News & Events

pensions

Practical Law (Pensions); “Univar v Smith; first contested pensions rectification trial in 8 years”

Judgment was recently handed down by the High Court in Univar v Smith & Ors. Michael Uberoi’s article looking at some of the key issues in the judgment has been published in Practical Law (Pensions). Univar v Smith & Ors [2020] EWHC 1596 (Ch) was the first contested application for the rectification of pension scheme documentation for over eight years, and was also the first judgment by the High Court to apply the Court of Appeal’s new, subjective test for rectification, as declared by Leggatt LJ in FSHC Group Holdings Ltd v GLAS [2019] EWCA Civ 1361. The 15 day trial involved cross-examination of over a dozen trustee and company witnesses who were the relevant decision-makers for the scrutinised Deed,…

Legal Blog & Publications, News, Pensions, Pensions 11 Sep, 2020

Successful pro bono representation before the Financial Ombudsman

Chloë Bell has successfully provided pro bono representation before the Financial Ombudsman through Advocate, the Bar’s national charity for free legal assistance from volunteer barristers. Chloë Bell has provided pro bono representation to an individual who suffered a shortfall in a pension transfer quotation due to negligent advice and services provided by his financial advisors. The individual’s advisors sent incorrect documentation to the entity responsible for providing the quotation. When the correct documentation was eventually provided the original quotation had expired and the individual’s guaranteed minimum value quotation was lower. Representation was provided (through Advocate) before the Financial Ombudsman. Chloë provided submissions on the contractual and tortious duties owed by the financial advisors, the breach of those duties and the…

News, Pensions 27 Aug, 2020

Second Court of Appeal Judgment in Safeway’s long running pensions equalisation case

On 13 July 2020 the Court of Appeal handed down its second judgment in Safeway Ltd v Newton (previously [2017] EWCA Civ 1482]) concerning the date on which the Normal Pension Ages applicable under the Safeway Pension Scheme were equalised at 65. Safeway Limited v 1) Andrew Newton 2) SPTL [2020] EWCA Civ 869: equalisation pursuant to section 62 Pensions Act 1995 The Court of Appeal held that section 62 Pensions Act 1995 went further than Article 119 of the Treaty of Rome and was an effective measure to close the Barber window. The Background On 1 December 1991 it was announced to Scheme members that Normal Pension Ages (NPAs) would henceforth be 65 years for men and women. On…

Commercial, News, Pensions 13 Jul, 2020

Remote hearings and electronic bundles – reflections on the Lloyds GMP case

Practical tips for remote hearings and electronic bundles – Nicholas Hill reflects on a seven-day trial by Skype in the Lloyds GMP litigation. Nicholas Hill recently acted, led by Andrew Short QC, and instructed by Ivan Walker of Walkers, for the Eighth Defendant in the second substantive trial in the Lloyds Banking Group Pension Trustees Limited GMP litigation. The 2018 Judgment [2018] EWHC 2839 (Ch) confirmed that pension scheme trustees are required to adjust non-GMP benefits to equalise overall scheme benefits. The proceedings earlier this month concern the impact of the equalisation obligation on transfers out. Judgment is awaited. Nick sets out some practical tips and observations about the use and impact of technology adopted in the recent trial. In the…

Legal Blog & Publications, News, Pensions 26 May, 2020

High Profile Financial Services and Pensions Judgment; Adams v Options SIPP UK LLP

Adams v Options SIPP UK LLP (formerly Carey Pensions UK LLP); Nicholas Hill comments on the Judgment two years in the making: clarity and relief for SIPP operators and execution only financial services businesses. In March 2018 the Chancery Division heard the high-profile test case on the liability of Carey Pensions UK LLP, a provider and administrator of self-invested pension plans (SIPPs), to the Claimant investor, whose underlying investments were alleged to have been manifestly unsuitable. A little over two years later Judgment has finally been handed down. The SIPP industry (and indeed a wide range of institutions conducting business on an execution-only basis) will welcome the Judgment. Case Note Nicholas Hill has written a short case note considering the Judgment…

Legal Blog & Publications, Financial Services 21 May, 2020

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