31st May 2016 Anne-Marie Winton comments in Pensions Expert re £12.8m Hogg Robinson rectification case
Anne-Marie Winton comments in Pensions Expert as corporate travel company Hogg Robinson incurs £10.5m in past service costs and £2.3m in legal costs due to a mistake in a deed of amendments to their scheme.
Anne-Marie said attempts to recover costs from the advisers brought their own challenges.
“You may not get all the money you need for that,” she said. “The advisers may say, ‘You were supposed to read the document before you signed it’.”
She added that the fact Hogg Robinson claimed against its advisers hinted at a strong evidence trail.
Winton said: “The problem with pension documents is you have to take them on face value… There have to be pretty big sums at stake before you go to court. In some cases people just get stuck with it.”
On top of this, she added, such errors can be hard to find and further changes made since can complicate the process.
“Since 1999 there will be multiple amendments to the trust… it makes it more and more difficult to find the error.”
Read the full article in Pensions Expert here.
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