Abandonment Definition

GLOSSARY

Published by a ��Ӱ�� Pensions expert

What does Abandonment mean?

Description of the practice of employers making their previously sponsored schemes independent of their sponsor.

The advantage to the employer is that the pension assets and liabilities are removed from the balance sheet, making commercial transactions easier.

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Bank Recovery and Resolution Directive (BRRD)—timeline [Archived]

Bank Recovery and Resolution Directive (BRRD)—timeline [Archived] Archived:This timeline has been archived. For developments from January 2024 onwards, see EU Bank Recovery and Resolution Directive—timeline if they relate to the EU BRRD, or UK bank recovery and resolution regime—timeline if they relate to the UK bank recovery and resolution regime, For further guidance on the EU BRRD, see Practice Note: Bank Recovery and Resolution Directive (BRRD)—essentials. For further guidance on the UK bank recovery and resolution regime, see Practice Note: The UK bank recovery and resolution regime. Date Source Document Description 20 December 2023 European Banking Authority The EBA publishes amendments to disclosures and reporting on MREL and TLAC The European Banking Authority (EBA) has published its final draft implementing technical standards (ITS) on amendments to disclosure and reporting of the minimum requirement for own funds and eligible liabilities (MREL) and the total loss absorbency requirement (TLAC). The amendments reflect the new requirement to deduct investments in eligible liabilities instruments of entities belonging to the same resolution group, the...

The FCA Consumer Duty Checklist—implementation and compliance

The FCA Consumer Duty Checklist—implementation and compliance This checklist sets out good practice identified by the Financial Conduct Authority (FCA) in relation to the implementation of the FCA’s Consumer Duty and poor practice based upon the FCA’s identification of areas for improvement. It also lists the FCA’s sector-specific implementation portfolio letters alongside links to sectoral practical guidance. It addresses implementation and compliance with the following aspects of the Consumer Duty: • governance, oversight and the Consumer Duty Board Champion • culture, staff and the Senior Managers and Certification Regime (SM&CR) • the Consumer Duty’s Four Outcomes: ◦ Products and Services Outcome ◦ Price and Value Outcome ◦ Consumer Understanding Outcome ◦ Consumer Support Outcome • vulnerable consumers • third parties (working across the manufacturing and distribution chain) • data strategies to monitor consumer outcomes • deliverability of Consumer Duty implementation Overview The Consumer Duty is being implemented in a phased approach: • the Duty came into force on 31 July 2023 for new and existing products and services...

Obtaining clearance from the Pensions Regulator

THIS PRACTICE NOTE APPLIES ONLY TO DEFINED BENEFIT (DB) OCCUPATIONAL PENSION SCHEMESWhat is clearance?The Pensions Act 2004 (PeA 2004) has empowered the Pensions Regulator with a raft of powers. Some of its most significant powers are the moral hazard provisions in PeA 2004, ss 38–54. The moral hazard powers enable the Pensions Regulator to overlook corporate structures and apportion pension funding liability on third parties that are connected to, or associated with, a scheme's sponsoring employer by issuing, among other things, a financial support direction and/or a contribution notice.Clearance is a statement of assurance from the Pensions Regulator confirming that it will not at a later date make the applicants (listed in the clearance application) provide financial support to an underfunded defined benefit occupational pension scheme by issuing a financial support direction and/or a contribution notice.The clearance statement binds the Pensions Regulator in respect of the information in the application unless there is a material departure from the facts set out in the application.The Pensions Regulator has issued guidance on...

Kronospan/Pflederer Polska (M.10325) [Archived]

Kronospan/Pflederer Polska (M.10325) [Archived] CASE HUB ARCHIVED—this archived case hub reflects the position at the date of the withdrawal of the notification on 30 November 2022; it is no longer maintained. See further, timeline. Case facts Outline European Commission merger investigation into the proposed acquisition of Pfleiderer Polska by Kronospan (M.10325). The proposed transaction involves horizontal overlaps in the market for the supply of various types of wood-based panels. Latest developments On 30 November 2022, the Commission announced that it took note of the parties’ decision to abandon the transaction. The abandonment follows the findings of the Commission’s phase II investigation and the failure of Kronospan to submit suitable remedies. Parties • Kronospan: Kronospan is an Austrian manufacturer and supplier of wood-based panels and further value-added products. It is active worldwide with more than 40 manufacturing sites.• Pfleiderer Polska: Pfleiderer Polska, a Polish based company, is a subsidiary of the Germany-based Pfleiderer Group. It focuses on the wood-based panels business and has three manufacturing lines...

