Overpayments and incorrect quotations — a change of approach from the Pensions Ombudsman?
Pension scheme trustees are obliged to provide members with the benefits that they are entitled to under the governing documents of the scheme. Generally, where overpayments or over-generous quotes for benefits have been discovered, trustees must reduce benefits to the correct level and seek to recover overpayments already made.
While trustees may have great sympathy with the position of a member who may have made important financial decisions on the basis of incorrect information, trustees must administer the scheme in accordance with the provisions of the scheme and the law is not as favourable as one might expect it to be to members in these circumstances.
When an error has been made, the trustees will attempt to correct the situation, recalculating future benefits and reclaiming overpayments already made. For each of these, members could have a defence for retaining the status quo as follows…
If you are registered and logged in to the site, click on the link below to read the rest of the Taylor Wessing briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Taylor Wessing
News from The Lawyer
Briefings from Taylor Wessing
For the tax year from 6 April 2014, the standard lifetime allowance has reduced from £1.5m to £1.25m.
One of the areas highlighted last year by the Regulator was the regulation of workplace DC pension schemes.
Analysis from The Lawyer
As the equity capital markets rocketed back into favour and global M&A saw at least a partial return to form, there have been some rich pickings for The Lawyer’s Corporate Team of the Year award shortlisted firms in 2014.
The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world