Judgment was handed down today in Virgin Media Ltd v NTL Pension Trustees II Ltd [2023] EWHC 1441 (Ch), which concerns the highly topical issue of s.37 of the Pension Schemes Act 1993. Bacon J held that: the failure to obtain the actuarial confirmation of a deed of amendment required by s.37 meant that the deed had no effect; that requirement applies to both past and future service benefits; and that ineffectiveness under s.37 applies to all relevant alterations and not only adverse alterations. This decision is likely to have widespread implications for contracted-out schemes with amendments that did not comply with s.37 requirements.
An in-depth article on the case by Jennifer Seaman, who acted for the trustee, will be published on the website next week.