News & Events

Pensions

Watch the Webinar: The Anatomy of a Criminal Pensions Investigation

Watch a recent webinar by the pensions team and business crime team at Outer Temple Chambers, discussing a business crime lawyer’s perspective on the Pension Schemes Act 2021. Outer Temple Chambers hosted a well received talk on 16th July 2021, focusing on criminal proceedings arising out of the Pension Schemes Act 2021. Two of our finest pensions barristers, Andrew Spink QC and David E. Grant, joined two of our renowned business crime barristers, Michael Bowes QC and Oliver Powell, to examine how and when a regulatory matter may become a criminal matter and, if it looks like it might do so, how to respond, prepare and advise your clients. The Topics Andrew Spink QC: Welcome and introductionDavid E Grant: Civil…

Business Crime Webinars, Business Crime, Pensions Webinars, Webinars & Vlogs, Pensions 28 Jul, 2021

Webinar invitation: Pensions Rectification – Evidence and Pitfalls

You are invited to join the Outer Temple Chambers’s pensions team for a webinar on rectification, looking at what evidence you need and some of the pitfalls to be avoided. The speakers at this event, Keith Bryant QC and Michael Uberoi, will cover: What evidence needs to be put before the court when the alleged mistake is not referred to in the documents?How does a Claimant go about establishing the necessary mutual intention in such cases?When is a mistake a mistake as to legal effect, and when is it a mistake as to consequences? – how to approach this distinction in pension rectification cases.The use of confidential opinions – how the courts presently view them.How to establish the necessary subjective intention of the…

Events, Pensions 27 Jul, 2021

Webinar invitation: J2A – Limitation and concealment issues (Lloyds, Axminster and Canada Square)

You are invited to join the juniors at Outer Temple Chambers for the first of a brand new series of events; ‘Juniors to Associates’. The first event on 22nd July will focus on limitation and concealment issues. Outer Temple Chambers is delighted to inform you of a new programme of events specifically tailored to associate level legal practitioners. Juniors to Associates This new programmes, ‘Juniors to Associates’ (J2A), will consist of a range of lunchtime forums for Junior Barristers and Associate Solicitors. Juniors from Outer Temple will discuss topical issues and recent judgments likely to impact future litigation. Guests will then be invited to ask questions and share views and opinions on these topics in an open forum. Each event will be…

Events, Pensions 19 Jul, 2021

Webinar: The Anatomy of a Criminal Pensions Investigation

You are invited to join Outer Temple Chambers to discuss a business crime lawyer’s perspective on the Pension Schemes Act 2021. Outer Temple Chambers is delighted to host a talk focusing on criminal proceedings arising out of the Pension Schemes Act 2021. Our specialist pensions barristers will join our renowned business crime barristers to examine how and when a regulatory matter may become a criminal matter and, if it looks like it might do so, how to respond, prepare and advise your clients. After short presentations by our panel, there will be the opportunity to ask questions. Agenda Andrew Spink QC: Welcome and introductionDavid E Grant: Civil versions of criminal offences; the interaction between the target and the regulatorMichael Bowes…

Business Crime, Events, Pensions 6 Jul, 2021

Success for beneficiaries of the Axminster pension scheme represented by Andrew Short QC and Stephen Butler at the High Court

The High Court gives important judgment in Punter Southall Governance Services Ltd v Hazlett [2021] EWHC 1652 (Ch) in favour of beneficiaries of the Axminster pension scheme represented by Andrew Short QC and Stephen Butler (instructed by Osborne Clarke LLP). This is a key judgment on limitation and interest in trust and pension claims.  Morgan J held: that there is no applicable limitation period in a claim by a beneficiary against trustees for an account of arrears where the trustee is still in possession of trust property; and that the court has the power to award interest on payments of equitable compensation for breach of trust where a breach of trust claim is brought following underpayment of pension.  The court also gave important guidance on the…

News, Pensions 18 Jun, 2021

Britvic plc v Britvic Pensions Limited & Simon Mohun

Having acted as counsel in Britvic plc v Britvic Pensions Limited & Simon Mohun [2021] EWHC Civ 867, Philip Stear has written a case summary explaining why the Court of Appeal overturned the previous decision and why a scheme employer could direct increases lower than RPI on the true construction of the scheme’s pension increase rules. In a ruling handed down on 10 June 2021 ([2021] EWCA Civ 867), the Court of Appeal has overturned the High Court decision in Britivc plc v Britvic Pensions Limited & Simon Mohun [2020] EWHC 118 (Ch).  There, His Honour Judge Hodge QC had held that the words “or any other rate”, in a pension increase rule, were to be construed as meaning “any higher rate”, as a…

