Our pensions experts fully appreciate the extra burden placed upon employers who are now expected to comply with auto-enrolment obligations for qualifying employees into pension arrangements. Complying with all the requirements can prove to be an arduous task. We are on hand to work with clients to help them identify the qualifying employees, which can become tricky when they are internationally mobile or possess dual contracts, and to review communications and contracts with providers including pensions and payroll.
We have experience in working with our clients to ensure that a pension scheme is properly closed to new members, future service accrual or completely wound up. The process of closing or winding up a scheme is a long process and we have the necessary expertise to advise on all aspects from ensuring the process is followed legally to giving notice, reviewing communications with employees, following the consultation process, through to preparing legal documents that give effect of the closure/ wind up and alerting the required authorities of the move.
Defined benefit pension schemes have inherent risks attached. We work with pension scheme trustees and company sponsors, to look at ways of removing these risks inherent through the likes of a bulk purchase annuity contract with an insurer which provides payments which closely match the scheme's liabilities.
Our leading experts are fully aware of the importance of the pension aspect in relation to corporate transactions including mergers, acquisitions and TUPE transfers; and we are known to often advise clients on all issues that could arise. Our team regularly advises clients on pension related difficulties including when the target is involved in a benefit scheme with a funding deficit. We work closely with organisations to ensure that any issues are ironed out before finalising any commercial transaction.
Even the most well run pension schemes will no doubt end up with disgruntled members or beneficiaries. Many of these disputes are caused by delays in providing certain information, incorrect benefit statements, payment of the wrong benefits, disagreement over whether an incapacity pension is payable or how lump sum death benefits should be distributed. These complaints often reach the Ombudsman. We have vast experience in defending clients successfully against the Ombudsman claim by ensuring that their position is properly presented and the arguments supporting their actions are clearly put forward.
Our team of experts regularly draft and review documentation that set out the pension rights of employees. We work closely with our clients to fully comprehend their business to ensure that their benefits correlate and that all documentation, contracts and handbooks are updated regularly to ensure any legislative changes have been considered.
Our lawyers fully understand the difficulties that employers and trustees of pension arrangements face due to being regulated by the Pensions Regulator. We work in tandem with clients to ensure that they comply with the myriad of compliance and legislation requirements that face them. We also regularly work hand in hand with them to help minimise the effect of such regulation on their funding, investment, administration and other aspects of their arrangements.
The termination of a contract and the subsequent drafting of a mutually beneficial comprise agreement is no easy feat. We are aware that the pension aspect of these agreements is often contested, particularly when it affects a senior executive. We have vast experience in guiding clients through this process to ensure the best outcome for our client.
With decades of experience advising clients on company share option plans (CSOPs) we understand both their drawbacks and their benefits. These plans are no longer approved in advance by HMRC putting more onus on the adviser but we are able to guide our clients through the new self-certification system. This expertise coupled with our excellent relationships built over many years with HMRC means that we are perfectly positioned to advise on all aspects of CSOPs.
Today’s political climate has led HMRC to be under more pressure than ever to be seen to be clamping down on organisations and individuals suspected of improperly handling their tax affairs and those advising them to do so. We have significant experience in defending clients on matters such as employee shares and PAYE issues, and regularly successfully represent clients in the Tax Tribunal.
Our team works closely with a number of listed company clients including members of the FT-SE 100. We are fully au fait with the special factors which apply to listed companies including obtaining shareholder approval in accordance with UKLA rules and taking account of the guidelines issued by institutional shareholders. We also work closely with remuneration consultants, particularly in the key area of drafting performance conditions.
Our team of enterprise management incentives (EMI) experts is led by David Cohen who advised the Government on the introduction of EMI. We understand that the tax breaks offered to both employers and employees make EMI one of the most attractive tax shelters in the UK. However, we also understand the many difficulties that may arise when deciding whether a company qualifies for this incentive and the many technical requirements set out by the legislation. We are perfectly placed to advise our clients on all EMI matters whether they be a start-up or a transatlantic company whose options are impacted by a takeover we have the knowledge to guide our clients through the legislative requirements.
Incentivising staff is an important part of business management. We advise organisations on how to incentivise their employees through tax efficient share schemes including share incentive plans, also known as SIPs, as well as bonus, SAYE and other bespoke share schemes. Our bespoke schemes are tailored to the desires of a particular client and can lead to any legal option including implementing joint share ownership plans or introducing cash profit sharing plans.
Our experts understand the highly attractive capital gains exemptions that employee shareholder share schemes can provide. We successfully implement employee shareholder arrangements which require a blend of tax law and employment law advice for our clients. We are fully attuned to the tax issues and we collaborate closely with members of our employment team to ensure that these arrangements are as beneficial for our clients as possible.