Trustees could be on the hook for liabilities up to 15 years after a buyout has occurred if they fail to take adequate insurance cover, lawyers warn.
Hammonds partner Clifford Sims (pictured) said trustees should get both overlooked beneficiary insurance and run-off cover in advance of a full scheme buyout, or risk being responsible for liabilities...
This week's edition of Professional Pensions is out now.
The government is in talks with the UK and Irish pensions regulators over how to protect members of cross-border schemes in the event of a no-deal Brexit.
The equalisation of guaranteed minimum pensions (GMPs) is at least two years away from being completed, and could take longer than four years for some schemes, a poll has found.
The Pensions Regulator will consider if schemes should be required to have professional trustees and assess the case for greater regulation of administrators and system providers, PP can reveal.