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Blackstone's Guide to the Pensions Act 2004

Blackstone's Guide to the Pensions Act 2004

Author: Martin Jenkins; Martin Poore
Publisher: Oxford University Press
ISBN: 9780199281909
Published In: June 2005
Format: Paperback , 568 pages
Jurisdiction: U.K. ? Disclaimer:
Countri(es) stated herein are used as reference only

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Description
Contents
Author
Reviews

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.

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

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)

"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