Publication
Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
United Kingdom | Publication | September 2022
The CMG scheme had experienced problems following historical mistakes made in the execution of rule amendments relating to the equalisation of normal retirement date for all members and a reduction in the accrual rate.
The scheme rules included the following provision:
Members had been paid lump sums in compensation for underpayments but the employer claimed that the above rule closed off this avenue after six years. The Trustee argued that the rule was merely intended to free up orphaned benefits and identifying missing beneficiaries. The Trustee’s claim was that identifiable members’ benefits were not extinguished, and shortfalls of historic benefits should still be paid.
The court also decided that where trustees seek to recover overpaid benefits by reducing members’ future benefit payments, a county court order is required and a direction from the Pensions Ombudsman will not suffice.
The Lloyds judgment discounted any possibility of a statutory limitation applying to payment of arrears of GMP equalisation benefits but after this judgment it is possible that certain scheme rules may mean limitation applies, depending on the particular way the relevant provisions are expressed.
Publication
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Publication
Artificial intelligence (AI) raises many intellectual property (IP) issues.
Publication
Taking place across three webinars, our team of experienced lawyers and consultants, along with industry professionals and regulators, explore the latest ESG developments and trends within financial services regulation. This series takes a cross jurisdictional perspective, covering ESG financial services regulation and trends from across the globe.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023