Pensions Priorities: law reform — change to the statutory definition of ‘money purchase benefits’

The regulation surrounding defined-benefit pension schemes is immense and has increased significantly over the last two decades, particularly in relation to funding and obligations such as the Pension Protection Fund levy. Historically, there have been certain schemes that, while providing some level of promised return to members, have fallen outside this regime. Legally, this regime applies to all schemes where the benefits do not fall within the definition of ‘money purchase benefits’ under the Pension Schemes Act 1993. A number of cases have been brought before the courts to determine whether certain schemes and/or types of benefit fell within this definition. Following the Supreme Court case of Houldsworth v Bridge Trustees and another in 2011 ([2011] UKSC42), it became clear that a scheme was capable of having a deficit in funding but still fall within the ‘money purchase benefits’ definition, and so not be subject to, in particular, the funding legislation…

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.   

Briefings from Taylor Wessing

  • Drag along or bring along

    Taylor Wessing’s Simon Walker explains the terms ‘drag along’ and ‘bring along’.

  • Voting rights

    Venture capital investors will have certain consent and voting rights that attach to their class of shares.

View more briefings from Taylor Wessing

Analysis from The Lawyer

  • singapore orchid

    Singapore: Cash course

    The city-state is working hard to become a global wealth management hub, and law firms are gearing up for a prosperous new world

  • Money 317

    Crunch boom

    Financial disputes are starting to dominate the English courts as the long-awaited fallout from the downturn finally comes to town

View more analysis from The Lawyer


5 New Street Square

Turnover (£m): 228.00
No. of Lawyers: 860
No. of Lawyers (Asia Pacific): 79
Offices (Asia Pacific): 3