Pensions in 30: 27. Termination of employment - compensation for pension losses

The Month in Pensions - Gowling WLG

Key Points

• Calculating pension loss can be complex, especially where the employee was defined benefit pension scheme.
• The Employment Tribunal service published a 2003 guidance note which suggested two methods for approximating pension loss without the need for actuarial advice, but this guidance has now been withdrawn.
• During April and May 2016, the President of the Employment Tribunals (England and Wales) consulted on a new approach to calculating pension loss. The response to this consultation is awaited.
• In higher value cases, the parties may wish to take actuarial advice on pension loss.
• In the context of a negotiated exit, there are several ways to compensate for pension loss. The cooperation of the pension scheme administrators or trustees may be required to implement some of these.

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