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Coming full circle: Closing Loopholes No 2 reinstates the common law tests
On 7 December 2023, Parliament passed the Fair Work Legislation Amendment (Closing Loopholes Act 2023),
United Kingdom | Publication | December 2023
The PPF has published the 18th edition of The Purple Book, which provides data and analysis of the UK DB pension landscape. According to the report, the net funding position on a section 179 basis improved to a surplus of £358.9bn in the year to March 31, 2023, with more than 80 per cent of schemes in surplus. The findings also revealed that the aggregate funding ratio increased from 113.1 per cent in 2022 to 134 per cent in the same period.
The total number of DB schemes fell slightly from 5,131 to 5,063 as a result of winding-up, mergers or falling into the PPF. However, there remains a “long tail” of small DB schemes in the market.
As regards asset allocation, the PPF notes that the largest shift was the increase in allocations to unquoted/private equity which increased from 21.5 per cent to 29.5 per cent. Investments in UK-quoted equity continued to decrease, falling from 9.9 per cent to 7.6 per cent, while overseas-quoted equities fell from 68.6 per cent to 62.8 per cent.
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On 7 December 2023, Parliament passed the Fair Work Legislation Amendment (Closing Loopholes Act 2023),
Publication
Starting in 2022, the Government of Canada has introduced three waves of amendments to the Competition Act (Act) resulting in the most significant revisions to Canada’s competition laws in over a decade.
Publication
Prime Minister Rishi Sunak has unveiled the Conservative Party’s manifesto ahead of the general election taking place on 4 July 2024. Whilst the Conservative Party manifesto does not contain changes to employment laws which are as significant as those proposed by the Labour Party, it includes a number of policies which will impact rights and obligations in the workplace. Below is a brief summary of these proposals and the implications for employers.
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