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29 July 2020
Pressure points: Trustees and administrators prepare for what’s ahead: Ombudsman to see a rise in complaints due to Covid-19 (UK)
The Pensions Ombudsman recently published both its Corporate Plan 2020-2023 and Annual Report for 2019/2020, which reveal that the number of enquiries the Ombudsman received has significantly increased in the last year. In addition, the Ombudsman expects the number of complaints to “undoubtedly”...
03 July 2020
Pressure Points: Key actions checklists for trustees and sponsors of DB schemes (UK) - Updated
Current events related to Covid-19 and the related economic impact are raising a number of time critical issues that sponsors and trustees of defined benefit schemes need to address. To help with this, we have created checklists (based on our experience advising clients to date) which summarise the...
03 July 2020
People: Key actions checklists for trustees and employers of DC schemes (UK) - Updated
Current events related to Covid-19 and the related economic impact are raising a number of time critical pensions-related issues that employers with defined contribution (DC) schemes and trustees of such schemes need to address. To help with this, we have created checklists (based on our experience...
02 July 2020
Pressure points: Trustees beware – Changes to UK insolvency regime are now in force (UK)
The Corporate Insolvency and Governance Act 2020 received Royal Assent and is now in force. The Act contains the most far-reaching reforms to UK insolvency law in over 30 years. The Act has been introduced on an emergency basis in an attempt to ensure that otherwise financially viable companies...
01 July 2020
People: Job Retention Scheme and Pensions (UK)
The Coronavirus Job Retention Scheme ("CJRS"), opened for claims on 20 April. Originally due to end on 31 May, then 30 June, the Chancellor announced on 12 May that it will remain in place and available to all sectors through to the end of October 2020. New rules, which will apply from 1 July 2020...
01 June 2020
COVID-19: Pressure points: Workplace pensions – 4 cost saving steps for employers (UK)
As the economic impact of Covid-19 and the measures introduced to restrict its spread continues to be felt, many employers are inevitably looking for ways to reduce costs and preserve cash. As far as pensions are concerned, the primary focus to date has been on the scope for employers with defined...
27 May 2020
COVID-19: Governance: Changes to UK insolvency law undermine position of DB schemes and the PPF (UK)
The Government on 20 May 2020 published the Corporate Insolvency and Governance Bill , which contains the most far-reaching reforms to UK insolvency law in over 30 years. The Bill has been introduced on an emergency basis in an attempt to ensure that otherwise financially viable companies survive...
29 April 2020
COVID-19: Pressure points: Around 10% of companies with DB schemes look to defer pension contributions (UK)
As companies look for different ways to preserve cash, the option of deferring deficit repair contributions (DRCs) to defined benefit (DB) schemes is being considered by many organisations. It has been widely reported that, to date, around 10% of companies with DB schemes have approached their...
26 September 2019
Pensions and ESG – The evolving legal and regulatory landscape
Environmental, social and governance (ESG) issues are becoming increasingly high profile and they are moving up the agenda for trustee boards, pension providers and asset managers as they respond to new legal and regulatory requirements, to pressure from savers and action groups and to changing...
07 March 2019
Regulator's annual funding statement raises the funding bar
The Pensions Regulator has published its 2019 annual funding statement for defined benefit (DB) schemes. The statement: reflects the Regulator's tougher approach confirms the Regulator's focus on reducing the length of deficit recovery plans and requiring schemes to set a long term funding target,...
26 October 2017
"Lightening the load" – is retrospective levelling-down of pension benefits a Safe Way to equalise?
Benefit equalisation might just be about to take a much-needed haircut. In its recent decision in Safeway the Court of Appeal has opened up a new ‘Barber Window of opportunity’ by questioning the long-established principle that benefits cannot be levelled-down retrospectively in order to align male...
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04 December 2020
NOMINEE BUSINESS STRUCTURES – HEIGHTENED SCRUTINY IN MALAYSIA
While Malaysia has been taking active steps to liberalise foreign direct investment ( FDI ) restrictions in recent years, restrictions in a number of business sectors remain. For example, the banking, telecommunications, construction, engineering, health, education, and energy sectors, among others...
03 December 2020
Workplace change for the Covid recovery
Australian Industrial Relations reforms In May 2020, the government announced its intention to introduce workplace changes to support the rebuilding of a post-Covid economy. Join our Employment, Industrial Relations and Safety team as we unpack the headlines and follow the latest developments on...
01 December 2020
Deciphering the complex world of underpayment of wages: compliance and enforcement
There have been a number of recent examples of large Australian corporates disclosing that members of their workforce have been underpaid, demonstrating the challenges faced by employers in complying with a complicated system of Australian employment laws. We empathise with our clients in this...
30 November 2020
A reminder on permissible fetters to ‘fiduciary out’ clauses
In the current Real Energy Corporation Ltd scheme, the parties agreed to execute a Deed of Variation to the Scheme Implementation Agreement to remove a ‘reasonableness’ requirement in the fiduciary exception to the ‘no talk’, ‘no due diligence’ and ‘notification of unsolicited approaches’...
30 November 2020
Consumer Data Right: Expanding the CDR regime
On 30 September 2020, the Australian Competition and Consumer Commission ( ACCC ) released a further consultation paper concerning the continued expansion and development of the Consumer Data Right ( CDR ) regime. The consultation paper accompanies an Exposure Draft with proposed amendments to the...
30 November 2020
European Commission seeks feedback on sustainable corporate governance
Earlier this year, we reported on the European Commission’s proposal to introduce a legislative initiative on mandatory human rights due diligence, and on an early draft directive prepared for the European Parliament’s Committee on Legal Affairs (the “ EP draft directive ”).
30 November 2020
The scope of ESG: the rise and rise of sustainability-linked loans
In the later stages of the global pandemic, the importance of a green recovery has been emphasised across the globe, and ESG principles have permeated almost every aspect of life, including the financial markets. However, the acronym ESG has an enormously wide scope: where the move to net zero...
30 November 2020
Corporate Crime Update - November 2020
Welcome to the November 2020 edition of our corporate crime update - our round up of developments in relation to corruption, money laundering, fraud, sanctions and related matters. For the full update on each jurisdiction, please click on the links below.
