23 Nov 2020
Savers who have transferred out of a pension scheme over the last 30 years should seek urgent financial advice following a High Court ruling over a complex legal saga.
The warning from Nigel Green, the chief executive and founder of deVere Group, one of the world’s largest independent financial advisory organisations, follows the Court determining that the ruling on historical gender equalisation from 2018 also extends to those who have transferred their pensions after 1990.
Mr Green says: “This landmark ruling means up to a million savers are now entitled to have their payments recalculated.
“The pension top-ups for some savers will run to several tens of thousands of pounds.”
He continues: “This will be an expensive blow and an administrative nightmare for many businesses who will now need to trawl decades of data and then shell out this money to these pension holders.
“But all those who have transferred their retirement nest eggs must demand the additional money that is rightfully theirs as soon as possible.”