Pension review windfall test case decision due Tuesday

The long awaited judgement of the test case Needler Financial Services v Taber - to decide whether demutualisation shares should be taken into account when calculating loss in the pensions review - should be announced on Tuesday at the Royal Courts of Justice. Vice Chancellor, Sir Andrew Merritt, the presiding judge will announce his decision as to whether Collegiate is right to challenge the PIA ruling that windfalls form no part of the compensation for the victims of pension mis-selling. Merritt will decide if the 1997 PIA ruling that windfalls are "entirely collateral" is legally c...