Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Equalisation definition

What does Equalisation mean? Equalisation is a fund‑accounting and distribution mechanism used by unit trusts, OEICs and other authorised funds to allocate income fairly between investors who buy or sell during a distribution period. As income from the fund’s assets accrues between distribution dates, it is reflected in the unit price/NAV. A purchaser therefore pays a price that includes accrued income. On the next distribution, the portion attributable to income accrued before acquisition is returned to that investor as “equalisation”, so that only the post‑acquisition element is treated as income. In UK practice (England & Wales, Scotland and Northern Ireland), equalisation is recognised in the...

Pension equalisation after Barber: key cases on mixed retirement ages, amendment compliance, limited retrospectivity, Scottish presumptions, contractual promises and court‑approved compromises

Published by a LexisNexis Pensions expert

Practice notes

This Practice Note contains references to case law of the Court of Justice of the European Union (CJEU).

For guidance on whether EU judgments are binding on UK courts, see Practice Note: Assimilated law — Assimilated case law. On 17 May 1990, the European Court of Justice ruled, in barber v Guardian Royal Exchange, that the entitlement of men and women to equal pay for equal work, or work of equal value, also embraces the element of remuneration made up of pension benefits. As a result, many schemes needed amendments to their governing documents so as to provide equal pension benefits for men and women. The exercise of implementing the Barber principle became known as equalisation. Although the precise scope of Barber was initially unclear, the outstanding issues were very largely settled by further cases, culminating in Coloroll Trustees v Russell. For further information, see Practice Note: Equalisation and Barber—the pension implications...

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Elizabeth Ovey

Radcliffe Chambers

Elizabeth has a general Chancery practice with particular emphasis on pensions (developing from the trust side of her practice) and on retail financial services (developing from an early specialisation in building society law). She also does a considerable amount of professional negligence work in these areas and other areas in which a Chancery background is of assistance.Her first substantial involvement in pensions law came when she was instructed in relation to a small miners’ pension scheme during the days of the miners’ strikes in the 1980s and she has done an increasing amount of pensions work since those days. She is a contributing editor of Halsbury’s Laws vol. 80 (Personal and Occupational Pensions) (2020). She is now on the Lexis PSL pensions section editorial board and is a contributor to Lexis PSL through a series of practice notes on various aspects of...

Web page updated on 21/05/2026

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