Discover our 236 Practice Notes on Abandonment

Audit clause—for public sector contracts

Produced in partnership with Michael Winder of Brabners LLP STOP PRESS: The General Data Protection Regulation, Regulation (EU) 2016/679 (the GDPR) introduces substantial amendments to EU and UK data protection law and replaces the Data Protection Act 1998 (DPA 1998) and Directive 95/46/EC (the Data Protection Directive) as of 25 May 2018. This Precedent has not been drafted for compliance with the GDPR but it will be updated to reflect the changes to data protection law as a result of the GDPR regime in due course. For further information on the GDPR, see Practice Note: The General Data Protection Regulation (GDPR). For precedent (private sector) data processing provisions which comply with the GDPR and DPA 1998 (including audit provisions) and related commentary see Precedent: Data processing provisions—GDPR compliant—pro-controller. ...

NEC4 ECS—Form of Agreement and Z clauses

NEC4 ECS—Form of Agreement and Z clauses Agreement in relation to [insert brief details of the works/project] at [insert address of works] (incorporating (inter alia) the NEC4 Engineering and Construction Subcontract 2017 with January 2019 Amendments, October 2020 Amendments and January 2023 Amendments as modified and supplemented in the manner indicated in this Agreement and the Schedules hereto). This Agreement is made on the [insert number] day of [insert month] 20[insert year]. Parties 1 [insert name of the Contractor] (company registration number [insert number]) whose registered office is situated at [insert address of the Contractor] (‘the Contractor’), 2 [insert name of the Subcontractor] (company registration number [insert number]) whose registered office is situated at [insert address of the Subcontractor] (‘the Subcontractor’) Background (A) [insert name of the Client] (company registration number [insert number]) whose registered office is situated at [insert address of the Client] (‘the Client’) wishes for certain works, namely [insert brief details of the works/project] as more particularly described in this subcontract,...

Dive into our 11 Precedents related to Abandonment

Is a section 8 notice (relying on Ground 7A in Schedule 2, Part 1 of the Housing Act 1988) valid if it is served before the tenant was convicted of the relevant offence. Example: Section 8 Notice is served on 1 January, possession is sought on 2 February but the tenant is convicted on 15 January.

Is a section 8 notice (relying on Ground 7A in Schedule 2, Part 1 of the Housing Act 1988) valid if it is served before the tenant was convicted of the relevant offence. Example: Section 8 Notice is served on 1 January, possession is sought on 2 February but the tenant is convicted on 15 January. Section 8(4D) of the Housing Act 1988 (HA 1988), states that where a landlord proposes to rely on the conviction HA 1988, Sch 2, Pt I, Ground 7A (Condition 1) then the notice seeking possession must be served on the tenant within— • the period of 12 months beginning with the day of the conviction, or • if there is an appeal against the conviction, the period of 12 months beginning with the day on which the appeal is finally determined

Is an express grant of an easement of light which purports to be for the benefit of buildings to be constructed in the future valid (the land is currently vacant)?

Is an express grant of an easement of light which purports to be for the benefit of buildings to be constructed in the future valid (the land is currently vacant)? An easement of light like any other easement is a right that benefits one plot of land by giving such rights over adjacent land. A right to light is an important right as it prevents the owner of the servient land from interfering with that right, for example, by the construction of buildings on their plot of land which would block light. The scope of such a right is ordinarily that the dominant land has the right to a reasonable amount of natural light from the sky to the windows of their buildings. The right to light applies in respect of windows or other apertures in a building rather than to the land itself. The right is therefore not a general right to receive light but rather relates to a specific dwelling house or other building: see Colls v...

See the 37 Q&As about Abandonment

Environment weekly highlights—31 October 2024

This week's edition of Environment weekly highlights includes: coverage of the mining giant BHP's announcement on 25 October 2024 that the Brazilian government has signed off a final US$31.7bn settlement package to compensate communities devastated by the collapse of a dam nine years ago, the Autumn budget 2024 and announcement of the several measures impacting the environment and energy sectors and the High Court's dismissal of the legal challenge brought by Friends of the Earth (FoE) and co-claimants, Doug Paulley and Kevin Jordan, in Friends of the Earth v Secretary of State for Environment, Food and Rural Affairs [2024] EWHC 2707 (Admin), ruling that the government's National Adaptation Programme (NAP3) is lawful. In addition, this week the Department for Energy Security and Net Zero (DESNZ) has announced a pilot scheme for England's first heat network zone, aimed at assisting businesses and building owners to access low-cost, low-carbon heating, the Department for Environment, Food and Rural Affairs( Defra) has published a policy paper on criteria for England 30by30 target for land...

Public Law weekly highlights—31 October 2024

This week's edition of Public Law weekly highlights features enhanced coverage of key announcements in the Autumn Budget 2024. It also includes selected Brexit headlines, including progress made by continuing UK-EU workstreams, as well as post-Brexit guidance and SIs. Case analysis this week covers the Supreme Court's ruling on the Inquiries Act 2005 and the High Court's ruling on the limitation periods in public procurement challenges. This edition further includes analysis on the government’s consultation on judicial pensions, plus details on the publication of the UK Supreme Court's annual report and accounts for 2023-2024 and additional guidance on the incoming Procurement Act 2023. Also included are additional updates on constitutional and administrative law, judicial review, public procurement, subsidy control and State aid, projects and infrastructure, and information law.

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