Regulator's discussion paper on abandonment of DB schemes

The large majority of DB schemes have a deficit on the buy-out basis. As a result some employers have started exploring ways in which they can reduce or manage this funding risk.

The Companies Act 2006: Directors' duties (and first commencement order)

The Companies Bill (formerly the Company Law Reform Bill) received Royal Assent on 8 November 2006 and is now the Companies Act 2006. The Act is the largest piece of legislation ever passed by Parliament.

Gambling Act 2005 - Transition to the new regime

The turn of the New Year means that the commencement of the new gambling regime is now less than nine months away. The Department of Culture Media and Sport and the Gambling Commission continue their heavy programme of consultation and implementation.

Construction update - January 2007

Apportionment of employer debts: L v M Ltd

L v M Ltd is an important decision dealing with the interaction between apportionment of Employer Debt (see further below) and the Pensions Protection Fund (PPF).

Employment Tribunal Compensation Limits 02/06 - 02/07

The 2007 limits apply where the event giving rise to the entitlement to compensation or payment occurs on or after 1 February 2007 NOT the date the tribunal makes the award.

Incentivised transfers and other inducement offers: Regulator and HMRC guidance

The majority of defined benefit schemes are in deficit on some basis. For most schemes the bulk of the deficit relates to past service benefits. Recently employers have looked for innovative ways to reduce past service liabilities.

HM Treasury announces reform of Government Procurement

On 23 January 2007, HM Treasury published a paper on Transforming Government Procurement, announcing a package of public procurement reforms designed to "equip the UK with the capability to deliver world class public services".

Making nutrition & health claims - the new law

In our health-conscious society, food products which claim to be good for you - or perhaps, more modestly, not all that bad for you - are attractive to consumers and have added value for businesses.

Companies Act 2006: Business as usual?

The Companies Act 2006 marks the first comprehensive reform of UK company law for decades. Between now and October 2008, it will gradually replace the Companies Act 1985, (which in the main consolidated earlier legislation, with few significant amendments)

Extensions of time and multiple adjudications

In Quietfield Ltd v Vascroft Construction Ltd 2006 the Court of Appeal approved the four principles, set out by Mr Justice Jackson in his first instance decision, that apply to multiple adjudications for extensions of time and liquidated damages.

Commission publishes final report on retail banking sector inquiry

On 31 January 2007, the European Commission published its final report on the inquiry into the retail banking sector. The European retail banking sector is estimated to have generated gross income equivalent to about two per cent of total EU GDP in 2004.

Freedom of information: what should authorities do?

The Information Commissioner has determined that Hertfordshire County Council should disclose information about its pension scheme's private equity investments in accordance with its Freedom of Information Act 2000 obligations.

Freedom of information: an opportunity for LGPS contractors?

The Information Commissioner has determined that Hertfordshire County Council should disclose information about its pension scheme's private equity investments in accordance with its Freedom of Information Act 2000 obligations.

Payment Protection Insurance market referred to the Competition Commission

On 7 February 2007, the Office of Fair Trading (OFT) announced that it has referred the UK payment protection insurance (PPI) market to the Competition Commission for further investigation.

Who employs the agency worker? The saga continues

LGPS governance: more change

The Department for Communities and Local Government (DCLG) has published draft regulations which will introduce various measures designed to improve the administration and governance of the Local Government Pension Scheme (LGPS).

Companies Act 2006: Introduction and background

This is the first in a series of briefings on some of the more significant detailed provisions of the new Act. It considers the origins and background of the legislation and sets the stage for further notes on various detailed aspects.

Companies Act 2006: Electronic communications and public company shareholdings

Although the vast majority of the Companies Act 2006 is not yet in force, some of its provisions came into force on 20 January 2007.

HM Treasury consults on collective investment scheme exemption amendments for property transactions

On 1 February 2007, HM Treasury began its consultation on whether the Schedule to the Collective Investment Schemes Exemption Order should be amended to clarify its application to certain types of property transaction.

Companies Act 2006: Directors and secretaries

In this briefing, we consider some of the main changes the 2006 Act will make in relation to company directors and company secretaries.

