We are delighted to announce that our private wealth law department has continued to maintain its Band 2 position in the latest edition of Chambers and Partners High Net Worth.
On 8 May 2019, the Ministry of Housing, Communities and Local Government published a consultation regarding changes to the Local Government Pension Scheme (LGPS). The changes are outlined below.
Deferring exit payments
As the LGPS rules currently stand, in a business restructure where the last member of the LGPS transfers from one business to another, an exit payment will usually be triggered and must be paid by the transferring business. The consultation document looks to address the burden this imposes during group restructuring and seeks to “transport” the pension to the new employer so that no exit payment is triggered.
This will occur, so the consultation outlines, in a “takeover” and “merger” situation, but rather inconveniently, the consultation does not define the parameters of these terms. This, therefore, may apply in insolvency situations and so, as ever, our advice would be to carry out your due diligence carefully and ensure you understand the business you are taking over, warts and all!
Exit credits – are they fair?
Since May 2018, employers with employees in the LGPS who are in surplus when a leaving valuation is made are paid an “exit credit”. Increasingly, however, contracting authorities are sharing the risks of participation in the LGPS with service providers. This could see service providers taking little risk but receiving an exit credit, even though the costs of participation in the LGPS have been under-written by the contracting authority. With that in mind, this consultation looks to redress that by proposing that no exit credit be awarded in that situation.
Finally, the consultation document looks to amend the valuation cycle from its current three-year period to four years (in line with other public sector schemes). In addition, LGPS funds will be able to undertake interim valuations to enable them to take action between valuations, and it will permit administering authorities to amend employers’ contribution rates in-between valuations. This will give some welcome flexibility when pensions are being buffeted by the waves of economic stress and unfavourable court decisions (as above!).
For more information, please contact Doug Mullen.
Charities, like other organisations, may be subject to or choose to voluntarily comply with the reporting requirements under the Modern Slavery Act 2015.
The draft regulations making it mandatory for anyone entering a registered care home in England to have been double vaccinated unless they are clinically exempt were made on 22 July 2021.
In the Transforming Public Procurement Green Paper, the Government signalled its desire to increase its control over procurements by all contracting authorities.
The monthly round-up from the Anthony Collins Solicitors charities team.
Legal updates as the UK enters into stage 4 of the roadmap and legal restrictions on face coverings and social distancing are lifted.
The first disability we are going to discuss is diabetes. We begin by discussing the different types of diabetes; their similarities and differences and how we live with the disability within our day.
Tim Coolican and Freya Cassia explore the legal and practical options available to providers if a disappointing result is received following an inspection.
Following the launch of the CQC’s new strategy for how it regulates health and social care, many providers will be keen to know more about how the changes might affect them in the future.
EPC’s are not required to be served with a Section 21 notice for assured shorthold tenancies if the tenancy predates October 2015.
To receive invitations to our events, as well as information and articles on legal issues and sector developments that are of interest to you, please sign up to Newsroom.