In September 2018 the Court of Justice of the European Union (the CJEU) ruled that pension scheme members should receive at least 50% of the value of their accrued old age benefits if their employer became insolvent.
The Court of Justice of the European Union (CJEU) has today ruled that individual members should receive at least 50 per cent of the value of their accrued old age pension in the event of employer insolvency.
The first PPF SME Forum, which took place at the end of February, saw representatives from DB schemes of small and medium-sized enterprises (SMEs), their advisers, representative bodies and the PPF gather together to discuss a range of topics from good customer service to measuring insolvency risk.
The Administrative Court’s judgment in June 2020 upheld our general approach to calculating increases in compensation as a result of the Hampshire ruling. But it also said we need to make sure members and survivors each receive at least 50% on a cumulative basis of the actual value of the benefits their scheme would have provided.
The first group of PPF members who we’ve assessed as most significantly affected by the European Court of Justice’s ruling have from today started receiving increased benefits. These members have had their benefits adjusted by the long service cap (LSC).
The Court of Appeal has supported our approach for increasing payments to PPF and FAS members following the 2018 European Court of Justice judgment in the Hampshire case.
Last night we were awarded the Pensions Administration Award for the second year running at the Pensions Age Awards.
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