Companies Act 2006: Members' meetings and resolutions

In this briefing, we consider some of the main changes the 2006 Act will make in relation to company meetings and resolutions of members.

Companies Act 2006: Share capital and members' rights

In this briefing, we consider some of the main changes that the 2006 Act will make in relation to companies' share capital and the exercise of rights by members.

Companies Act 2006: Accounts, auditors and websites

In this briefing, we consider some of the main changes the 2006 Act will make in relation to company auditors and company accounts, including the use of websites to publish accounts or related member concerns.

Clash of the TV titans - Ofcom launches investigation into pay TV industry

On 20 March 2007, Ofcom, the UK's independent regulator and competition authority for the communications industries, announced its decision to launch an investigation into the pay TV market.

End of the road for the Statutory Dispute Resolution Regulations?

The Statutory Dispute Resolution Procedures were introduced by the Employment Act 2002 (Dispute Resolution) Regulations 2004 in October 2004.

Companies Act 2006: Capital maintenance and reduction, financial assistance and distributions

The Act includes a provision to clarify the law in relation to distributions in kind (ie a dividend paid by the transfer of assets rather than in cash) and specifically to remove doubts arising from the case of Aveling Barford v Perion.

Companies Act 2006: Constitution, capacity and execution of documents

In this briefing, we consider some of the main changes that the 2006 Act will make in relation to companies' constitutional documents, corporate capacity and rules for the valid execution of deeds and other contracts.

The Companies Act 2006: What's new (from 6 April)?

The Companies Bill received Royal Assent on 8 November 2006 and is now the Companies Act 2006. The second commencement order made under the Act was laid before Parliament on 8 February 2007, approved last week and published today.

Employment Law Update

US immigration

The H-1B is the most popular work visa, and the most heavily regulated non-immigrant classification. It is utilised by US businesses to employ foreign workers in specialty occupations that require theoretical or technical expertise in a specified field.

Companies Act 2006: Takeovers, offers to the public and miscellaneous provisions

This briefing note should be read in conjunction with our earlier briefings, 'Companies Act 2006: Introduction and background' and 'The Companies Act 2006: What's new?'.

Bulgarian and Romanian entry into the EEA

From 1 January 2007, as European Economic Area nationals, Bulgarians and Romanians have been approved freely to reside in any EEA member state. Freedom means they will not require leave to enter or remain to reside legally in the UK.

Business immigration - what's new

On the 17 March 2006, the Home Office officially launched its Command Paper setting out proposals for a new points-based approach to managing the flow of migrants coming to the UK to work or study.

The Consumer Credit Act 2006 starts to bite

Although the Consumer Credit Act 2006 (the Act) has been in place since 30 March 2006, much of it is only now making an impact.

ORR refers the ROSCOs - a railway bridge too far?

The Office of Rail Regulation (ORR) announced on 26 April its decision to refer the leasing of rolling stock for franchised passenger services to the Competition Commission (CC).

Is your share sale safe from TUPE?

Has the Court of Appeal, in the case of Richard Millam v The Print Factory (London) 1991 Limited, overruled the accepted wisdom that the sale of shares in a company does not trigger TUPE?

British Vita case: can trustees demand employer contributions in excess of the new scheme funding requirements?

The British Vita case is an important decision dealing with the interaction between a scheme's contribution rule and the new scheme funding regime.

Changes to the rules governing the HSMP Programme

On 7 November 2006, Liam Byrne, Minister for Immigration, Nationality and Citizenship announced a change in the rules for the Highly Skilled Migrant Programme (HSMP). These changes have been effective from 8 November 2006.

US class action: should trustees be doing anything?

This alert gives a short explanation of US securities class actions and highlights the key issues for trustees to decide whether or not they want to become involved in any such action.

Smoke-free workplaces

From Sunday 1 July 2007 England will be the last part of the United Kingdom to become smoke-free. Scotland introduced its own smoking ban on 25 March 2006, with Wales and Northern Ireland having gone smoke-free on 2 and 30 April respectively.

