Pensions Levelling After Court Ruling 'To Cost Plans £1.5B'

Law360, London (April 21, 2021, 4:19 PM BST) -- Pension plans are facing a £1.5 billion ($2 billion) bill to plug shortfalls in the retirement pots of former employees after a landmark High Court ruling in 2020, a consultancy has warned.

The figure represents the total amount that could be owed to pension savers who switched providers, based on records of 400,000 past transfers worth £40 billion, Buck UK said on Tuesday. The shortfall applies overwhelmingly, if not exclusively, to women.

The High Court ruled in November that pension trustees have to go back and examine records dating from May 1990, then plug historical shortfalls in the retirement pots of...

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