PNPF Trust Company Ltd v Taylor and others went to trial in January and was widely expected to clarify the effect of two key pieces of legislation governing the funding of occupational pension schemes.
Angela Dimsdale Gill, Matthew Bullen & Adam Baradon welcome judicial clarity on pension scheme funding
PNPF Trust Company Ltd v Taylor and others went to trial in January and was widely expected to clarify the effect of two key pieces of legislation governing the funding of occupational pension schemes. This month’s judgment has lived up to those expectations and confirmed that statutory rules should underpin, not override, pension scheme rules.
The PNPF is an industry-wide pension scheme for marine pilots. It has almost 2,000 members drawn from the likes of the Port of London Authority, the Port of Tyne Authority and the Milford Haven Port Authority. Like manyension schemes, the scheme currently faces a significant deficit. It is the trustee’s duty to try to fill this deficit, and there are 53 bodies which might be liable to contribute.
The PNPF trustee’s power to
