Why consider pension loss?
Currently, about half of the UK workforce is a member of an occupational pension scheme.
With the recent changes in legislation, including the Pensions Bill 2011, the government’s aim is to increase this to 100%. Therefore we are now moving to the point where not claiming for a loss of pension in a personal injury, medical negligence and criminal injuries compensation case is more likely to be the exception rather than the rule, particularly where there is also a loss of earnings.
In many cases the lost pension associated with a multi-track case can be a significantly high number and failing to fully consider this area could quite possibly constitute professional negligence and see a claim levied against your firm.
The areas where there is potential for a claim going forward are as follows:
As the state pension is about to change and become a single tier pension, which commences in April 2016, it is currently not possible to gain a quotation from the Pension Service for anybody who retires beyond April 2016, and as such calculations need to be carried out manually.
As the single tier state pension is now set up on a separate basis for husbands, wives and civil partnerships in the event of a fatal accident case, there is potential for a significant loss.
Equally if an individual, due to an accident or negligence, is unable to make up the required thirty five years national insurance contributions (increased from thirty years with the current state pension) they will lose out on significant benefits.
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