News, Pensions 15 Jun, 2021

Pension Schemes Act 2021: the potential impact on restructurings

Andrew Spink QC and Helen Pugh signpost the potential impacts of the Pensions Scheme Act 2021 on restructurings. The Pension Schemes Act 2021 (‘the Act’) addresses a number of critical areas concerning pensions, and importantly brings about a number of significant changes. The focus of this briefing note is upon 4 key areas relevant to restructurings: The creation of two new criminal offences with penalties of up to 7 years’ imprisonment and an unlimited fine; Mirror civil liability with penalties of up to £1m; The expansion of the existing contribution notice/ moral hazard powers of the Pensions Regulator (‘TPR’); The expansion of notification requirements for certain corporate activity. Whilst the Act received Royal Assent on 11 February 2021, it is…

Legal Blog & Publications, News, Insolvency and Restructuring, Pensions 10 Mar, 2021

Pension Schemes Act 2021: the criminalisation of pension misconduct

The Pension Schemes Act 2021 came into force on 11 February 2021 and is set to make fundamental changes to the UK pensions landscape. Andrew Spink QC and Oliver Powell signpost the key changes that have been introduced by the Act, focusing on the new powers that will be available to The Pensions Regulator and the three new criminal offences created by the Act. The Pension Schemes Act 2021 addresses a number of critical areas concerning pensions, and importantly brings about a number of significant changes. Broadly distilled, the Act: establishes a new framework for the formation and administration of collective money purchase pension schemes; creates three new criminal offences; introduces a new power to impose civil penalties of up to £1m; expands…

Legal Blog & Publications, News, Pensions 3 Mar, 2021

CIGA 2000 – The Moratorium – are all defined benefit pension scheme contributions exempt from the payment holiday?

Following on from their previous article considering the scope of the moratorium from a lender’s perspective, Andrew Spink QC, Justina Stewart and Saaman Pourghadiri consider the thorny question of whether all defined benefit pension scheme contributions are exempt from the payment holiday under the moratorium. In this note Andrew Spink QC, Justina Stewart and Saaman Pourghadiri consider one important issue for insolvency and pensions practitioners which arises from the Moratorium in Part A1 of the Insolvency Act 1986 (“IA 86”) introduced by the Corporate Insolvency and Governance Act 2020 (“CIGA 2020”).  The note sets out various arguments going to the vexed issue of which forms of employer contribution to an occupational pension scheme fall within the payment holiday under the…

Legal Blog & Publications, News, Insolvency and Restructuring, Pensions 15 Oct, 2020

Practical Law (Pensions); “Univar v Smith; first contested pensions rectification trial in 8 years”

Judgment was recently handed down by the High Court in Univar v Smith & Ors. Michael Uberoi’s article looking at some of the key issues in the judgment has been published in Practical Law (Pensions). Univar v Smith & Ors [2020] EWHC 1596 (Ch) was the first contested application for the rectification of pension scheme documentation for over eight years, and was also the first judgment by the High Court to apply the Court of Appeal’s new, subjective test for rectification, as declared by Leggatt LJ in FSHC Group Holdings Ltd v GLAS [2019] EWCA Civ 1361. The 15 day trial involved cross-examination of over a dozen trustee and company witnesses who were the relevant decision-makers for the scrutinised Deed,…

Legal Blog & Publications, News, Pensions, Pensions 11 Sep, 2020

Watch the Webinar: Indexation and the courts’ recent wrestles with RPI

Outer Temple Chambers collaborated with Richard Gibson of Barnett Waddingham LLP to look at the current and future actuarial and legal landscape of inflation. Watch the recorded webinar here. What is the outlook for inflation as a result of the COVID-19 pandemic, lockdown and the various government support schemes for businesses? Will there be renewed pressure on schemes to explore options to switch out of RPI-based escalation? A run of cases in the High Court, Court of Appeal and Supreme Court since 2012 have confirmed that in principle scheme powers may be available to switch from RPI to CPI, following the lead taken by the State schemes (and the statutory minima for revaluation and LPI increases) in 2010. But these…

Legal Blog & Publications, Pensions Webinars, Webinars & Vlogs, Pensions 28 Jul, 2020

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