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A pension provided by an employer, where the pension scheme takes the form of a trust arrangement and is legally separate from the employer.
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EU Securitisation Regulation—timeline This timeline shows key developments relating to Regulation (EU) 2017/2402 (the EU Securitisation Regulation) from January 2024 onwards. For earlier developments, see EU and UK Securitisation Regulations—timeline [Archived]. 2025 Date Source Document Description 1 April 2025 AFME The Joint Associations’ response to the ESMA consultation of February 2025 on the revision of the disclosure framework for private securitisation AFME, Commercial Real Estate Finance Council (CREFC) Europe and International Capital Market Association (ICMA) submitted a joint response to the European Securities and Markets Authority's (ESMA) consultation on revising private securitisation disclosure requirements. The joint response argues against: introducing a simplified reporting regime for EU-originated securitisations before wider reforms, citing concerns about potential changes to private securitisation definitions, continued template-based reporting requirements, and unresolved third-country reporting issues. They propose an alternative approach focusing on supervisory reporting needs while allowing more flexible investor disclosures.See: LNB News 01/04/2025 71. 31 March 2025 EBA Joint Committee Report on the implementation and functioning of the Securitisation Regulation (Article 44) The Joint Committee...
EU operational resilience—timeline This timeline shows key developments relating to EU operational resilience requirements for financial services firms from January 2024 onwards. For earlier developments, see Operational resilience—timeline [Archived] 2025 Date Source Document Description 15 April 2025 FSB FSB finalises the common Format for Incident Reporting Exchange (FIRE) The Financial Stability Board (FSB) has published its finalised format for incident reporting exchange (FIRE), which aims to standardise and streamline cyber and operational incident reporting. Developed with private sector collaboration, FIRE addresses fragmentation in reporting requirements across multiple jurisdictions and supports phased implementation. It is interoperable with existing systems and applicable to a wide range of incidents, including those involving third-party service providers. The initiative promotes convergence in cyber incident reporting, reduces the reporting burden for firms, and improves communication among authorities.See: LNB News 15/04/2025 37. 24 March 2025 European Commission COMMISSION DELEGATED REGULATION (EU) …/... supplementing Regulation (EU) 2022/2554 of the European Parliament and of the Council with regard to regulatory technical standards specifying the elements that a financial...
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THIS PRACTICE NOTE APPLIES TO DEFINED BENEFIT OCCUPATIONAL PENSION SCHEMESSponsoring employers and trustees of defined benefit occupational pension schemes may need to amend a scheme's provisions for a variety of reasons. For example, the employer may wish to:•change the scheme's benefit structure•take account of legislative changes•close the scheme to new members•close the scheme to future accrual of benefits•introduce a new defined contribution sectionWhatever the reason, before making or agreeing to an amendment to an occupational pension scheme, sponsoring employers and trustees should ensure that they comply with their legal obligations under statute and common law.Employer considerationsSponsoring employers should consider carefully their duties under statute and employment law before making amendments to a scheme. In particular, the employer should consider:•whether it is acting in accordance with its implied contractual obligation not, without reasonable and proper cause, to act in a way calculated or likely to destroy or seriously damage the relationship of trust and confidence between the employer and its employees (the duty of trust and confidence)•whether the change is permitted...
STOP PRESS: On 28 March 2024, the Pensions Regulator (TPR)’s new General Code of Practice came into force, through the Pensions Act 2004 (General Code of Practice) (Appointed Day, Amendment and Revocations) Order 2024, SI 2024/431. The General Code merges and updates ten of TPR’s existing codes of practice into a single code made of ‘51 shorter, topic-based modules’. TPR say this new format will make it easier for governing bodies to find TPR’s expectations and certify whether they meet them. The ten codes of practice affected are those relating to reporting breaches of the law, early leavers, late payment of contributions, trustee knowledge and understanding, MNTs/MNDs, internal controls, dispute resolution—reasonable periods, DC governance and public sector governance.Among other things, the General Code of Practice includes a module on trustee remuneration and sets out TPR's expectations on administration and maintaining an effective system of governance (ESOG), as required by the Occupational Pension Schemes (Governance) (Amendment) Regulations 2018, SI 2018/1103 (which implement IORP II). Scheme governing bodies will be expected to...
