Indexation and revaluation of pensions—changing from RPI to CPI

Produced in partnership with Wyn Derbyshire of gunnercooke LLP

Practice notes

Indexation and revaluation of pensions—changing from RPI to CPI

Produced in partnership with Wyn Derbyshire of gunnercooke LLP

Practice notes

FORTHCOMING DEVELOPMENT: Section 10 of the Finance Act 2022 will increase the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028 (save for members of the firefighters, police and armed forces public service pension schemes).

The Finance Act 2022 will also give members of registered pension schemes a right to take their benefits before age 57, if on or before 4 November 2021 they either had an ‘unqualified right’ to take benefits or were in the process of a substantive transfer to a scheme offering an unqualified right to a protected pension age of less than 57 on or before 4 November 2021. To benefit from this new 2028 protection, the rules of the pension scheme must have included (on 11 February 2021) an unqualified right to take the entitlement to scheme benefits before age 57.

For further information, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions impact.

THIS PRACTICE NOTE APPLIES TO OCCUPATIONAL PENSION SCHEMES

Subject

Wyn Derbyshire

Partner, gunnercooke LLP

Wyn is a partner at gunnercooke LLP and specialises in pensions, trust and employment law in all industry sectors, dealing with the transactional, advisory and documentation aspects.

He also has wide experience of the pensions implications of heavyweight corporate transactions and flotations, the issues arising from the establishment and merger of pension schemes, and sex equalisation and other discrimination issues in respect of benefits provided by pension schemes. In addition, he provides advice to pension scheme trustees generally.

Recent transactions include advising Amcor on pension matters relating to the acquisition of Alcan business and the acquisition of Northern Foods PLC by Boparan Holdings.

He is a co-author (with Stephen Hardy and Stephen Maffey) of TUPE: Law and Practice, published by Spiramus Press (now in its 4th edition), and co-author (with Stephen Hardy and David Wicks) of Money & Work, published by Spiramus Press in August 2007. He has also written several other books and numerous articles on a variety of legal and non-legal topics.

Jurisdiction(s):

United Kingdom

Key definition:

Index definition

What does Index mean?

A market containing all the stocks of a particular asset. For example, the FTSE (Financial Times Stock Exchange) All Share Index contains all the public limited companies listed on the UK equity market issuing shares.

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