06 Oct Anna Copestake comments in Engaged Investor after TPR uses powers to declare scheme amendments void
The Pensions Regulator has intervened to help members of a defined benefit (DB) scheme after it was accidentally converted into a defined contribution (DC) plan.
This is the first time TPR has publically used its powers in this way, and trustees now have an alternative to lengthy and expensive court cases to rectify past mistakes.
Senior Associate Anna Copestake commented: “If something comes out of the woodwork and it looks like you’ve breached section 67 inadvertently, then this is a more cost effective and time effective option for trustees than plodding off to court.”
Anna also said: “It is only a route that will be available if there has been a breach of section 67 – if there has been an amendment that has detrimentally affected accrued rights and they haven’t followed all the processes.”
Read the full article in Engaged Investor here.