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ARTICLE · 23 APRIL 2012

What Is The Relevant Date For Calculating Section 75 Debts?

Wedlake Bell LLP
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Many employers dread triggering debts under section 75 of the Pensions Act 1995 within their defined benefit pension scheme, but in some circumstances it simply cannot be avoided.

United KingdomEmployment and HR
Alison Hills
Alison Hills

Many employers dread triggering debts under section 75 of the Pensions Act 1995 within their defined benefit pension scheme, but in some circumstances it simply cannot be avoided. Once a section 75 debt has been triggered it is important that the debt is calculated properly. The Actuary is required to calculate the difference between the value of the scheme's assets and the cost of purchasing annuities to secure all of the liabilities of the scheme. But what if there is a delay in calculating the debt? At which date is the Actuary required to ascertain the cost of buying the annuities?

A judgment hanged down from the High Court on 16 March 20121 helped to resolve these uncertainties:

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