Clifford Chance
UK: Pensions Update - February 2012
1 July 2012
Welcome to the February 2012 edition of the UK: Pensions Update.
In this edition we highlight the key changes contained in the Pensions Act 2011 which received Royal Assent on 3 November as well as the recent consultation issued by the Department of Work and Pensions on the proposed method for equalising guaranteed minimum pensions (GMPs). Schemes may well continue with their practice of not equalising GMPs in view of the cost implications of the proposed new method, particularly as there is currently no legal requirement to equalise GMPs.
In this edition we also cover:
- Employer debt
- Test-Achats
- Re Nortel – priority for pension liabilities on insolvency
- Auto-enrolment – revised staging dates
- Abolition of short service refunds
