Government Amends Definition of Money Purchase Benefits

In the aftermath of the decision of the Supreme Court in the Bridge Trustees case earlier this year, the Government inserted in the Pensions Act 2011 a change to the definition of “money purchase benefits”, designed to ensure that it is not possible for money purchase schemes to develop funding deficits. Schemes that previously were money purchase may not be in the future. This Briefing Note looks at the implications for trustees of occupational pension schemes of the change.


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