Virgin Media v NTL Pension Trustees II – Case Analysis by Henry Day – Radcliffe Chambers
‘Pensions analysis: In a landmark ruling, dismissing the appeal brought by Virgin Media Ltd (Virgin) against the first instance decision of Mrs Justice Bacon, the Court of Appeal held that the term ‘section 9(2B) rights’ in regulation 42(2) of the Occupational Pension Schemes (Contracting-out) Regulations 1996 (the Contracting-out Regulations), as in force from 6 April 1997 to 5 April 2013, included pension rights earned by both past and future service. The judgment potentially has very significant implications for occupational pension schemes that were contracted out of the Additional State Pension on the salary-related basis under section 9(2B) of the Pension Schemes Act 1993 (PSA 1993) : absent actuarial confirmation as required by PSA 1993, s 37, it now appears certain historical alterations to members’ future (as well as past) service rights under such schemes will be void. Important practical issues concerning the nature and scope of the required actuarial confirmation, however, remain unresolved. Written by Henry Day, barrister at Radcliffe Chambers.’
Radcliffe Chambers, 19th August 2024
Source: radcliffechambers.com
