In these difficult financial times many employees, former employees and pensioners have a significant part of their assets tied up in company pension funds. Many such funds are expected to show a financial deficit when the 2008 accounts are finalised. How will the employer react to such deficits? All too often the administration of these schemes is opaque and it is difficult for individual members to understand their own entitlements and to establish the satisfactory management of their funds. Perhaps, the scheme Trustees may lack sufficient independence from the employer or even have insufficient technical expertise to cope with the present challenging conditions. In extreme cases, employers may cease trading and leave a substantial deficit in the fund which will then have to be wound up. In other cases, employers who remain in business may seek to make radical modifications to the rules of the scheme with the potential of reducing members' benefits.
If you are uncertain of your position in such a scheme or if you have concerns about the validity of actions by the Trustees or Employer, Kent Carty can offer you advice and help on all areas of pensions law. We will help you in obtaining information about the progress of your fund, the impact of any proposed changes on your benefits and will represent you in any necessary negotiations with the Trustees of the scheme or its administrators. We have assembled a small team to offer this service which has extensive knowledge and experience of the legal aspects of such schemes and with access to financial, investment and actuarial expertise where it is needed.
For more information on pensions law please contact
Hugh Carty on - 01 865 8800 or email info@kentcarty.com