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Keeping your dawn raid guidance current
Unannounced inspections or ‘dawn raids’ are used by antitrust authorities to obtain evidence when there are suspicions that individuals or businesses have infringed the antitrust rules.
United Kingdom | Publication | April 2023
On April 13, 2023, the Regulator published a press release announcing its authorisation of the Royal Mail Collective Pension Plan as the UK's first collective defined contribution (CDC) scheme and has published a list of authorised CDC schemes on its website.
The Pension Schemes Act 2021 introduced an authorisation and supervision regime for CDC schemes and this came into force in August 2022. They must meet stringent criteria including fitness and propriety requirements for those that run the scheme, put in place the right systems and processes, show the scheme is financially sustainable and have robust member communications. The Regulator has supervisory powers and may intervene when necessary.
CDC schemes are an alternative to DB or DC arrangements. Under CDC schemes, employers and employees contribute to a collective fund and the income level of savers in retirement can be adjusted to reflect investment returns and the fund assets available.
Currently, CDC schemes can be set up by a single employer for itself, or for employers in the same group of companies. The Act also contains powers to enable further developments of the CDC market, such as schemes for groups of employers who are not legally connected. Earlier this year, the DWP consulted on extending opportunities for CDC schemes and will respond in due course. The Regulator is working closely with the DWP in this area.
Publication
Unannounced inspections or ‘dawn raids’ are used by antitrust authorities to obtain evidence when there are suspicions that individuals or businesses have infringed the antitrust rules.
Publication
The EU Foreign Subsidies Regulation, or FSR, is intended to prevent or remedy distortions of the EU internal market caused by “foreign” – meaning non-EU – subsidies benefitting companies active in the EU.
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The English High Court has given its judgment in the legal battle between FW Aviation (FWA) and VietJet Aviation Joint Stock Company (VietJet). This case revolved around the enforcement of leasing agreements for four Airbus aircraft and the alleged interference by VietJet in the aircraft’s repossession in Vietnam.
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