UK - Staff on maternity leave will have to be paid pensions contributions for at least 26 weeks when new legislation comes into effect next year.
The new Maternity and Parental Leave Regulations – which take effect from April – extend paid leave from 18 weeks to 26 weeks.
The rules are also intended to eliminate any service requirement that decides which staff are eligible for maternity leave.
Simmons & Simmons solicitor Camilla Barry said it was unlikely that scheme rules would have to be changed to accommodate the new legislation.
“Most rules will refer to women staff being on maternity leave and will only define it as normal maternity leave with reference to the regulations.”
A number of pension schemes have been prompted to lock in gains with a move into bonds after the estimated deficit across FTSE 100 DB pension schemes improved by £36bn, over the 12 months ending 30 June last year, JLT Employment Benefits found.
HM Treasury has agreed in principle to give NEST a £329m contingent liability guarantee in the event of the master trust's wind up or closure.
AMP Capital has set up a dedicated team to help institutional investors, including pension funds, invest in infrastructure through direct equity allocations.