STOP PRESS: Court of Appeal Hands Down Judgment in Virgin Media Pensions Case
Last year, the High Court ruled that amendments to benefits in schemes that were contracted out on the reference scheme test basis between 6 April 1997 and 5 April 2016 are void if they were made without written confirmation from the scheme actuary that the scheme would continue to meet the reference scheme test. Part of the High Court’s decision was appealed, and the Court of Appeal has today handed down its judgment. In this Insight, we summarise the background to contracting out, what was decided by the court in 2023, the issue that was appealed, the outcome of the appeal and the possible next steps for trustees.
