complex responsibility for employers.
Irwin Mitchell’s specialist pensions team works with employers to create a productive yet efficient pension schemes. They also offer expert advice to individuals and trustees in relation to their pensions and legal responsibilities.
Our experience in pensions
Irwin Mitchell’s pensions team are renowned for their straightforward approach to pensions, and their ability to deliver commercial and practical advice in a way that's relevant and easy to understand. Our team applies insight and experience to our work for employers, trustees and individuals.
The team is actively involved with the National Association of Pension Funds, and all individuals in the team are also members of the Association of Pensions Lawyers. Our team members are regularly to be found speaking at seminars and conferences and contributing articles for publication in specialist press.
Our areas of expertise include:
- Pensions aspects of corporate transactions, joint ventures, re-organisations and de-mergers
- Executive benefits
- Establishing and amending pension schemes of all types including company schemes, personal schemes, SIPs, SASIs, stakeholders, and unapproved schemes
- Pensions litigation and pensions ombudsman's complaints
- Scheme funding issues
Trustee governance and trustee training - Pensions mis-selling
- Pensions in outsourcings (public sector)
- Scheme mergers, corporate restructuring and scheme wind-ups
- Pensions and TUPE
- Pension schemes and discrimination issues
- Investment, custody and administration agreements
- Harmonisation of pension terms and general conditions of employment
About pensions
Fluctuations in world stock markets, an ageing population, increasing regulation and pensions mis-selling have all served to raise pension provision as an significant issue that no employer, trustee or scheme member can afford to ignore.
The Pensions Act and the Finance Act 2004 have imposed new duties and responsibilities for both trustees and employers and consequently it is now essential that clear, practical advice and assistance is delivered as needed.
For employers
For employers with occupational pension arrangements, the new legislation will mean extra vigilance is needed when considering either changes to existing pension schemes, or changes to the corporate structure of the principal employer, as these could now fall foul of the moral hazard provisions contained in the Pensions Act 2004.
For trustees
For current pension fund trustees there is an expectation to have far greater levels of understanding across a wide variety of areas including investment, administration, law, and business acumen. There are also new expectations on trustees in terms of their dealings with members, regulatory authorities and the principal employers of their schemes.
The new pensions regulator, appointed in April 2005, has increased powers of authority, including:
- The ability to issue contribution notices, not just to companies but to any associated persons (potentially including directors and shareholders) as part of its powers to avoid schemes making claims on the new pensions protection fund.
- Where the employer of the scheme is either a service company or company that is insufficiently resourced, the regulator can issue financial support directions to other companies in a group.
- If the trustees and the principal employer of the scheme cannot agree the employer’s contribution rate the regulator will have the powers to determine the rate.
- If the regulator does not believe the trustees of a scheme are sufficiently knowledgeable to conduct their business it can issue improvement notices on the trustee body or individual trustees.
Impetus
Keep up to date with the latest developments in pensions law with our monthtly newsletter impetus.
Call us now on 0870 1500 100 to arrange a consultation, or use the links above to drop us a line.