
The Academies Financial Handbook is updated annually by the Department for Education and the Education and Skills Funding Agency; it contains a number of governance requirements for academy trusts.
This should save employers who receive staff transfers significant time and cost in setting up broadly comparable pension arrangements.
Currently, employees can remain in the Local Government Pension scheme by the new employer becoming an admitted body. Not-for-profit employers can obtain direction status in the NHS Pension Scheme as an alternative to providing a broadly comparable scheme. Similarly, teaching staff may be able to remain in the Teachers Pension Scheme. However, these arrangements are not always possible to secure and staff in the Civil Service Pensions Schemes currently cannot remain in this scheme after transfer. New employers may therefore need to offer broadly comparable final salary pension schemes which can be costly to set up.
Chief Secretary to the Treasury, Danny Alexander, has confirmed that legislation will be put before Parliament which will set out arrangements to “replace the current broad comparability and bulk transfer approach under fair deal”. He confirmed the government’s intention to maintain the overall approach under Fair Deal which is to ensure that staff pension rights are maintained on transfer out of the public sector.
Many organisations contracting with the public sector have hoped for a move away from the obligation to maintain existing pension rights for staff transferring out from the public sector and it appears clear this is not going to happen. However, the positive news is that the new legislation will mean organisations no longer have to negotiate and implement bulk transfer arrangements or to have to incur the expense of setting up a broadly comparable scheme.
The Government’s announcement does not clarify what organisations re-tendering for existing contracts where the staff have already transferred out into a broadly comparable scheme will be required to put in place.
We will provide a further update once the draft legislation has been published.
Please contact Matthew Wort on 0121 214 3501, matthew.wort@anthonycollins.com or Douglas Mullen on 0121 212 7432, douglas.mullen@anthonycollins.com.
The Academies Financial Handbook is updated annually by the Department for Education and the Education and Skills Funding Agency; it contains a number of governance requirements for academy trusts.
Supreme Court publishes key decision for those working in the UK’s gig economy.
The 'Chocolate Snowman Appeal' is an amazing initiative that Anthony Collins Solicitors' (ACS) employees take part in every year.
The Building Safety Bill (the Bill) is said to be the most significant and wide-ranging change to the regulatory environment for higher risk building (HRBs) for over 45 years.
On 4 November 2020, the Restriction of Public Exit Payments Regulations 2020 (the Regulations) came into force; exit payments for the public sector were capped at £95,000.
The case was brought by the Official Receiver who sought disqualification orders under section 6 of the Company Directors Disqualification Act 1986 (CDDA 1986) against the seven trustees of Kids Company and its CEO. It illustrates well the tension between the role of a fulltime paid CEO of a large charity and the role of its board as voluntary trustees/directors.
At the end of 2020, The Charity Governance Code was updated or 'refreshed' as it is termed on its website.
Anthony Collins Solicitors is today (Thursday 11 February) revealing the scale of its social impact during 2020.
In their first podcast of this series, current and future trainees will discuss their journey and route to securing a training contract at Anthony Collins Solicitors.
A recent prosecution by the Health and Safety Executive ("HSE") demonstrates the importance of organisations regularly inspecting, maintaining, and if necessary, repairing or replacing street furnitur
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.