In the Press
Understanding Pension Loss
Free Training Available
Director, Fletchers Solicitors
A financial expert witness can be crucial to achieving the best results in your pension loss claim, and we’re always here for you to discuss collaborating further in future.
Our virtual and face-to-face training sessions on Understanding Pension Loss contribute to your CPD hours.
How can we help?
We’ve provided you with a pension report in the past, and we hope you’ll consider using our expert services again. Underestimating the importance of the detail in a pension loss claim can, in practice, mean the loss of substantial sums for your client – sums to which they are rightfully entitled, and that will improve the final outcome for them after a life-changing injury or illness.
Remember, too, that failing to properly assess any pension losses could lead to suggestions of professional negligence.
Experience also tells us that including a financial expert witness report on pension loss can make a huge difference pro-rata for shorter term losses.
Pension loss calculations are rarely simple, especially when it comes to Defined Benefit (DB) schemes, and an independent financial expert can play a vital role in your successful claim.
Meanwhile, there remain no reported cases or CPR definitive guidance on the approach to calculating pension loss for Defined Contribution (DC) Schemes. Yet in the ONS ASHE 2019 (provisional) statistics, 77% of UK employees were members of a workplace pension scheme – so do you leave it out as it suggests in the latest PIBA Guide to Pension Loss?
July 2020: Ogden Tables update
The most recent edition of the Ogden Tables, published in July, contains some useful new guidance in Section C: Quantification of Pension Loss, in particular given the growing prevalence of auto-enrolment schemes, and the decreasing frequency of final salary schemes. Notably:
111. Where there is a claim for loss of earnings, pension losses now frequently also arise, given the required auto-enrolment of employees into, as a minimum, a Workplace Pension. The quantification of pension loss is, however, a complex matter, as there is both a variety of types of occupational pension provision and a substantial variation in the level of employer contribution within each type of scheme.
121. Where pension loss is complex, the amounts involved are material in the context of the claim for loss of earnings/benefits/pension as a whole or when dealing with pensions when assessing loss of dependency/support in fatal accident cases, advice should be sought from an expert with appropriate experience.
What next? Free training and validity check from FT
With all this in mind, we would like to offer you free access to our Understanding Pension Loss webinars, taking place throughout October. As well as offering the training sessions, which contribute to your CPD hours, we’d be happy to provide you with a free file clinic to identify cases where our expert advisory services may be able to assist you, or if you prefer we can send over our validity check list so you can check your case load yourself.
If you would like to talk through any of the above and or book some free training please contact email@example.com