You may have seen reports in the media regarding The Bank of England’s intervention to secure pension schemes and calm borrowing markets.
We would like to reassure you that the Trustee is monitoring the situation closely for any potential impact which this may have on the Plan and Defined Benefit section members.
We’d like to further reassure Pensioner members that payment of pensions will remain unaffected.
We’d remind DC members that pensions are a long-term investment, and it’s important not to react hastily to short-term market movements. The increased market volatility is, however, a reminder to review your pension investments and whether they remain on track to meet your retirement objectives.
You now have more options available to you at retirement in terms of how you take your pension… view the video to find out more and to discuss any of this further, contact Friends Life using the details provided under the Contacts tab.
The Barber Judgment and the equal treatment of men and women
Generally speaking pension Plan’s used to have different retirement ages for Men and Women for example; 65 for men and 60 for women. This practice was challenged in the European Court of Justice in 1990 and it was ruled that Trustees must pay equal or comparable benefits to men and women from that date.
How this changed the Dun & Bradstreet Pension Plan
The Dun and Bradstreet Plan equalised normal retirement ages for men and women, before the Barber judgment, on 6 April 1988. Before this date men had a normal retirement age of 65 and women had a normal retirement age of 60.
Any person that joined the Plan after 6 April 1988 has a normal retirement age of 65 regardless of gender.
Any person that joined the Plan before 6 April 1988 has a normal retirement age of 60 for their service between 17 May 1990 to 31 March 2004; a normal retirement age of 65 for service after 31 March 2004; and a normal retirement age of 65 or 60 depending on gender for service before 17 May 1990.