Pension Scheme Deficits

Practical Solutions
1. Auflage 2007
ISBN: 978-1-905783-08-3
Verlag: Globe Law and Business - IPSUK

Buch, Englisch, 273 Seiten, Format (B × H): 160 mm x 240 mm, Gewicht: 609 g

Reihe: Globe Law and Business

Pension scheme deficits are rarely out of the headlines. Never in their history have they enjoyed their current notoriety, nor has their importance been more apparent. Over 10,000 pension schemes provide pension benefits that are designed to replace a proportion of the recipient's salary when they retire. These schemes are the flagship of the occupational pensions system – and the vast majority are in deficit, some severely.

This book is designed to take the reader through how this has come about and what is being done to rectify it. The book includes contributions from leading practitioners in their field, who are grappling with the often highly complex issues that deficits produce on a day-to-day basis, in an accessible and understandable format. Featuring practical analysis on a wide range of issues – from traditional methods of addressing a deficit, alternative methods of funding deficit reduction, investment and employment considerations to the Pensions Regulator and the Pension Protection Fund, the emergence of an alternative buyout market and corporate governance – this book will provide you with the only comprehensive guide to dealing with pension scheme deficits in your practice.

Aimed at a broad cross-section of the pensions market, this book will be of great practical use to all who have to deal with a pension fund deficit. Trustees, corporate officers and stakeholders, from chief financial officers and finance directors to pension managers, and the entire range of advisers – accounting, actuarial and legal – will find the book of interest and practical use.

Autoren/Hrsg.

Hull, Steven

Fachgebiete

• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Finanzsektor & Finanzdienstleistungen: Allgemeines
• Wirtschaftswissenschaften Betriebswirtschaft Unternehmensfinanzen
• Rechtswissenschaften Internationales Recht und Europarecht Internationales Recht Internationales Handels-, Wirtschafts- und Gesellschaftsrecht
• Wirtschaftswissenschaften Finanzsektor & Finanzdienstleistungen Unternehmensfinanzierung

Inhaltsverzeichnis

Preface 5
Steven Hull
Ashurst

Part 1: History

Why are schemes in deficit? 7
Jonathan Seres
Sacker & Partners LLP

Traditional methods of assessing and dealing with a deficit 19
Stephen Yeo
Watson Wyatt

Part 2: Alternative methods of deficit reduction

Scheme benefit changes 35
Camilla Barry
Macfarlanes

Career average revalued earnings and other alternatives to final salary 45
Danny Tsang
K&L Gates

Defined contribution schemes 55
Gary Smith
Watson Wyatt

Transfers with cash incentives 65
Ian Gault
Susanne Wilkins
Herbert Smith LLP

Escrow accounts 75
Mark Alexander
Julian Jones
Lane Clark & Peacock LLP

Other types of contingent asset 87
Mark Catchpole
Stephenson Harwood

Sectionalised schemes 97
Penny Cogher
Speechly Bircham LLP

Part 3: Investment revisited

Asset allocation: the drive to bonds 105
Daniel Peters
Aon Consulting

Part 4: Practical considerations

The legal position of employers and trustees 125
Diane Preston
Trowers & Hamlins

Employment considerations: consultation and discrimination 137
Sally Ling
GR Comunications

Issues in implementation: communications 147
Sally Ling
GR Comunications

Part 5: The impact of the Pensions Act 2004

The Pensions Regulator and the Pension Protection Fund 157
Andrew Powell
Frances Phillips Taft
Hammonds

Moving a scheme into the Pension Protection Fund 179
Russell Agius
Hewitt Associates

The effect of the Pensions Regulator on M&A activity 189
Paul Jagger
Hewitt Associates

Part 6: Alternative buy-out market

The emergence of an alternative buy-out market 197
Kenneth Donaldson
Higham Dunnett Shaw plc

Part 7: Corporate and scheme governance

Directors’ duties and conflicts of interest 211
Däna Burstow
Allen & Overy LLP

The developing role of independent trustees 219
David Archer
Pitmans Trustees Limited

Part 8: Deficit reductions around the world

Canada 229
Mark Newton
Heenan Blaikie LLP

Germany 239
Christoph Crisolli
Kliemt & Vollstädt

Ireland 245
Fiona Thornton
LK Shields Solicitors

United States 251
Robert P Flanagan
Mary K Samsa
Seyfarth Shaw LLP

Part 9: Outlook

Future developments 261
Kevin Wesbroom
Hewitt Associates

About the authors 267

Über Autor(innen)

Consulting Editor Steven Hull is a partner at international law firm Ashurst and leads the London pensions team. He has over 18 years' legal experience of a wide range of pension-related matters in acting for employers and trustees. He has particular expertise in pension scheme reorganisations and mergers, deficit reduction and surplus resolution strategies, changing beneft structures, the pensions aspects of corporate transactions, and dealing with the new legislative regime following the Pensions Act 2004 and Finance Act 2004.