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Insurance outsourcing clauses These clauses are for use in relation to Precedent: Outsourcing agreement—long form when used in relation to the outsourcing of services by a regulated insurance firm. Please see the drafting notes for specific instructions and further guidance. 1 Definitions 1.1 In this Agreement, unless the context otherwise requires, capitalised terms shall have the meanings set out below. Confidential Information • any information which is marked as being confidential or which may reasonably be regarded as confidential, together with all information obtained from the party making the disclosure (including, in the case of the Customer, its Affiliates) that relates to the business, affairs, products, trade secrets, technology, know-how, methodology of supply, developments, finances, employees, customers, policy holders, beneficiaries (where relevant), suppliers or any other contracting parties of or relating to either party, including the subject matter of this Agreement and any Material; Disaster Recovery and Business Continuity Plan • means a written document detailing the procedures to be followed and actions to be undertaken...
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Where parties agree that a TUPE transfer exists, can they contractually agree that one party will not be liable for transfer-related costs, eg of redundancy? Where the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE 2006), SI 2006/246 applies, it provides that: • all the employees assigned to the undertaking that is transferring will transfer to the transferee • all rights and liabilities attaching to those employees will also transfer to the transferee (with a few exceptions, the main one being certain rights in relation to occupational pensions) • some liabilities relating to former employees will also transfer to the transferee, depending on when they ceased to be employees, why they were dismissed and how that came about • liability for failure to inform and consult will be jointly and severally that of the transferor and the transferee For further information, see Practice Notes: • TUPE—transfer of rights and liabilities • TUPE—protection against dismissal • TUPE—information and consultation Although the provisions of TUPE 2006 apply...
What is a new product and what classes as a significant change to an existing product in relation to the new Insurance Distribution Directive? Article 25(1) of the Insurance Distribution Directive (Directive (EU) 2016/97) (IDD) requires insurance undertakings, as well as intermediaries which manufacture any insurance product for sale to customers, to maintain, operate and review a process for the approval of each insurance product, or significant adaptations of an existing insurance product, before it is marketed or distributed to customers. In the Financial Conduct Authority (FCA) Handbook, this is reflected in PROD 4.2.1 R. Similar language is used in Article 4(1) of Commission Delegated Regulation (EU) 2017/2358, which requires manufacturers to maintain, operate and review a product approval process for newly developed insurance products and for significant adaptations of existing insurance products. Article 6(1) of Commission Delegated Regulation (EU) 2017/2358 requires manufacturers to test their insurance products appropriately, including scenario analyses where relevant, before bringing that product to the market or significantly adapting it, or in case...
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Law360: More than a million 'gig' workers in the UK cannot afford to save into a pension, a retirement savings company has said, amid growing fears that younger and more precarious workers will not have adequate savings in later life.
This week's edition of EU Law weekly highlights includes analyses on the publication of the digital simplification package set for 10 December 2025 and the finalisation of the General Purpose AI Code of Practice. In addition this week, the Commission published the June 2025 infringement package, opened a four-week consultation on a draft implementing regulation that sets out the rules for disclosing information on unsold consumer products disposed of by businesses under the EU Ecodesign Directive, published a defence omnibus package which includes amendments to EU chemical legislation, published its eighth illustrative programme for nuclear under Article 40 of the Euratom Treaty, proposed a Regulation to phase out Russian fossil fuels, adopted a delegated act amending the Medical Devices Regulation to introduce the Master UDI-DI solution for spectacle products, and published its 2025 State of the Digital Decade report. Further, the Council of the EU and the European Parliament reached a provisional agreement on a new regulation to improve cross-border enforcement of the EU General Data Protection Regulation, the Council...
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