The OPA through our solicitors, DWF, has sought a legal opinion from Dinah Rose, QC, of Blackstone Chambers on the following issues concerning the switch of the indexation of pensions from RPI to CPI:
- If the Retail Prices Index (or Index of Retail Prices) is written into a Trust Deed, does this give rise to a subsisting right as set out in section 67A(6) of the Pensions Act 1995?
- If the Retail Prices Index (or Index of Retail Prices) is written into a Trust Deed, does this represent a property right under Article 1 of the Human Rights Act?
This record of the consultation with Leading Counsel has been circulated to member associations.
Please note that this document should be treated as confidential to members only and should not be made freely available to your members by posting it on any website.
Please also note this does not address the situation of those members' schemes in which the Trust Deed calls up the Pension (Increase) Act 1971, i e where the choice of an increase is made annually by the Secretary of State for Work and Pensions. This has already been discussed by our solictor, Martin Jenkins of DWF, who recommended that individual scheme trustees should seek legal advice on their own deeds because of the wide variation in the wording of these. |
