Shortly after the High Court’s decision now referred to as “Lloyds 3“, which considered the issue of guaranteed minimum pension (GMP) equalisation and the extent to which past transfers-out should be revisited, we published a summary of the decision and our initial reaction.… Continue Reading
On 22 June 2020, the High Court ruled in Hughes v Board of the Pension Protection Fund that certain restrictions applied to benefits paid from the Pension Protection Fund (PPF) are unlawful on age discrimination grounds.… Continue Reading
TPO has ruled that a pension scheme was liable to pay a full deferred pension to a claimant, despite the scheme having no record of his benefits other than a guaranteed minimum pension (GMP). This determination shows the significant weight that TPO places on HMRC’s GMP records and the inferences that can be made from … Continue Reading
Four trustees of an occupational defined benefit pension scheme have been fined £500 each by the Pensions Regulator (TPR) for their failure to obtain audited scheme accounts on time without reasonable excuse. This is the first fine of this type, and follows TPR’s announcement in 2017 that it was going to be “clearer, quicker and … Continue Reading
Well, the leaves are falling, there’s a bit of a chill in the air, and the shops are already trying to make us buy mince pies. That can only mean one thing…winter is coming. Whilst the hugely popular TV show “Game of Thrones” may be off UK TV screens again for a while, the drama … Continue Reading
Age discrimination is a notoriously difficult area to address in the context of pension plans (which, by their very nature, provide benefits by reference to the age of an individual). Two recent UK employment tribunal decisions have put age discrimination into the spotlight – with very different outcomes.… Continue Reading
New legislation has corrected an anomaly that has arisen in relation to trivial commutation rights for members of certain UK Defined Contribution (DC) and hybrid pension plans. Following changes made on 6 April 2015 to the statutory definition of “trivial commutation lump sum” (TCLS), a TCLS can now only be paid from a Defined Benefit … Continue Reading
