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High Court approves MIPP equalisation compromise
The High Court has approved a compromise of a long-running equalisation issue affecting the Motor Industry Pension Plan in Ross Trustees Services Ltd v Rowe [2026] EWHC 1901 (Ch). The issue arose from uncertainty as to whether amendments made in 1992 had effectively equalised Normal Retirement Ages at 65. The compromise reflected a 66:34 assessment of the competing arguments and provides for an NRA of 60 for service from 17 May 1990 to 12 May 1992, 61.7 for service from 13
When is a pension not a pension?
Paul Newman KC considers how new draft legislation would let DB schemes share surplus directly with members, and the difficult questions the new “authorised member surplus payment” leaves for trustees about scheme powers, vested rights and how the award should work in practice. To read the article, click on the pdf below.
Local investment and fiduciary duty: where the new line is drawn
In the second of two articles on the recent LGPS governance guidance, Paul Newman KC looks at one of its more controversial aspects: the use of LGPS assets to pursue local investment objectives. To read the article, click on the pdf below.
Fiduciary duties on LGPS pooling: Responsibility without control?
In the first of two articles on the recent LGPS governance guidance, Paul Newman KC considers the new division between strategic responsibility and practical implementation under the new asset pooling arrangements. To read the article, click on the pdf below.
Explanatory guides as rectification evidence
Paul Newman KC considers a very recent High Court decision on a rectification application in which particular reliance was placed on the explanatory guides prepared for the trustees and employer on the adoption of a new deed and rules. To read the article, click on the pdf below.
LGPS Guidance published
The Government has published its long-awaited package of statutory guidance for the Local Government Pension Scheme in England and Wales, accompanying the investment and governance reforms in the Pension Schemes Act 2026. The guidance covers three linked areas: asset pooling, preparing and maintaining Investment Strategy Statements, and fund governance. The guidance is likely to become a central reference point for administering authorities, LGPS pools and advisers as the n
The wrong route? FAAs and commercial DB consolidation
Paul Newman KC asks whether the use of flexible apportionment arrangements for commercial DB consolidation risks using the wrong statutory path for such a transaction. To read the article, click on the pdf below.
New surplus power: False comfort?
Paul Newman KC considers whether the proposed repeal of the DB surplus “members’ interests” test instead gives rise to a harder fiduciary question: why, as trustees, is it proper to pay scheme assets to the employer? To read the article, click on the pdf below.
A Public Trustee for pension schemes?
Paul Newman KC looks at a recent DWP consultation which has revived an old question: does pensions law need a public trustee of last resort for orphan or troubled schemes? To read the article, click on the pdf below.
Time limits, discretions and the Ombudsman
Paul Newman KC looks at a recent NHS Pension Scheme determination which shows why a deadline may not be the end of the matter where the scheme contains a discretion to extend time. To read the article, click on the pdf below.
What is a pension liability worth?
Paul Newman KC looks at a recent High Court insolvency case which sheds light on the important issue of how to value pension scheme liabilities in professional negligence disputes. To read the article, click on the pdf below.
FRC issues final guidance for Virgin Media confirmations
Following the passing of the Pension Schemes Act 2026, the Financial Reporting Council has today published its finalised guidance for scheme actuaries when asked to provide retrospective confirmation to validate historic amendments invalidated by the Virgin Media decision. The substance of the guidance is unchanged from the version issued in January: the final version introduces minor amendments to the wording and references to ensure clarity and alignment with the enacted le
