ARTICLE · 15 AUGUST 2014

Judgment Delivered In ‘Omega Pharma’ Case

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Judgment was delivered in the case of Holloway & Others v Damianus BV & Others (known as the "Omega Pharma" case) on 25 July 2014

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Deirdre Cummins

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Judgment was delivered in the case of Holloway & Others v Damianus BV & Others (known as the "Omega Pharma" case) on 25 July 2014.

Overview

The Court directed the employers participating in the Omega Pharma Ireland Pension and Death Benefit Scheme to pay €2.23 million to the scheme trustees pursuant to a contribution demand issued by the trustees on the wind up of the scheme.

This judgment shed light on a number of issues around the validity and enforcement of contribution demands. The judgment also considered the appropriateness of the statutory funding standard provided for under the Pensions Act 1990 (as amended) as a funding measure on the wind up of a pension scheme and highlighted the importance of employer engagement, particularly where there is a consultation requirement in a scheme's governing documentation.

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