Banking Bulletin

Regulator's guidance on abandonment of DB schemes

The majority of DB schemes have a deficit on the buy-out basis. This has led some employers to explore ways in which they can reduce or manage this funding risk.

Energy White Paper

There are few surprises in the White Paper, which sets out the government's strategy for meeting the dual challenges of climate change and energy security over the next two decades and beyond.

Energy White Paper: Banding proposals

Much of the White Paper comprises broad policy statements and contains little that is new. A high level summary of the topics covered can be found in our separate note on the White Paper.

Powerhouse - empowering landlords?

Landlords breathed a huge sigh of relief following the High Court's decision that a company voluntary arrangement which removed landlords' rights to enforce a parent company guarantee was unfairly prejudicial to the landlords. But is this relief justified?

Asset finance case update and news

Construction update - June 2007

In a contract, when a party is unable or unwilling to undertake to perform a specific obligation it will often agree to use its reasonable or best endeavours. But what does that mean and is there a difference between the two?

LGPS governance: finalised regulations

Finalised regulations have been published which will introduce various measures designed to improve the administration and governance of the Local Government Pension Scheme (LGPS).

Employment Law Update June 2006

Having difficult conversations - how can you be sure what you say won't come back to haunt you?

In the last month, two Court of Appeal cases have considered the 'without prejudice' rule. Its ambit is now in doubt. This note is the result of a brainstorm with senior HR, in-house lawyers and leading counsel.

How to deduct LADs

Before an employer can deduct liquidated and ascertained damages (LADs) under a JCT form of contract, he has to satisfy three conditions.

OFT launches market study into housebuilding: a help or a hindrance?

The Office of Fair Trading (OFT) announced on the 22 June that it is to launch a 'groundbreaking' study into the UK housebuilding market. This has caused considerable speculation over the possible outcome for the UK's housebuilders.

Regulator issues first financial support direction

The Pensions Regulator intends to issue its first financial support direction (FSD) against the Bermudan-based Sea Containers Limited (SCL), which is currently restructuring under the US Chapter 11 bankruptcy process.

Volkswagen Financial Services (UK) Limited v George Ramage

This was an appeal by Mr Ramage in which he successfully challenged the enforceability of a term in a hire agreement that stipulated the amount the hirer was liable to pay in the event of a repudiatory breach of the agreement.

VFS Financial Services (UK) Limited v Euro Auctions & Others Limited [2007] EWHC 1492

This is a case about the correct measure of damages payable to a finance company whose goods have been unlawfully converted by a third party.

Banking Bulletin - July

Governance: the Regulator's 2007 survey

While the Regulator continues to develop governance good practice guidelines, it is keen to understand what schemes are actually doing governance-wise on the ground. To this end the Regulator has published its second annual governance survey.

Recovering the cost of mediation

Recovery of costs is always an important issue. Severe cost sanctions can be ordered by the court if a party unreasonably refuses to engage in alternative dispute resolution (ADR) processes. Mediation, as a form of ADR, has been around for some time.

Consumer Credit Act 2006 - Post-contract information

The Consumer Credit (Information Requirements and Duration of Licences and Charges) Regulations 2007 were laid before Parliament on 4 April 2007.

Employers ceasing to participate in an underfunded multi-employer DB scheme: draft amendments to employer debt requirements

The current employer debt regime is complicated, problematic and inflexible. The De-Regulatory Review published on 25 July 2007, judicial comment and industry lobbying have all led the Department for Work and Pensions to consult on amendments to it.

CDM Regulations: compliance with mobilisation provisions

Our April briefing note discussed the new Construction (Design and Management) Regulations 2007. The issue on which we are being asked to advise more than any other, is the requirement to provide the principal contractor with a 'mobilisation period'.

HM Treasury consults further on amendments to the CIS border for property transactions

Consumer Credit Act 2006: Post-contract information on arrears and default sums

This is the second of two briefing notes looking at the Consumer Credit (Information Requirements and Duration of Licences and Charges) Regulations 2007 which were laid before Parliament on 4 April 2007.

Pensions Act 2007

Pensions continue to be subject to legislative change. After what was at times a somewhat acrimonious Parliamentary process, the Pensions Act 2007 (PA07) finally received Royal Assent at the end of July.

