Pensions at Kent Carty
Pensions are the most important source of income when the time comes to retire. Uncertain economic times have threatened the stability and the proper functioning of many pension schemes and the possibility of diminished reserves is all the more inevitable. As a result pension related disputes have increased. Knowing your rights and asserting your rights with our legal expertise is the first step in securing your future.
At Kent Carty we provide:
• Retirement and estate planning.
• Representation and advice on all pension related disputes: knowing and assessing your rights.
• Emphasis on pragmatic and cost-effective solutions.
• Experts rich in experience and extensive legal knowledge.
To speak to someone about your pension today please contact Gavan Carty on 01-8658800 or
gavancarty@kentcarty.com. Read on for more information on Pensions.
2009 has proved to be a most difficult year for all pension reserves. For the last number of years planning for the future has become a key feature of personal retirement planning and employer-employee remuneration structures. Notably pension rights arise from an employee’s contract of employment and under the terms of the relevant pension documentation. An employees pension rights are therefore governed by a complex framework of trust law, contract law and pension law. Several pension schemes are regulated under this network; occupational schemes (defined benefit and defined contribution schemes), Personal Pension Plans (PPP’s) and Personal Retirement Savings Accounts (PRSA’s).
Economic factors influence the performance of pension funds such as the size of the fund and investment strategies. As a result retirement planning and preparing for a secure future has become all the more important in recent uncertain times. Many pension funds have fallen into deficit through a combination of failed aggressive investment strategies, falling interest rates and improving life expectancy. The termination of pension schemes and the variation of their terms have arisen due to changes in the circumstances of many employers and their ability to continue to pay or, in a case worst scenario, the insolvency of the employer. It is certain that disputes over pension investments and entitlements will arise in the present economic climate and it is prudent to understand and know your rights. Both public and private sector business have come under intense pressure to maintain and secure pension funds, but as many businesses are winding-up and redundancies are becoming more frequent, a reduction in lump sum entitlements and yearly pensionable incomes is inevitable.
From small businesses to multi-national firms, from the average worker to the prudent investor, at Kent Carty we have encountered many pension related disputes which places us in a strong position to advise on all legal issues relating to pensions.
We have advised clients on pension related disputes including:
• pension administration and governance mismanagement,
• withholding of member’s benefits,
• breach of employees terms of employment concerning pension entitlements,
• incorrect or reckless distribution of members entitlements in cases of winding-up,
• reduced pension entitlements in cases of insolvency,
• documentation and contract review,
• advising trustees of their duties and obligations under various pension schemes,
• advising on matters in relation to complaints made to and/or investigations by the Pensions Board and the Pensions Ombudsman.
Our financial and insurance experts have represented clients from a consultative and compliance point of view. We currently represent clients whose entitlements under various pension schemes or life assurance policies (such as endowment or with profit policies) have been either denied, substantially reduced, misrepresented, misssold or mismanaged. We have adopted a pragmatic and realistic approach to these cases, allowing us to efficiently advise and choose the most appropriate means of resolving the matter.
Mediation and conciliation has predominantly featured in many of our cases and as an alternative to court proceedings, this mechanism has proved highly successful in resolving disputes. Professional help through mediation and conflict management led by experts can help parties reach a satisfactory outcome in a speedy and cost-efficient manner.
To speak to someone about your pension today please contact Gavan Carty on 01-8658800 or gavancarty@kentcarty.com.