Employment / Labour Law

Blackstone's Guide to the Pensions Act 2004

Edited by Martin Jenkins · Martin Poore
Oxford University Press June 2005

Specifications

ISBN-13
9780199281909
Publisher
Oxford University Press
Publication
June 2005
Format
Paperback , 568 pages
Jurisdiction
U.K. ? Countri(es) for reference only

Details

  • Describes and explains how the Pensions Act 2004 will overhaul the current regulatory scheme for pensions
  • Provides a contextual background to the Act outlining the drivers for change
  • Covers key changes imposed by the legislation
  • United author team, all from Dickinson Dees Pensions Law Team
  • Accessible and easy to use layout makes this an ideal quick reference source
  • Includes a copy of the Pensions Act 2004

The Blackstone's Guide Series delivers concise and accessible books covering the latest legislative changes and amendments. Published within weeks of the Act, they offer expert commentary by leading names on the effects, extent and scope of the legislation, plus a full copy of the Act itself. They offer a cost-effective solution to key information needs and are the perfect companion for any practitioner needing to get up to speed with the latest changes.



The Pensions Act 2004 is the most substantial change to pension law and practice since the Pensions Act 1995. The new provisions provide a statutory framework for the government's proposals for pension reform, and form part of a wider package of measures for restructuring the basis of state and private pension provision. The new Act also sweeps away and replaces large portions of the existing regulatory regime for pensions.



The Act comes into force in stages from April 2005 and introduces many important changes to pensions regulation, including: new scheme specific funding requirements; a new pensions regulator armed with wide powers to protect members' interests; and the introduction of a pension protection fund to meet certain benefits in the event of scheme failure. Together with the government's tax simplification proposals, contained in the Finance Act 2004, the Act will radically alter the conditions under which UK occupational pension schemes (and defined benefit schemes in particular) operate.



This practical Guide puts the provisions of the Act into context, and provides a clear and concise explanation of the impact of the changes introduced. The Guide contains a full analysis and explanation of the legislation plus a copy of the Act. It is an invaluable resource for practitioners, employers and trustees in the field.

Readership: Primary: Solicitors and barristers working in the area of pensions and related areas such as employment and tax law. Secondary: Actuaries; benefits consultants; pensions scheme administrators; pensions managers; trustees; insolvency work firms; and property advisors.

Table of Contents

Foreword by Nigel Waterson MP, Shadow Minister for Pensions


1: Introduction


Implementation Timetable


Commentary


2: The Pensions Regulator


Introduction


Structure and Organization of the Regulator


Provision of Information and Notices


Powers in Relation to the Conduct of Pension Schemes


Moral Hazard Provisions


Registration and General Powers


Codes of Practice


Exercise of Regulatory Function


The Pensions Regulator Tribunal


3: The Pension Protection Fund


Introduction


The PPF Board - Establishment and Functions


Summary of PPF Procedure


Effect of Employer's Insolvency


Eligible Schemes


Duty to Assume Responsibility for a Scheme


The Assessment Period


Refusal to Assume Responsibility for a Scheme


Reconsideration


Closed Schemes and Winding Up


Payment of Compensation


The Fund


The Levies


4: Fraud Compensation


Introduction


Cases where Fraud Compensation Payments can be made


Fraud Compensation Payments


Interim Payments


Interaction with the Pension Protection Fund


Fraud Compensation Fund


Fraud Compensation Levy


5: Gathering Information


Introduction


Requirement to Disclose Information to the Board


Powers of the Board to Obtain Information


Penalties


Disclosure of Information by the Board


6: Reviews, Appeals, and Maladministration


Introduction


Investigation of Complaints by the Board


The PPF Ombudsman


7: Scheme Funding


Introduction


Statutory Funding Objective


Statement of Funding Principles


Agreement of the Employer


Advice to the Actuary


Powers for the Regulator


8: Financial Planning for Retirement


Introduction


Legislation


9: Miscellaneous Provisions


Introduction


Trustee Obligations


Employer Obligations


Scheme Modification


Pension Disputes


Scheme Design and Regulatory


10: Financial Assistance Scheme


Introduction


Framework Provisions for the FAS


Practical Issues


11: Cross Border Activities within the European Union


Introduction


Legislation


Commentary


12: State Pensions


Introduction


Legislation


Commentary


APPENDICES


Appendix 1: Pensions Act 2004


Appendix 2: Useful Addresses


Appendix 3: Useful Web References


 


 



About the Author

Edited by Martin Jenkins, Partner, Dickinson Dees Pensions Law Team, and Martin Poore, Partner, Dickinson Dees Pensions Law Team


Contributors:


Helen Dodds (Solicitor, Dickinson Dees)


Asmah Baig (Solicitor, Dickinson Dees)


Kate Hainsworth (Solicitor, Dickinson Dees)


Kate Byers (Head of Pension Documents, Dickinson Dees)


David Brabbs (Pensions Manager, Dickinson Dees)


Pat Abeysekera (Pensions Documents Manager, Dickinson Dees)


Debbie Don (Pensions Documents Manager, Dickinson Dees)


 



Reviews

"About two-thirds of this volume consists of the whole text of PeA 2004: one must be grateful that the commentary is no only shorter than the statute but much clearer. The table of contentsis helpfully laid to make its topics instantly apparent...This is good value." - New Law Journal


 


 



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