Material detriment - What's it all about?
The Pensions Regulator has issued a Code of Practice, high level guidance and illustrative examples to clarify its approach to the material detriment test introduced by the Pensions Act 2008. The material detriment test is a new alternative ground for the issue of Contribution Notices based on whether a sponsoring company's actions or failures to act have a materially detrimental effect on the likelihood of members receiving their benefits. The new test significantly widens the circumstances in which the Regulator can issue Contribution Notices in that it focuses exclusively on the effect of action taken by an employer. The test was introduced on 29 June 2009 but applies retrospectively to 14 April 2008.
In May 2008, international law firm Hammonds became a limited liability partnership. Hammonds LLP and its affiliated undertakings has offices in Birmingham, Leeds, London and Manchester in the UK, and in Berlin, Brussels, Beijing, Hong Kong, Madrid, Munich and Paris.