Govt to 'carve out' pension scheme member protection

IFAonline.co.uk understands the consultation will contain a ‘carve out' of section 262 of the Pensions Act 2004, which prevents trustees from making changes to the scheme that would be detrimental to members' interests. Paul McGlone, actuary at Aon Hewitt, says: "RPI is still protected by trust law. "There will probably still be an element of trustee or company control when deciding this." Trust law dictates that trustees are held personally liable for problems arising with the trust. It is not yet clear if changing the indexation of future pension benefits directly conflicts wi...