Section 67

In the context of pensions law, section 67 of the Pensions Act 1995 applies to all occupational pension schemes (www.practicallaw.com/8-107-6900) except public-sector schemes and certain other prescribed schemes. Broadly, trustees or employers cannot make changes (including rule amendments) that could detrimentally affect the pension rights members have accrued in the past, unless certain conditions are met or the members agree to the changes. In the language of section 67, a regulated modification (www.practicallaw.com/4-207-3974) to a member's subsisting rights (www.practicallaw.com/8-205-9952) must meet certain statutory requirements. For more information, see Practice note, Amending occupational pension schemes (www.practicallaw.com/4-205-6234).

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