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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) | The pension implications of the Foster Wheeler case
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The pension implications of the Foster Wheeler case
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The Court of Appeal ruling on the Foster Wheeler case about equalisation of pension benefits for males and females illustrates that at least sometimes common sense does indeed prevail in an otherwise complex pensions arena.
In what has been a time-consuming (and probably costly) case, the Court of Appeal’s ruling rejected the High Court’s original and more generous method of equalisation.
As Ashurst’s Sarah-Jane Gemmell succinctly puts it, ‘…care should be taken to ensure that any benefits provided are no more favourable than they need to be, as only the benefits accrued during the Barber window need to be subject to a retirement age of 60 (or whichever age was applicable to women prior to any deed of amendment).’
Is that simple or what?
However, as Ashurst’s Pension Briefing concludes, ‘Trustees and the Company should seek specialist legal advice and in some cases an application for directions may be required to put the matter beyond doubt and to avoid the risk of future complaints by members who accrued service during the "Barber window".’
Financial advisers that have been involved with pension transfer analysis advice also need to reflect on the issue as it might have implications for past, ongoing and future advice. See:
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Mike Jones, MyCompanyPension.co.uk Ltd, July 10th 2009
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