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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | July 2009 (12 blogs) | Pensions: Judge rules when 'notice' differs from 'knowledge'
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Pensions: Judge rules when 'notice' differs from 'knowledge'
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Pension legal firm Wragge and Co. has produced a summary of a recent case before the Courts involving MCP Pension Trustees Limited and Aon Pension Trustees Limited. The case revolves around 32 members of a pension scheme that were ‘forgotten’ about when the scheme was wound up.
Section 27 notices had been issued, and this was used as a defence, when the insurers who having paid out started actions to recover those costs.
The Judge asked the question whether there is a difference between ‘notice’ and ‘knowledge’. In conclusion, he ruled that ‘A person has "notice" of a fact even though he may have forgotten it and so not know it any more.’
I like that: it’s a heck of a statement - and I wish we could all use that one from time to time! So, essentially, forgetting something (when one has previous knowledge of it) is no longer a defence under these circumstances.
Trustees and their advisers now ought to consider if and how this case might have implications for their schemes. See:
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Mike Jones, MyCompanyPension.co.uk Ltd, July 21st 2009
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