1. A legal look at the Pensions World Sarah Phillips and Jennifer Chambers Wednesday 3 September 2014 Aberdeen Edinburgh Glasgow

2. Topics tPR Funding Code of Practice Innovative scheme funding arrangements: what we are seeing in practice? Scottish Independence The new definition of money purchase benefits: implications and uncertainties Recent cases from the Pensions Ombudsman and the Courts

3. tPR Code of Practice – A new dawn or business as usual? What’s changed? Shift in balance – “sustainable growth of the employer” 9 Principles 15 Risk Indicators Implementing the Code – Integrated Risk Management Covenant / Investment / Contributions

4. Innovative Funding Structures Asset-backed funding (not so innovative anymore) Reservoir Trusts Charged Accounts Why the interest? What are the benefits? Where have they been used?

5. Scottish Independence

6. Scottish Independence – in the event of a “Yes” vote... The White Paper State Pensions Automatic Enrolment Regulatory Framework Cross-border schemes Tax

7. The new definition of money purchase benefits: implications and uncertainties Effective 24 July 2014 Background - Bridge Trustees case “money purchase benefits” only those benefits which cannot develop a funding deficit Retrospective effect from 1 January 1997 Key focus: hybrid schemes

8. New definition of money purchase benefits Implications – Increase in schemes to which certain legislation applies (funding, debt, PPF) – BUT: decisions taken by trustees in good faith between 1 January 1997 and 24 July 2014 valid except in limited circumstances – Need to agree approach for complying with statutory framework Uncertainties – DC scheme with DB underpin – money purchase until underpin “bites”

9. Case Round Up Gleeds – the pensions horror show Lehman – settlement reached Ombudsman round up – easy mistakes to make?

10. Sarah Phillips Partner +44 (0)131 473 6906 +44 (0)7584 631 878 Sarah.Phillips@burnesspaull.com Jennifer Chambers Senior Associate +44 (0)131 473 6317 +44 (0)7921 556 410 Jennifer.Chambers@burnesspaull.com Get in touch

11. QA