The trustees sought approval of the transfer of the funds within a scheme by way of a rescue. The transfer was opposed on behalf of its members, as being without their necessary consent. It was held that consent was not required where both schemes were intended to benefit employees in the same employment, and that it was for the actuary to assess whether or not any transfer of a particular member’s benefits would affect him adversely, and an alteration of the entitlement benefits would not of itself prevent certification.
Citations:
Gazette 29-Mar-2001, Times 02-Apr-2001
Statutes:
Occupational Pension Schemes (Preservation of Benefits) Regulations 1991 (1991 No 167), Occupational Pension Schemes (Modification of Benefits) Regulations 1996 3
Jurisdiction:
England and Wales
Financial Services
Updated: 10 May 2022; Ref: scu.83647