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KPMG to bear the cost of £65 million deficit

This report relates to 1 case(s)

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    Aon Trust Corporation Ltd v KPMG (a firm) and others [2004] All ER (D) 534 (Jul) HC (0 other reports)

A ruling by the High Court relating to a scheme run by KPMG for its staff has provided guidance on the definition of a money-purchase scheme that may affect the way some schemes are funded in future.

The decision also considers when a power of the scheme trustees will be caught by the provisions in s.67 of the Pensions Act 1995 (OP, November 2002) that prevent changes to accrued rights. It may result in a wider application of these provisions.