Atkin trustees, actuaries, consultants & administrators

Current Issues - July 2016

BREXIT: As ‘long-term’ investors, Trustees should not be panicked by short-term volatility but should be mindful of how changing market conditions could affect their long-term strategy. Importantly, Trustees should also consider how Brexit may affect covenant strength, discussing the potential impact with the sponsoring employer so any material changes can be considered and planned for. For those with overseas sponsors, there maybe a greater appetite for taking advantage of the current exchange rate.

Otherwise there are a number of issues to resolve including cross-border schemes, equality legislation and data protection regulation.

TPR suggests changes to DB regulation: These include giving TPR greater powers to compel third parties to provide information; more regulator involvement ahead of certain corporate transactions; more power to set limits on recovery plans for high-risk schemes and greater monitoring of high-risk schemes.

 TPR issues first ‘Chair’s Statement’ fine : This applies to DC schemes and needs to be included in this year's scheme accounts.

 

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We have worked with Atkin Trustees for many years on a wide range of cases and issues. They adopt a sensibly practical approach to trusteeship, focusing on outcomes for members. They’re also a nice bunch of people to work with.

Philip W Sutton, Partner, Squire Sanders (UK) LLP