MR JUSTICE WARREN, who, before his elevation to the bench, specialised in pensions law, has delivered a lengthy judgment1 on scheme funding arrangements. It sets out, among other matters, a detailed interpretation of the meaning of “employer” for the purposes of both the employer debt rules for multi-employer schemes, under s.75 of the Pensions Act 1995, and the statutory scheme funding regime, under the Pensions Act 2004.

THE FINANCIAL REPORTING COUNCIL (FRC) has published its first UK Stewardship Code. It is based closely on the code on the responsibilities of institutional investors that was issued by the Institutional Shareholders Committee towards the end of 2009 (OP, Monthly law update, December 2009).

THE POLITICAL HEAT SURROUNDING PUBLIC SECTOR PENSIONS IS RISING AS A GOVERNMENT-ESTABLISHED PUBLIC SERVICE PENSIONS COMMISSION SETS ABOUT PRODUCING PROPOSALS FOR CUTTING COSTS. WE EXAMINE A STRING OF REPORTS PUBLISHED OVER THE PAST SIX MONTHS THAT EACH CLAIM TO PAINT AN ACCURATE PICTURE OF THE COST OF PUBLIC SECTOR PROVISION.

A GROWING NUMBER OF FTSE 100 COMPANIES WITH DB SCHEMES ARE USING THEIR PROPERTY AND OTHER NON-CASH ASSETS TO HELP PLUG DEFICITS IN PENSION FUNDING. ONE CONSULTANT INVOLVED IN DESIGNING THESE, OFTEN COMPLEX, ARRANGEMENTS ESTIMATES THAT NON-CASH FUNDING COULD REDUCE SCHEME DEFICITS BY £10 BILLION THIS YEAR.