Corporate Insolvency and Governance Act 2020: pensions aspects | Practical Law

Corporate Insolvency and Governance Act 2020: pensions aspects | Practical Law

This note provides information on the reforms introduced by the Corporate Insolvency and Governance Act 2020 and the key implications for defined benefit (DB) pensions schemes and the Pension Protection Fund (PPF). In particular, it examines the pensions-related aspects of the new insolvency provisions introduced by the Act, including the Part A1 moratorium, Part 26A restructuring plans, and restrictions on termination clauses in supply contracts. It also looks at the temporary measures introduced in response to the 2019 novel coronavirus disease (COVID-19) pandemic regarding the serving of winding-up petitions and suspension of liability for wrongful trading. Finally, it considers what steps trustees should take in response to these changes.

Corporate Insolvency and Governance Act 2020: pensions aspects

Practical Law UK Practice Note w-026-3567 (Approx. 20 pages)

Corporate Insolvency and Governance Act 2020: pensions aspects

by Tim Smith, Professional Support Lawyer, Lorna Restall, Associate and Georgie Sharpley, Associate, Herbert Smith Freehills
MaintainedUnited Kingdom
This note provides information on the reforms introduced by the Corporate Insolvency and Governance Act 2020 and the key implications for defined benefit (DB) pensions schemes and the Pension Protection Fund (PPF). In particular, it examines the pensions-related aspects of the new insolvency provisions introduced by the Act, including the Part A1 moratorium, Part 26A restructuring plans, and restrictions on termination clauses in supply contracts. It also looks at the temporary measures introduced in response to the 2019 novel coronavirus disease (COVID-19) pandemic regarding the serving of winding-up petitions and suspension of liability for wrongful trading. Finally, it considers what steps trustees should take in response to these changes.