The High Court has ruled that there is no statutory limitation period in which to recover pension overpayments under a defined benefit (DB) scheme, as long as this is by adjusting future payments.
However, recovering such payments cannot be as simple as seeking determination by The Pensions Ombudsman (TPO), but that this determination would then need to be enforced by a County Court, the court ruled...
More needs to be done to speed up DB to DC transfers but, as Jonathan Stapleton says, more also needs to be done to protect members.
The Pensions Ombudsman (TPO) took on 2,566 early resolution cases in 2018/19 after onboarding a team from The Pensions Advisory Service (TPAS), according to its annual report and accounts.
The lifeboat fund is in a good position despite reserves taking a £0.6bn hit. But the ramifications of the EU judgment on member compensation is an area of concern for CEO Oliver Morley, writes Stephanie Baxter