The government has announced that it will pass legislation to give pension schemes affected by the Virgin Media ruling the power to obtain retrospective actuarial confirmation that historic changes to contracted-out benefits met the necessary statutory requirements. For more information on the Virgin Media ruling, please see our legal update.
While the timeline for, and detail of, the proposed legislation remains to be confirmed, this announcement will be welcome news to trustees and employers of affected DB and hybrid pension schemes who might otherwise have faced a potentially significant increase in scheme liabilities.
[View source.]
