High Court – security of benefits not a factor for actuary when giving transfer without consent certificate
20 June 2016
In Pollock -v- Reed [2015] EWHC 3685 (Ch), the High Court confirmed that when certifying a 'without consent' bulk transfer under the Occupational Pension Schemes (Preservation of Benefit) Regulations 1991 (Preservation Regulations), a scheme actuary should not take into account the security of benefits in the transferring or receiving schemes but should only compare the ‘headline benefits’ in each scheme. The position does not change if the transferring scheme is in wind-up.