Discussing the Pension Schemes Bill’s aims for the Virgin Media decision

Senior counsel Nigel Cayless analyses the Pension Schemes Bill’s legislative remedy to historic amendment errors exposed by the Virgin Media decision in an article for Solicitors Journal.

The Pension Schemes Bill aims to address errors in defined benefit pension schemes following the landmark Virgin Media case. It looks to validate benefit alterations from 1997 to 2016 that were voided for non-compliance with Section 37. Alterations are “potentially remediable” if certain conditions are met, including the absence of trustees’ ‘positive action’ voiding them, and require an actuary’s confirmation of compliance. Guidance for actuaries is forthcoming, but uncertainties in identifying remediable amendments and gathering evidence remain, with further regulations expected.

Read more in Solicitors Journal.