As the end of 2020 beckons, we take a look at what progress the Sterling market has made in its preparations for the end of the London Interbank Offered Rate (LIBOR) on 31 December 2021.
The Pensions Ombudsman has introduced fixed awards for distress and inconvenience (or “non-financial injustice”) caused by maladministration in the management of pension schemes.
The guidance is effective immediately and applies to complaints which are currently before the Ombudsman as well as new complaints. Non-financial injustice can cover the time and effort spent in having to pursue a complaint and the associated “distress”, such as concern, anxiety, anger, disappointment, embarrassment or loss of expectation and could range from “mild irritation” to anxiety which requires medical treatment.
Awards will fall into one of five categories, each with a corresponding fixed award:
- Nominal (no award)
- Significant (£500)
- Serious (£1000)
- Severe (£2000)
- Exceptional (more than £2000)
The Ombudsman’s guidance sets out examples of the sorts of factors it will consider in deciding the level of award, for example:
- how obvious the maladministration was;
- whether it could have easily been avoided;
- any excessive delays in handling the complaint; and
- the level of distress or inconvenience suffered.
The factsheet published by the Ombudsman sets out examples of how the factors might be applied practically. This document is a reproduction of this.
However, the Ombudsman emphasises that all submissions will be considered on a case-by-case basis. In any event, the awards are not designed to be punitive in nature and are intended as an acknowledgement of the inconvenience or distress they have suffered. Awards falling into the ‘exceptional’ category are therefore expected to be rare.
For more information
For advice on dealing with complaints about pensions maladministration or disputes, please contact Doug Mullen.
Finally, there is a glimmer of hope that perhaps the Covid-19 pandemic could be reaching its end.
For part 2 in this series of short podcasts, Chris Lloyd-Smith interviews senior associate Lisa Whitehouse on how she has been coping during these unprecedented times.
Delayed since Spring 2020 as the Government tackled the Covid-19 crisis, Tuesday 17 November saw the publication of the Social Housing White Paper, setting out the future regulation of the sector
In this ebriefing, we examine how the duty holder regime will apply to social housing providers with existing HRRBs in their housing stock.
Following Katherine's "heads up" last week, the Government has now confirmed that for claim periods post 1 December, employers will not be able to claim for employees who are serving their notice
For part 1 in this series of short podcasts, Chris Lloyd-Smith interviews solicitor Puja Desai on how she has been coping during these unprecedented times.
Over 100 trainees and future trainees from Birmingham joined the BTSS for a webinar to address concerns around training remotely and qualifying during a possible recession.
Anthony Collins Solicitors has supported Birmingham-based Complete Care Holdings in its acquisition of Amegreen Complex Homecare Ltd.
The Guidance for the extended Coronavirus Job Retention Scheme (CJRS) was released last night on 10 November 2020. We thought we knew what we were expecting or so we thought...
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