Correcting benefit underpayments in DB pension schemes

Rectifying past underpayments for members is a common issue for all pension trustees and their advisers, particularly in the context of ongoing exercises in relation to GMP equalisation.

The webinar recaps what the line of cases that has emerged since the Lloyds Bank judgment in 2018, including last summer’s case of CMG Pension Trustees Limited v CGI IT UK Limited, has and has not told us about correcting underpayments made to both current and former members.

We then offer some practical tips on correcting benefits of current members and former “not on admin” members, covering whether there is any legal or other justification for not correcting an underpayment and any tax issues to be aware of when topping up underpaid benefits.

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