Virgin Media announcement – “there will be sighs of relief all round."

The Government has announced that it will be introducing legislation to deal with issues arising from the Virgin Media v NTL Pension Trustees judgment.

Sam Jenkins, LCP Partner, commented: 

“It’s welcome news that the Government - after much lobbying across the industry - will be introducing legislation to allow schemes to address the issues arising from the Virgin Media case. The uncertainty raised by last year’s judgment has caused headaches for schemes in a variety of situations - from those considering insured buy-out to those considering run-on strategies - given the lack of clarity it gave to a scheme's legal obligations. If the legislation allows all schemes to address these issues - hopefully in a pragmatic way - there will be sighs of relief all round."