The Companies Act 2006: Directors' duties (and first commencement order)

The Companies Bill (formerly the Company Law Reform Bill) received Royal Assent on 8 November 2006 and is now the Companies Act 2006. The Act is the largest piece of legislation ever passed by Parliament.

The Companies Act 2006 : What's new (from 1 October)?

The largest chunk yet of the 1,300-piece jigsaw that is the Companies Act 2006 is set for completion in just under a month's time.

Public sector: staff transfers and the Staff Transfers Pensions Direction 2007

Since 1999 a non-statutory framework has existed governing the treatment of employees' pension benefits when best value authorities outsource services to the private sector.

Regulator and clearance: new draft guidance

The Pensions Regulator introduced the clearance procedure in April 2005. It allows the regulator to confirm whether or not a particular event, action or situation will lead it to use its anti-avoidance powers.

Advertising and Marketing Alert - new regulatory regime for prize promotions finally in force

The end of the school holidays this year sees the advent of an entirely new statutory regime governing gambling in this country. At long last, the Gambling Act 2005 came fully into force over the weekend.

Construction update - September 2007

If you, a contractor, instruct your subcontractor to omit items of work from his subcontract, you would expect to receive a corresponding reduction in the price-wouldn't you? Not in this case, said the Court of Appeal.

In-house lawyers take note: CFI confirms no in-house lawyer privilege for EC competition investigations

On 17 September 2007 the Court of First Instance (CFI) gave its judgment in Akzo Nobel Chemicals Ltd and Akcros Chemicals Ltd v EC of the European Communities.

Employment Law Update - September 2007

Banking Bulletin September 2007

EU Third Energy Package: Reforming regulation of the energy sector

On 19 September 2007, the European Commission published its Third Package of Energy Liberalisation Proposals.

Age Discrimination - One Year On

It's a year since discrimination on the grounds of age was prohibited for employers (and pension scheme trustees) under regulations which came into force on 1 October 2006 (and 1 December 2006).

New unfair trading laws - what every sales and marketing department needs to know...

The new Consumer Protection from Unfair Trading Regulations are due to become law in April 2008.

Investment Management Association - Pension Fund Disclosure Code September 2007

The objective of the Code is to promote accountability of fund managers to their clients.

Breaches of pre-action protocol will not be tolerated

A decade ago, anyone who had a construction dispute with someone could usually ask his solicitor to threaten the other party with High Court proceedings, and then follow up with a claim form (writ) seven days later.

Companies Act 2006: implications for pension schemes

The Companies Act 2006 is the largest piece of legislation ever passed by Parliament. The Act is intended to simplify and modernise company law rather than to make wholesale changes to the current law.

No room for complacency in manual handling operations

The risk of injury from manual handling operations is something employers need to consider, monitor and keep under review.

When the Commission comes to call: legal privilege vis-à-vis the European Commission

The vexed issue of the law relating to legal privilege concerning European Commission competition investigations has been clarified by the Court of First Instance.

Banking Bulletin

The defendants, as shareholders, guaranteed the liabilities of their company under a supply contract with the claimant.

No room for complacency in manual handling operations

The fact that similar operations involving heavy equipment have been carried out many times without injury does not demonstrate that risks are at the lowest practicable level.

Collective redundancies: Extending the scope of the duty to consult

Since 1993, it had been widely accepted that legally (at least for private bodies in England and Wales) an employer did not have to consult about the reasons behind its proposals when proposing collective redundancies.

Claiming compound interest

A House of Lords decision has widened the circumstances in which compound, as opposed to simple, interest can be claimed where such a claim has not been contractually provided for.

LGPS governance compliance statements:draft guidance

On or before 1 March 2008, Local Government Pension Scheme (LGPS) administering authorities will have to publish their first revised governance compliance statement.

Competition Commission's provisional findings: grocery market investigation

The Competition Commission has this morning issued its provisional findings in its 18-month investigation into the groceries market, the fourth inquiry into the grocery sector since 1999.

