Intra-group reorganisations and pensions

Produced in partnership with Sheamal Samarasekera of Travers Smith
Practice notes

Intra-group reorganisations and pensions

Produced in partnership with Sheamal Samarasekera of Travers Smith

Practice notes
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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 demonstrate

Sheamal Samarasekera
Sheamal Samarasekera

Senior Associate, Travers Smith


Sheamal is a senior associate in the Travers Smith Pensions Department. He advises pension scheme trustees and sponsoring employers on all aspects of pensions law.
 
Sheamal has particular experience advising employers and trustees in connection with scheme closure exercises and rule amendments. He also has experience advising employers in relation to their automatic enrolment duties and death benefit trust arrangements. Sheamal also advises parties on the pensions aspects of corporate transactions including the powers of the Pensions Regulator. 
 
Sheamal is a member of the Association of Pension Lawyers (APL) and sits on the APL's Investment and Defined Contribution Sub-Committee. 

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Jurisdiction(s):
United Kingdom
Key definition:
Intra-group reorganisation definition
What does Intra-group reorganisation mean?

It involves the transfer of group company share capital or group assets between two or more companies in the same corporate group. Intra-group reorganisations are carried out for a variety of reasons, although the key motivation is generally to boost administrative, operational or economic efficiencies.

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