In Houldsworth v Bridge Trustees and the Department for Work and Pensions (the appeal stage of Bridge Trustees v Yates), the Court of Appeal had to consider whether certain unusual benefits should be classified as money purchase benefits on a winding-up.

The significance of this judgement extends beyond the context of schemes in winding-up and involved (amongst other things) consideration of the effect of an underlying guarantee or internal annuitisation on benefits which might otherwise be characterised as "money purchase benefits". In both cases, the Court held that these features did not prevent the benefits from being classed as money purchase.

We will issue a more detailed bulletin on this case in due course.