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ARTICLE · 19 FEBRUARY 2020

The Pensions Brief: January 2020

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Andrew Block
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Issues affecting all schemes

PENSION SCHEMES BILL

The Bill was reintroduced and received its first reading in the House of Lords on 7 January 2020, before its second reading on 28 January 2020.

The Bill broadly mirrors the provisions included when it was first published in October 2019, prior to Parliament being dissolved ahead of the general election. However, some minor drafting amendments have been made to the Bill, as well as some more substantial changes.

In particular, the wording relating to the statutory defence to contribution notices under the new "employer resources test" has been amended. Condition C has been updated so that it now refers to a requirement that it must have been reasonable for the individual to conclude that the act or failure would not bring about a reduction in the value of the employer's resources that would be a "material reduction relative to the estimated section 75 debt". The previous version of the Bill required the

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This Mayer Brown article provides information and comments on legal issues and developments of interest. The foregoing is not a comprehensive treatment of the subject matter covered and is not intended to provide legal advice. Readers should seek specific legal advice before taking any action with respect to the matters discussed herein.

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