In recognition of the increasing popularity in the market of asset-backed contribution arrangements (ABCs), the Pensions Regulator has issued detailed guidance for trustees considering using such a structure to fund their pension scheme. ABCs, in general terms, allow an employer operating a defined benefit pension scheme to use a non-cash asset to provide a regular income stream to the scheme without an outright disposal of the asset to the scheme ...
The Department for Business, Innovation and Skills (BIS) has published guidance on employee shareholders. This guidance is quite useful and sets out the following 6 conditions which need to be met in order to become an employee shareholder: The individual and the company must both agree that the individual will be an employee shareholder ...
It makes for great entertainment if a competition comes down to the last few minutes. So a dramatic final race in Abu Dhabi should have been the finishing flourish for a Formula One season that has been one of the closest in years, with Sir Lewis Hamilton and Max Verstappen fighting it out for the championship. Instead, the last lap generated huge controversy after a decision by the Race Director to allow some cars to unlap themselves, and order the safety car in immediately ...
The decision to outsource is often dictated by financial considerations, with cost saving usually a major incentive, while other important factors might include innovation in service delivery and improvements in service quality. While employment issues are rarely the primary driver in the decision, they can be of vital importance to the success of the project and should be addressed when the transaction is at an early stage ...
According to statistics released by the European Commission earlier in 2019, the term “GDPR” amassed more Google searches than either Beyoncé or Kim Kardashian during the month of May 2018. Now that “GDPR” has become a household term, what have we learntin the 12 months since the introduction of the GDPR? 1 ...
No-one enters into a lease of commercial property looking for a fight, but experience has shown it is prudent for the parties to provide for what will happen if a dispute arises. It is common for commercial leases to contain provisions for alternative dispute resolution, by referring any matter to an arbitrator or expert for determination. Such clauses invariably provide that the decision of such arbitrator or expert will be "final and binding on the parties" ...
Pressure for change is building in the water sector. The industry is one of the country's largest energy users (it takes a lot of power to move and clean water) and reducing that use is an important step in meeting climate related targets. Concerns about the affordability of charges for some customers are increasing whilst European legislation is driving environmental standards up, protecting our vital resources but demanding ever increasing spending to do it ...
Shepherd and Wedderburn was delighted to attend the Royal Highland Show after a sorely missed absence over the last two years. It was fantastic to see so many familiar faces throughout the event, and particularly on the Friday at our full capacity breakfast briefing, co-hosted with Bidwells. For those not in attendance, we would like to share the following headline insights and key takeaways ...
The recent Winter Olympic Games and the conclusion of the Six Nations rugby were just two of many sporting events, large and small, that have been welcoming back fans (in accordance with local laws and restrictions) over the last several weeks. As we continue to live with COVID-19, it is crucial that organisers of sporting and other events are aware of health and safety requirements and their duty of care towards attendees ...
Health and safety issues in the agricultural and rural sector are a matter of considerable concern. The Health and Safety Executive (HSE) is urging farmers to make safety a priority to reduce the number of injuries and fatalities in the sector. This recent campaign was prompted by four fatalities over a fortnight, coming only weeks after Farm Safety Week ...
Agricultural and rural settings present significant health and safety risks, which must be carefully managed and mitigated by employers and landowners operating in the sector. The Health and Safety Executive’s (HSE) annual report into workplace fatal injuries (published on 6 July 2022) disclosed that, of the 123 workers killed in work-related accidents across the United Kingdom in 2021/22, 22 deaths occurred in the agriculture sector ...
The High Court considered whether amendments were valid despite the fact that the deeds of amendment had not been effectively executed. Background The Gleeds Retirement Benefits Scheme was established as a final salary scheme by a partnership in the Gleeds group in 1974. Over the years many amendments were made to the scheme, including amendments relating to equalisation, the introduction of two money purchase sections and closure to final salary benefit accrual ...
The English Court of Appeal has thrown out an attempt to appeal a decision in favour of Dyson about spare parts for Dyson vacuum cleaners. Dyson sued spare parts supplier Qualtex for infringement of Dyson's unregistered design rights (UDR) in 14 spare parts manufactured by Qualtex. The spare parts were deliberately designed to look like the originals, known as "pattern parts" in the trade ...
In Blu-Sky Solutions Ltd v Be Caring Ltd [2021] EWHC 2619 (Comm) the High Court in England held that a supplier's standard terms and conditions ("T&Cs") are incorporated into a contract by reference if the contract provides that, upon signing the contract, the customer accepts that it has reviewed and agreed to the relevant T&Cs ...
In the recent case of Re Storm Funding Ltd, the High Court held that where contribution notices (CN) are issued to a number of companies following the failure to comply with a financial support direction:The contribution notices may in aggregate require payment of more than the actual employer debt in the scheme - a single contribution notice cannot be for more than that amount; and It follows that, under these multiple contribution notices, there scheme may recover more than t
European Commission imposes fines of €302m on participants What does this mean for you? The decision The European Commission has imposed fines totalling just over €300 million on the participants in a cartel involving the supply of underground and submarine high voltage power cables for important high voltage power cable projects in the EEA (including large infrastructure and renewable energy projects such as offshore wind farms) ...
In a recent decision by the Technology and Construction Court (TCC), Judge Stewart-Smith has clarified the position when determining whether two adjudications are “the same or substantially the same” when a party challenges jurisdiction under Para 9(2) of the Scheme for Construction Contracts. He stated that thedecisionreached in the first adjudication must be considered as well as the disputesreferredto adjudication in each ...
The HMRC policy on deduction of VAT on costs relating to investment management activities of an occupation pension scheme has altered with effect from 3 February 2014. The HMRC has confirmed that a pension scheme employer may be entitled to deduct VAT paid on services relating to the administration of its pension scheme and management of assets of the pension fund ...
The simplest way of achieving your objective might be to consider the introduction of a share option scheme – this would enable your company to grant its employees rights to acquire shares at a pre-determined point in the future (i.e. on the occurrence of a flotation), but at a price which is fixed when the options are awarded ...
The turbulent nature of recent years, not least the impact of the global pandemic, stock market volatility, the rising cost of living and rising inflation, has left no sector of the economy untouched, and so it is for wealth management ...
Early last year the Prime Minister dropped the “E-bomb” on British motorists, announcing a ban on cars powered wholly by petrol and diesel from 2030, and on the sale of new hybrid vehicles with the capability to drive a significant distance with zero emissions (such as plug-in or full hybrids) from 2035. Since then, the COVID-19 pandemic has impacted the world in an unprecedented manner ...
In October 2020 the Information Commissioner’s Office (the “ICO”) announced that it was issuing a Penalty Notice to British Airways (“BA”), imposing a financial penalty of £20 million following a data breach that resulted in hackers obtaining the personal data of 400,000 BA customers. This was a significant reduction from the ICO’s original intention to issue a fine of £183 million ...
Environmental, social and governance (ESG) considerations have taken on an increased significance in recent years, and the pace of change is accelerating. ESG performance is becoming an additional standard by which businesses are being judged by consumers, investors and other stakeholders ...
What is driving the imperative for ESG alignment? There has been a cultural shift in society as more and more individuals commit to leading sustainable lives. Those individuals – whether as consumers, employees or other stakeholders in industry – now expect the businesses operating in their communities to function in a more sustainable manner too ...
As Petroleum Commissioner for Namibia, Dr Leon Moller had first-hand experience of negotiating with international oil companies in Africa. Now a solicitor in Aberdeen, with leading UK law firm Shepherd and Wedderburn, he outlines the challenges and potential pitfalls facing firms hoping to exploit the continent's vast resources ...
