Superannuation meaning

Original news Professor M (CAS-50740-F3M5 and CAS-38376-G3P7)—19 September 2024 Summary The Deputy Pensions Ombudsman dismissed a grievance concerning the absence of a late retirement uplift and an alleged lack of warning about the repercussions of leaving a pension arrangement. The trustees had no duty, in fact, to counsel a member on the implications of opting out. Even had a duty arisen, the applicant would nonetheless have exited, since his overriding aim was to preserve his lifetime allowance protections. The decision firmly underscores that, even where a duty is owed, any breach must result in a foreseeable loss for the member in question. What were the facts? Professor M belonged to the Universities Superannuation Scheme (the Scheme). He had exceeded the Scheme’s normal pension age and continued contributing, thereby qualifying for a late retirement factor within the Scheme itself...

Original news Dr Y (CAS-37814-G1K9)—20 December 2023 Summary The DPO has partly turned down a complaint that a member was misled into leaving a pension scheme to avoid a lifetime allowance tax charge. It concluded there was no causal link between the scheme’s communications and the decision to opt out. The scheme had not provided advice or a recommendation. However, the scheme administrator was found to have committed maladministration due to delays in replying to the member’s complaint and by overpaying the retirement lump sum. The determination serves as a reminder that pension schemes should be cautious not to give advice or direct members towards any particular course of action. What were the facts? Dr Y was a member of the NHS Superannuation Scheme (Scotland) (the Scheme). The Scottish Public Pensions Agency (SPPA) administered the Scheme. In 2014 and 2016, SPPA wrote to Dr Y about reductions in the lifetime allowance, stating:...

Original news Mr Y (CAS-86542–P8B6) – 25 June 2024 Summary The PO dismissed a complaint concerning a decision not to pay a member’s pension into a spouse’s bank account. The trustee acted reasonably, motivated by ensuring scheme benefits reached the rightful recipient. Nothing about the trustee’s decision was perverse or illogical. The PO’s decision indicates that, where a trustee’s aim is member protection, a finding of maladministration is improbable. The trustee’s stance sought to prevent misdirection of payments. Accordingly, the refusal was upheld by the PO. What were the facts? Mr Y belonged to the British Coal Staff Superannuation Scheme (the Scheme)...

ARCHIVED This tracker is archived and is not being updated. It gathers significant pensions judgments from 2022, arranged by topic. The entries are organised by subject, with the topics listed in the Table of Contents on the left-hand side. Construction of scheme rules-revaluation De La Rue plc v De La Rue Pension Trustee Ltd Case information Full name: (1) De La Rue Plc (2) De La Rue Holdings Ltd (3) De La Rue International Ltd v (1) De La Rue Pension Trustee Ltd (2) Mark Crickett Citation: [2022] EWHC 48 (Ch), [2022] All ER (D) 50 (Jan) Court: High Court Judgment date: 14 January 2022 (hearing dates 15–16 December 2021) Representation: Keith Rowley QC and Elizabeth Ovey (instructed by Hogan Lovells International LLP) for the Claimants Henry Day (instructed by Hogan Lovells International LLP) for the First Defendant Andrew Mold QC (instructed by Osborne Clarke LLP) for the Second Defendant ...

What is the Teachers’ Pension Scheme? The Teachers’ Pension Scheme (TPS) is a statutory public service pension arrangement for members of the teaching profession in England and Wales. Since 1 April 2015, the TPS has consisted of two schemes: The reformed TPS (often described in TPS literature as the ‘2015 Scheme’), established on 1 April 2015 under the Public Service Pensions Act 2013 (PSPA 2013) as a career average revalued earnings (CARE) scheme. This Practice Note concerns that scheme. The legacy TPS, created by the Superannuation Act 1972 (SA 1972) as a final salary scheme for those who joined before 1 April 2015. It closed to future accrual on 31 March 2022, while retaining a final salary link within that scheme. For more, see Practice Note: The legacy Teachers’ Pension Scheme. Separate schemes operate in Scotland and Northern Ireland and are outside the scope of this Practice Note. When the reformed TPS launched, the government acted to close the legacy TPS to...

What is the Teachers’ Pension Scheme? The Teachers’ Pension Scheme (TPS) is a statutory public service pension scheme for members of the teaching profession in England and Wales. Since 1 April 2015, the TPS has consisted of two distinct schemes: the reformed TPS (often described in TPS literature as the ‘2015 Scheme’), introduced on 1 April 2015 under the Public Service Pensions Act 2013 (PSPA 2013) as a career average revalued earnings (CARE) scheme for those joining on or after 1 April 2015. For further information, see Practice Note: The reformed Teachers' Pension Scheme the legacy TPS, set up under the Superannuation Act 1972 (SA 1972) as a final salary scheme for members who joined before 1 April 2015. This scheme is the subject of this Practice Note Be aware there are separate schemes in Scotland and Northern Ireland, which are not covered by this Practice Note...