This article looks at some of the trends we have seen in the use of interest rate benchmarks in the mid-market since the cessation of LIBOR, with a focus on sterling loans in the UK mid-market. We said a final goodbye to sterling LIBOR over a year ago, and in that time our team has acted on over £2bn worth of facilities. As we look back on the last 12 months’ worth of transactions, some trends are emerging ...
The recent sanction judgment gives important guidance on the way in which the court's discretion should be exercised when sanctioning a restructuring plan and considers whether it is necessary for opposing parties to provide valuation evidence of their own ...
We’re excited to announce that Shoosmiths is one of the partners behind Platform – a six-month campaign that aims to make town centre property more accessible to communities and businesses. Being based in thirteen locations across the UK and with many clients whose businesses rely on a successful town centre, Shoosmiths is heavily invested in the issue of urban revival ...
In a surprising turn of events, the Transport Secretary, Mark Harper, announced yesterday that the controversial plans to close the majority of rail ticket offices have been scrapped. This announcement comes as a major relief for both passengers and ticket sales personnel, but it raises questions about the potential repercussions for the rail sector as a whole ...
The UK government’s Hydrogen Strategy, published in August 2021, confirms that developing a thriving low carbon hydrogen sector in the UK is a key plank of the government’s plan to build back better with a cleaner, greener energy system ...
There are less than 12 months until new mandatory biodiversity net gain (BNG) requirements are enforced as part of the Environment Act 2021. The legislation will require all new developments in England (bar a few exceptions) to deliver at least 10 per cent BNG – impacting both commercial and residential developers. Although the Environment Act received Royal Assent in November 2021, secondary legislation is set to be introduced to enable the relevant provisions to take effect ...
The school holidays are almost here and many of us are thinking about travelling abroad. If your surname is different from your dependent children, then the ever-changing COVID-19 travel restrictions aren’t the only concern to consider when making your holiday plans. The rise of ‘blended’ families and couples choosing not to marry means it is not unusual for a parent to have a different surname to their dependent children ...
Shoosmiths explore the need for regulation in the evolving landscape of Web 3.0 and the Metaverse, focusing on recent approaches to regulating emerging technologies, and the importance of striking a balance between flexibility and effective safeguards. At a Web 3 ...
This week, the Ministry of Justice announced details about a new forward-thinking approach in private law children cases. The pilot scheme is intended to improve the way local authorities, the police and the family court share information to improve the support provided to victims of domestic abuse. The scheme The new approach is being piloted by family courts in Wales and Dorset, in cases dealing with child arrangement, specific issues and prohibited steps orders ...
The Modern Slavery Act 2015 introduces a new area of compliance for commercial organisations. The Act is amongst the toughest anti-slavery and human trafficking legislation in the world. Although legal penalties are restricted, interest from patients, consumers, investors, NGOs, pressure groups and brand risk is expected to enforce compliance ...
Since the UK left the European Union, new rules have come into force surrounding the travel of pets. This article outlines the current position on bringing cats, dogs and ferrets into England, Scotland and Wales. Prior to Brexit, UK pet owners could travel freely with their cats and dogs between EU countries, provided their pet was microchipped and also had a pet passport ...
Since April 2021, over 278 cases of feline pancytopenia, approximately 130 of which have proved fatal, have been detected amongst the UK’s feline population. This has now led to a recall of various cat foods, affecting large and small retailers ...
Paul Carney and Craig Thomas explore the impact of the Chancellor's 2023 Spring Budget on the taxation of pensions in the UK. The Chancellor’s budget statement on 15 March caused many to be surprised and some to be perplexed ...
In last year’s predictions, we surmised that the pensions industry at large had put “a busy and unpredictable 12 months” at the top of its wish list at the start of 2022. It seems like everyone enjoyed having that wish granted so much last year that they asked for more of the same in 2023 and well, we certainly got it! What started out as a steady year soon took a different turn ...
We can only assume that the pensions industry at large put “a busy and unpredictable 12 months” at the top of its wish list at the start of the year, and 2022 certainly delivered. From the sombre to the unprecedented, 2022 had it all. The year was bookended by investment issues. In February, View More
Chancellor Jeremy Hunt delivered the Autumn Statement on 22 November 2023. In total, it contained 110 proposed measures for delivering UK growth. From a pensions perspective, the focus was on consolidation of the UK pensions industry through: Taking forward the Mansion House reforms, starting with steps to increase consolidation within the UK pensions industry ...
Pensions dashboards have been a long time in the making, but we can be certain now that they are coming, and soon. Trustees of schemes with more than 100 members (excluding pensioner members) will need to ensure that they connect to the dashboard by their statutory connection date - but there’s a lot of preparatory work needed to make that possible ...
The Department for Work and Pensions has announced a revised timeline for pensions dashboard connection. The aim of a Pensions Dashboard is to enable individuals to see information about all their pension saving, including state pension, in one online location. This is to enable individuals to keep track of their pension savings, particularly where they have worked for several different employers ...
On 10 July 2023 in his Mansion House speech, Chancellor Jeremey Hunt announced the government’s plans to transform the UK’s financial services sector. The announcement was followed the next day by a raft of consultation documents from the DWP addressing a range of pension reforms aimed at boosting outcomes for pension savers and supporting growth across the wider economy ...
The Pensions Regulator (tPR) has published a consultation introducing its proposed guidance (‘Draft Guidance’) on pensions climate risk. The Draft Guidance follows on from the introduction of the Occupational Pension Schemes (Climate Change Governance and Reporting) Regulations 2021 (‘Regulations’) ...
The Pension Schemes Bill received Royal Assent on 11 February 2021, becoming the Pension Schemes Act 2021. Originally introduced into Parliament in Autumn 2019, the Act covers a mix of pensions-related matters which we outline in this article. Parts One and Two set out the legislative framework for establishing a collective money purchase scheme, commonly known as a collective defined contribution scheme (Part Two extends this to Northern Ireland) ...
A recent case has seen trustees apply for and obtain court approval for a trustee petition to wind-up the scheme's sponsoring employers. This is a relatively unusual case, but the trustees had reached a point where no other options were available to them ...
The Pension Protection Fund (PPF) has published its determination for the levy year 2021 to 2022, following its autumn consultation. Ordinarily, the PPF considers matters across the levy triennium with a view to keeping the rules relatively stable on a triennial basis. However, in considering the impact of COVID-19 on schemes, the PPF wishes to take a more flexible approach with the aim of switching back to a multi-year approach in 2023/24 ...
Pensions form part of the assets that can be distributed between a couple on divorce/dissolution. This guide will provide you with an overview of what you need to know about pensions if you are separating or getting divorced. What pensions can be shared? Defined benefit/final salary schemes (for example public sector schemes) Defined contribution/money purchase schemes (for example personal pensions, SIPPS and some occupational schemes) Additional state pension ...
Whilst talk of Rail Refrom is excellent news for a Sector that has been crying out for it, how much will it really impact the supply chain and what processes and protections are already in place to help the flow of contractual payments? As the Passenger Railway Services (Public Ownership) Bill awaits its second reading in the House of Lords on 7th October it is clear that there is a real focus on Rail from the Government ...
