The provisions of a pension scheme may undergo regular changes during the lifespan of the scheme.
It is important to make sure that any changes made are valid as otherwise scheme benefits may not be correctly administered which could result in underpayments to members and an increase in the scheme’s liabilities. Follow our “do’s and don’ts” guide below to avoid finding yourself in this situation.
If you are unclear about any of the above, DO seek appropriate legal advice. Amending a scheme may seem like a straightforward process but this is not always the case and getting it wrong can be a very costly business.