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The recent ECJ judgment in the case of PSV v Gunther Bauer has restated that, as a minimum, every individual must receive at least 50% of their accrued benefits.

We consider that the implementation methodology we announced following the ECJ’s judgment in Hampshire, which will make sure that all our members receive at least 50% of the value of their accrued benefits, meets this requirement.

There are other details of the judgment that we’ll need to work through with the Department for Work and Pensions.  In the meantime, we’ll continue to make payments in line with the existing levels, and to assess and increase payment to those members affected by the Hampshire ruling.