Pensioner members of the Prudential Staff Pension Scheme were defeated last week when the High Court ruled in favour of their former employer, the Prudential Assurance Society, saying it was neither "irrational or perverse" for it to have capped discretionary pension increases in 2005.
Members argued Prudential was not acting in good faith by springing the 2.5% cap upon them with no forewarning after decades of receiving discretionary increases in line with RPI. However, lawye...
To continue reading this article...
Join Professional Pensions
Become a Professional Pensions Lite Member today
In just a few clicks you can start your free Professional Pensions Lite membership for 12 months, providing you access to:
- Three complimentary articles per month covering the latest real-time news, analysis and opinion from the industry
- Receive important and breaking news stories via our two daily news alerts
- Hear from industry experts and other forward-thinking leaders
Are you a trustee, investment consultant or in-house pension and benefit scheme professional? You can apply for full complimentary access here
