THE IMPACT OF THE OMEGA PHARMA JUDGEMENT
Last Friday,
July 25th, Justice Michael Moriarty delivered a landmark judgement
in the case taken by the trustees of the Omega Pharma pension scheme against
the scheme’s employers.
The judge ruled
that the trustees were entitled to the payment of a sum of €2.23m to the scheme
which they had sought from the employers after they had been issued with notice
to terminate the scheme.
Although the
scheme was fully funded under the minimum funding standard, the trustees had
sought the contribution from the employers in order to provide the members with
benefits based on a combination of annuity buy-out and standard transfer
values.
This seminar
will offer the first chance to digest the outcome of this significant
judgement. What were the factors involved, how relevant is it to other schemes
and where does the balance of power between employers and trustees now
lie?
CPD: This Conference has been accredited 1 CPD hour
by the LIA & IOB (Category 2. Pensions) (Ref: LIA-O-4943, IOB 2014-1571,
see attached pdf of confirmation) and 1.15 CPD hours by the IIPM. If you have a
query relating to CPD hours please contact the relevant awarding body.