19th August 2019 Anna Rogers comments in FTAdviser on the Pensions Regulator warning of widespread pension calculation errors
TPR has written to trustees of about 120 schemes administered by Prudential to inform them that their members could be receiving wrong pension payments after incorrect sex equalisation calculations were identified.
Members who have been affected by this mistake could be in line for a pension uplift of 25 per cent in some cases.
Anna Rogers explained the issues weren’t confined to schemes administered by Prudential.
She said: “It is quite common to find that sex equalisation was done in a way that doesn’t quite work, with the benefit of hindsight. It took years after 1990 for the meaning of the Barber case to become clear, and the process is still continuing, with the Lloyds case and further uncertainties that arise from that. So it’s interesting to see the Pensions Regulator acting to make sure this issue is on trustees’ agenda.”
Read Anna’s comments in FTAdviser
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