Tag Archives: pensions

Insolvency practitioners could be personally liable to the tune of £1 million

Dealing with pensions in insolvency can be challenging for insolvency practitioners (“IPs”) and the Pension Scheme Bill (“Bill”) presents another. Whilst a prudent insolvent practitioner should not be unduly alarmed, s114 of the Bill inserts a new section 80B into the Pensions Act 2004 which gives the Pensions Regulator (tPR) power to issue insolvency practitioners … Continue Reading

Pensions versus Insolvency: changes to The Pension Regulator’s powers

There has always been a tension between protecting the interests of defined benefit pension schemes and insolvency given on the one hand The Pensions Regulator (TPR) seeks to protect the interests of pension scheme members and the Pension Protection Fund and on the other, the insolvency regime seeks to protect the interests of creditors as … Continue Reading

Tata Steel and proposed changes to pensions legislation- a watching brief for the insolvency world

Over the past few months, we have commented on the steel industry crisis and some of the employment law issues arising from it in the context of insolvency. The article written by our Pensions team here discusses the Government’s proposals to assist the British Steel Pension Scheme and its struggling principal employer Tata Steel, one of … Continue Reading

Regulators’ bite now as bad as bark

The director at the heart of the Carrington Wire pension fund deficit saga has been disqualified for a period of 12 years. Background We have previously reported on the background to the Carrington Wire Limited (“CWL”) collapse and the Pensions Regulator’s actions in issuing warning notices to CWL’s former Russian parent company (OAO Severstal), and … Continue Reading

Stockton’s Confirmed Plan: “The Best Bad Idea”

Last week Judge Klein approved Stockton, California’s plan of adjustment allowing the city to exit bankruptcy without addressing its largest liability – pensions.  Stockton’s plan called for budget cuts, haircuts for bondholders, and a sales tax increase approved by voters last fall in reliance, in part, on the City’s promises to hire more police.  While … Continue Reading
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