Public involvement and consultation about health services

The Local Government and Public Involvement in Health Act 2007 received Royal Assent and became law on 30 October 2007.

Court of Appeal picks winner in air freshener war

European Community registered design rights have reached the Court of Appeal in a battle between rival air freshener manufacturers Reckitt Benckiser and Proctor & Gamble.

What to do when the competition authorities come to call

In AkzoNobel Chemicals and Akcros Chemicals Ltd v Commission of the European Communities, the Court of First Instance confirmed that in-house lawyer privilege will not be recognised in European Commission competition proceedings.

Corporate manslaughter - time to get cracking

The Corporate Manslaughter and Corporate Homicide Act 2007 comes into force on 6 April 2008. Thinking you have plenty of time to assess its impact and take appropriate steps is likely to put your organisation at serious risk.

Pension Protection Fund Ombudsman - first determination

The Pension Protection Fund Ombudsman (PPFO) has issued his first determination in relation to the High-Point Rendel Pension Scheme. The PPFO concluded that the failure score had been correctly determined.

Scoring extensions and avoiding penalties

The decision in Steria Limited v Sigma Wireless Communications Limited provides useful guidance on whether giving written notice can ever be a condition precedent to an entitlement to an extension of time, and the form such a notice should take.

IP update

Two alerts today, both relating to patents. The first is a reminder of the changes to the UK Patent Act, which will take effect on 13 December in order to implement the EPC 2000. The other concerns a novelty for the UK courts.

Seller beware!

The Court of Appeal has held that there's no inconsistency between a simple retention of title clause and an implied, or even express, right of a buyer to sell on the goods before paying the seller.

Supermarket sweep - OFT ups ante with dairy fines

Retailers and dairies paying fines totalling £116 million following an investigation by the Office of Fair Trading has put competition law at the top of the news agenda.

Pensions Regulator: the Telent determination

The Regulator's Determination Panel has issued a determination in relation to a case involving the acquisition of an employer. It relates to the proposed takeover of Telent plc by Pension Corporation.

Can US competes restrain an employee in England?

Listed US corporations often grant senior executives awards of stock options in exchange for non-compete obligations. These can be very valuable for the executive but if the employee is based in England, are they of any value to the employer?

Concurrent delays and the critical path

City Inn Limited v Shepherd Construction Limited (30 November 2007) contains useful practical guidance on two areas that often arise in the context of contractors' claims for delay - concurrent delays and the critical path.

EPC 2000 and ECJ determination - Alfredo Nuno v. Leonci Franquet

Today is the day the new version of the European Patent Convention, the EPC 2000, will come into force. Certain changes to the UK Patents Act also come into force in the UK on this day.

Protection from Harassment Act and claims against employers

A Court of Appeal decision in Conn v Sunderland City Council may reign back the flurry of claims brought under the Protection from Harassment Act 1997 (PHA).

OFT holds fire on new drug distribution model

The Office of Fair Trading published its long-awaited market study on medicines distribution this week.

Construction update: report and review on new developments

New forms of appointment, getting out of an arbitration or an adjudication decision and corporate manslaughter; Wragge & Co's construction experts bring you the latest on the issues affecting the construction industry.

Employment law - A 2007 review and preview of 2008

Another steady-as-she-goes year for employment law? Not a bit of it. Repeals, new laws, smoking bans, political sparring with the EU and the usual twists and turns in case law have made for another fascinating year.

Property update

Wragge & Co's real estate experts bring you the latest property law issues. Read their comment on these issues and take note of any action points that will help you and your organisation.

Smithson v Hamilton - correcting errors in pension scheme documents

How readily should courts correct errors in documents signed off by trustees and employers? What role should trustees have in scrutinising those documents in the first place? The case of Smithson v Hamilton suggests some interesting answers.

IP - 2007 roundup

Wragge & Co's Intellectual Property experts bring you analysis on the latest IP law issues.

Marine hoses leave three UK businessmen in a tangle in maiden cartel offence prosecution

This week the Office of Fair Trading (OFT) charged three executives in the marine hose sector with cartel offences under the Enterprise Act 2002.