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Publications & News

"The team is very professional and responsive, and has good strength in depth. The team appears to have been intelligently put together to ensure different skill sets and approaches are covered."  Chambers UK, 2020

Pensions360

Our Pensions360 approach covers our broad cross-practice capability to deliver the full spectrum of legal advice to pension clients.

"Hogan Lovells demonstrated great knowledge of the sector and were able to explain clearly the risks and outline possible solutions to non pensions experts." Employer client

"Your [cross-practice] teams have worked seamlessly to provide us with the highest quality support." Trustee client

Our Pension Planner enables pension scheme trustees, sponsoring employers and pension managers to navigate the legal and regulatory developments that could affect them in the short, medium and long term.

"Hogan Lovells have certainly enabled me to deliver projects at a level that exceeds even my expectations and that's saying something." Employer client

"I would also add that Hogan Lovells' attention to client service was truly excellent - you could not wish to deal with a nicer group of people and always felt you were in safe hands." Employer client

"Well done to the whole team. At the start of this journey I did not believe we could end up here." Trustee client

"Sterling effort from all involved. I understand now why you are referred to as World Class advisors ." Trustee client

Winners of the Innovation Award for our work advising the Kodak Pension Plan. European Pensions Awards 2014.

Top ranked for Pensions advice. Legal 500 UK, 2020

''The firm are incredible in every way. In particular, their ability to listen and ask the right questions means that the advice is always on point. They are pragmatic and courageous. Their advice is modern and it challenges traditional thinking. They have the ability to draw conclusions even if things are unclear and have not been tested. Whilst there are some other good solicitors elsewhere, no other firm even comes close.'’ Legal 500 UK, 2020

"My overall impression is that they are extremely professional and work well together as a team. I like the fact that they can cover a multitude of disciplines so that if we have wider issues, we can call in other experts from the firm. They have a great depth of knowledge."  Chambers UK, 2020 

UK Pensions Publications & News

Browse the items below for our latest UK pension news and publications. We publish regular email alerts on recent developments and pension legal updates as well as briefing notes written by our pensions lawyers taking an in depth view of topical issues affecting the pensions industry. Take a look at our press releases to read about our recent work highlights.

 
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Engage is here

19 January 2021

We have moved our Pensions Publications and News content to the new Hogan Lovells platform Engage. Engage gives you the latest legal and regulatory news and provides insights and analysis for your business, from across our global network, when you need it.

If you currently receive our content from this site, you would have received a launch email for Engage on January 19. However, if you do not receive an email you can register here to continue receiving this content.

We value your loyal readership and look forward to seeing you on Engage!

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Engage is coming soon

4 January 2021

Hogan Lovells is changing how we deliver our Pensions Publications and News content. On January 18 we will be moving this content to our new technology platform: Hogan Lovells Engage.

You’ll soon receive an email with details on how to join us on Engage to continue to stay up-to-date on the latest developments for Pensions. We look forward to seeing you there

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Equalisation of Guaranteed Minimum Pensions (GMPs): what about transfers out?

18 December 2020

A further judgment from the High Court has clarified what pension schemes must do in relation to previous transfers out after 17 May 1990 (the date of the Barber decision) where the transferring member had a right to a guaranteed minimum pension (GMP).

It has been confirmed that:

  • Transferring trustees are expected to revisit previous individual transfers under the cash equivalent transfer value (CETV) legislation and to pay a top up transfer value to the receiving scheme.
  • Top ups should be paid in respect of unequalised CETVs paid from 17 May 1990 (the date of the Barber decision).  
  • In contrast, bulk transfers on a mirror image basis in accordance with the preservation legislation do not need to be revisited.

The judgment is the latest in long-running litigation concerning equalisation for the effects of GMPs and heard by Mr Justice Morgan.  This note considers the judge's findings and explains our recommended approach to dealing with historic transfers.

To read the note, please click here. 

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LIBOR changes: what pension trustees should know

19 November 2020

Significant changes are taking place to certain inter bank offered rates (IBORs) commonly used as interest rates in derivatives and other financial contracts.  In the UK, LIBOR  (the London interbank offered rate) is expected effectively to cease to exist after the end of 2021. Regulators and industry groups have recommended that market participants fully transition existing contracts which reference an IBOR to relevant alternative, overnight risk-free rates (RFRs) before this time.

Pension trustees with direct investments in derivatives or other contracts which refer to LIBOR (or another IBOR) can expect to be asked to accept changes to their contract terms which adopt alternative RFRs and fully transition away from any IBOR before its cessation.

Our new briefing note explains the changes taking place and highlights issues which affected trustees should consider.  

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Climate change and pension investment: what should trustees be considering?

13 November 2020

Climate change risks and opportunities are increasingly seen as factors which trustees of occupational pension schemes can and should take into account when investing their scheme assets.  Trustees of both defined benefit (DB) and defined contribution (DC) schemes may experience the impact of climate change on the value of their scheme assets.

