Savers who have transferred out of a pension scheme over the last 30 years should seek urgent financial advice following a High Court ruling over a complex legal saga, the CEO of deVere Group has urged.
The warning from Nigel Green follows the Court determining that the ruling on historical gender equalisation from 2018 also extends to those who have transferred their pensions after 1990.
Last week's ruling from the High Court in London means that former scheme members who had transferred their GMP benefits to other pension plans after 1990 will now be entitled to have their payments recalculated.
This landmark ruling means up to a million savers are now entitled to have their payments recalculated."
Green said: "This landmark ruling means up to a million savers are now entitled to have their payments recalculated. The pension top-ups for some savers will run to several tens of thousands of pounds."
He continued: "This will be an expensive blow and an administrative nightmare for many businesses who will now need to trawl decades of data and then shell out this money to these pension holders."
"But all those who have transferred their retirement nest eggs must demand the additional money that is rightfully theirs as soon as possible."
The deVere CEO went on to warn: "However, this is a highly complex, burdensome legal and financial issue - it's a complete minefield. I would urge savers who have transferred pensions over the last 30 years to seek expert financial advice to gain the full payments that they deserve."
"The High Court has ruled that trustees might have breached their duties. Now is the time for savers to get back their money that they prudently saved to enjoy their retirement."
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