![Global rules on foreign direct investment](https://www.nortonrosefulbright.com/-/media/images/nrf/nrfweb/knowledge/publications/us_24355_legal-update--fdi-alert.jpeg?w=265&revision=a5124a65-abf9-40e4-8e96-9df39ffdb212&revision=5250068427347387904&hash=96B456347C3246E5649838DF281C5F5D)
Publication
Global rules on foreign direct investment (FDI)
Cross-border acquisitions and investments increasingly trigger foreign direct investment (FDI) screening requirements.
Royaume-Uni | Publication | juillet 2024
The Court of Appeal has ruled that all rule amendments to contracted-out DB schemes between 1997 and 2013 do need written actuarial confirmation that the reference scheme test continues to be satisfied.
The decision in Virgin Media Limited v NTL Pensions Trustees II Limited means amendments could be void whether they related to past or future service benefits, and even where such amendments were benefit improvements.
Comment
It is unclear whether there will be a further appeal by the employer to the Supreme Court. Meanwhile, the decision is likely to cause major issues for contracted-out DB schemes unless the DWP steps in urgently to provide a solution.
The DWP has the power to validate scheme amendments retrospectively, which could be the swiftest and most satisfactory resolution to what will otherwise be a huge and wide-ranging problem.
Without intervention from the DWP, the ramifications of calling into question past amendments are likely to create an enormous work overload for scheme trustees and administrators who are already dealing with major projects such as the scheme funding regime, GMP equalisation and dashboard implementation.
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
We are delighted to announce that Al Hounsell, Director of Strategic Innovation & Legal Design based in our Toronto office, has been named 'Innovative Leader of the Year' at the International Legal Technology Association (ILTA) Awards.
Subscribe and stay up to date with the latest legal news, information and events . . .
© Norton Rose Fulbright LLP 2023