Trustees of DB schemes should also be alert to the impact of climate change on their sponsoring employer.

To read our briefing note covering the topic, please click here.

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Pension scheme investment: overview of the 2019/2020 changes

21 September 2020

Pension scheme investment and governance have been occupying policymakers and regulators both in the UK and in Europe.  Pension trustees are faced with a challenging array of new requirements, recommendations, statements of good practice and consultation proposals coming from a wide range of sources.

This note, originally issued in September 2019, explains the new obligations on pension scheme trustees in relation to:

  • Setting objectives for investment consultants
  • Compulsory tendering for fiduciary managers
  • Changes to the statement of investment principles (SIP)
  • Changes to the annual report
  • Requirements to publish certain information on a website
  • Notifying members of information available on a website.

We have updated this note to take account of developments over the past year, in particular the delays to certain regulations and guidance following the Covid-19 pandemic.

Trustees should note in particular the obligation to report compliance with the investment objectives and fiduciary management requirements to the Competition and Markets Authority by 6 January 2021, unless DWP regulations are brought into force before this date.

We will cover the government's August 2020 proposals on climate-change risk, and the recent consultation paper on improving outcomes for DC members, in separate notes.

This note is aimed at trustees of occupational pension schemes.  However, advisers and employers may find the information useful. 

To read more, please click here

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Pensions Alerter September 2020

21 September 2020

We are delighted to send you our latest pensions newsletter and to invite you to our next pensions webinar, on 7 October 2020 at 10 - 11am, which will cover:

  • Investment changes, including climate change and DC value for members
  • The latest on GMP equalisation
  • What schemes should know about Brexit; and
  • Recent Pensions Ombudsman determinations 

For more details and to register please click here

To access the newsletter, please click here.

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DB pension Superfunds are go!

18 June 2020

The Pensions Regulator has issued guidance for supervising the commercial consolidation of defined benefit (DB) pension schemes into Superfunds.  Consolidation into "Superfunds" may be an attractive option for employers wishing to discharge their pension obligations where the cost of a traditional buy out with an insurance company is beyond reach. After transfer to a Superfund the link with the employer will be severed.  At the same time, a Superfund is expected to provide a robust level of security for members' benefits.

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Pensions and the Coronavirus Job Retention Scheme: what employers and trustees should know

14 May 2020

The government's Coronavirus Job Retention Scheme (CJRS) has thrown a lifeline to many employers and to their employees who might otherwise have lost their jobs in the current Covid-19 crisis.  For employers taking advantage of the CJRS (and the trustees of an employer's pension scheme), the scheme gives rise to several pensions-related issues, in particular:

  • how pension contributions should be calculated;
  • dealing with salary sacrifice arrangements;
  • reducing contributions to the auto-enrolment minimum;
  • auto-enrolment duties in respect of furloughed employees;
  • the impact on benefits from open defined benefit (DB) schemes;
  • the position of furloughed trustees; and
  • life assurance benefits.

Our attached note sets out our current understanding of how these issues may be addressed, based on the recently issued Direction from HM Treasury and updated guidance from HMRC and the Pensions Regulator. 

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tPR guidance for employers: auto-enrolment and pension contributions

9 April 2020

The Pensions Regulator has published guidance on how it expects pension contributions to be paid during the current pandemic and, in particular, in respect of employees on furloughed leave. 

read article

Coronavirus: actions for pension trustees

26 March 2020

The COVID 19 crisis has changed the landscape for pension scheme trustees. 

The note discusses the potential impacts and actions trustees should consider taking in relation to the following areas:

  • Governance
  • Maintaining business as usual
  • Investment
  • Funding and covenant issues
  • Pension Protection Fund
  • Contributions and benefits
  • Death benefits
  • Transfers out
  • Regulation
  • Current projects
  • Disputes

To discuss any issues arising from this note, please speak to your usual Hogan Lovells contact, or alternatively one of our pensions partners.

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PPF contingent assets: Coronavirus update

18 March 2020

The Pension Protection Fund (PPF) has issued a helpful statement concerning the practicalities of certifying contingent assets in the current, highly-unusual, circumstances. 

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New offences, penalties and powers for the Pensions Regulator: whats employers and trustees should know

19 February 2020

As expected, following the general election the new government has reintroduced the Pension Schemes Bill and is taking forward changes consulted on in 2018.  The Bill will significantly increase the Pension Regulator's powers to require support for defined benefit (DB) pension schemes.

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New criminal offences and unlimited fines: what employers need to know about the Pensions Regulator's new powers

19 February 2020

After the Carillion and BHS debacles, the Pensions Regulator (tPR) announced it was going to be "clearer, quicker and tougher". The new Pension Schemes Bill (the Bill) currently going through Parliament will give tPR significant new powers so it can beef up its approach.  Corporate groups with defined benefit pension (DB) schemes should understand the Bill’s new requirements because failure to comply could result in large fines or being charged with a criminal offence.

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