UK - Occupational pension schemes have emerged unscathed from an error at the Inland Revenue which overpaid rebates to savers who opted out of Serps.
The Revenue is claiming £50m back from insurers but the NAPF said that there had been “no feedback” from its membership.
A spokesman said: “The Inland Revenue have been in touch. But we expect the effect to be far less dramatic than on insurers.
“The impact as far as we are concerned is minimal.”
The Association of British Insurers is contesting the Inland Revenue’s claim for payment of the rebates in full, as it insists that the stock market collapse has eroded the value of the payments by around 60%.
The top stories this week were the High Court's decision to block the £12bn annuity transfer from Prudential to Rothesay Life, and a separate court ruling that 'raises the bar' for pension rectification exercises.
Guaranteed minimum pension (GMP) equalisation has soared to the top of pension schemes' to-do lists, with 58% stating it is a priority project, research from Equiniti has revealed.
Professional Pensions is holding its defined contribution (DC) conference on 4 September.