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.   

Sign in or Register to continue reading this article

Sign in


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


Industry insight

In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.


Market intelligence

Identify the major players and business opportunities within a particular region through our series of free, special reports.


Email newsletters

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.

Briefings from Taylor Wessing

View more briefings from Taylor Wessing

Analysis from The Lawyer

  • merger deal

    Corporate crunch time: who will triumph at The Lawyer Awards 2014?

    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. 

  • 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

View more analysis from The Lawyer


5 New Street Square

Turnover (£m): 241.20
No. of lawyers: 860 (UK 200)
Jurisdiction: UK
No. of offices: 6
No. of qualified lawyers: 73 (International 50)
No. of partners: 29