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Low and Bonar plc and another v Mercer Ltd - Scottish court rules formal deed of amendment not required for 1991 equalisation procedure

Norton Rose LLP
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United Kingdom
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April 27 2010

A judgment of the Outer House of the Court of Session in Scotland (equivalent to the Chancery division of the High Court in England) had held that an equalisation exercise was effective, even though it was not implemented "by deed" as required under the scheme's amendment power

Treatment of defined contribution benefits in the winding-up of hybrid schemes: Court of Appeal decision in Bridge Trustees case

Norton Rose LLP
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United Kingdom
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March 26 2010

In our July 2008 update and August 2009 briefing, we reported on the High Court decision that a revised benefit structure introduced to a defined benefits (final salary) scheme some years previously contained a defined contribution (money purchase) element, ruling against the members who claimed that the top-up benefits were final salary in nature

Update on HR Trustees Limited v P German and another 2010 EWHC 321 (Ch) - costs order for representative beneficiary in the “IMG case”

Norton Rose LLP
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United Kingdom
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March 26 2010

In our November 2009 pensions update and pensions briefing, we examined the judgment in relation to IMG's attempt, as sponsoring employer, to convert its pension scheme from one providing final salary benefits to one providing money purchase benefits

Unincorporated association obtains order for winding-up on prospect of entering PPF - Construction Confederation case

Norton Rose LLP
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United Kingdom
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February 22 2010

In the case of In the matter of Construction Confederation and In the matter of the Insolvency Act 1986 2009 EWHC 3551 (Ch), the trustees of the Construction Confederation Staff Pension Scheme have obtained an order for winding up of the sponsoring employer, an unincorporated association

Treatment of defined contribution benefits in the winding-up of hybrid schemes - Bridge Trustees Ltd v Yates and Others

Norton Rose LLP
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United Kingdom
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February 22 2010

The definition of “subsidiary” in the Companies Act 1985 - Enviroco Ltd v Farstad Supply AS

Norton Rose LLP
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United Kingdom
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February 22 2010

The Court of Appeal (CA) has handed down what many consider to be a surprise decision which reversed a High Court judgment on the meaning of "subsidiary" under sections 736 and 736A of the Companies Act 1985 (now reproduced in section 1159 of the Companies Act 2006

Arjo Wiggins Limited v Henry Thomas Ralph 2009 EWHC 3198 - High Court clarifies impact of limitation periods on claims to the Pensions Ombudsman

Norton Rose LLP
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United Kingdom
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December 31 2009

The High Court has ruled that the Pensions Ombudsman (PO) must abide by the time limits that apply to the courts

Cemex UK Marine Limited v MNOPF Trustees Limited 2009 EWCH 3258(Ch) - High Court rules on the meaning of “employment-cessation event”

Norton Rose LLP
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United Kingdom
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December 31 2009

In this case, the High Court ruled on the meaning “employment-cessation event” (ECE) as set out in the Occupational Pension Schemes (Employer Debt) Regulations 2005 (S.I. 2005678) as they applied to multi-employer defined benefit schemes before amendments came into force on 6 April 2008

Conversion of scheme benefits from DB to DC ruled unlawful due to fetter in scheme amendment power

Norton Rose LLP
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United Kingdom
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November 26 2009

The professional independent trustee and sole trustee, HR Trustees Limited, of the IMG Pension Plan (the Plan) brought a claim in a neutral capacity in order to establish the validity of an attempt by the employer, IMG, in 1992 to convert the Plan from one offering defined or final salary benefits (DB) to one offering defined contribution or money purchase (DC) benefits

Availability of PPF compensation not a relevant factor for trustees when considering buy-out power

Norton Rose LLP
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United Kingdom
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November 26 2009

This case concerned the Ilford Pension Scheme (the Scheme), an under-funded defined benefits scheme closed to new members in 2002 and closed to accrual of benefits in respect of future pensionable service from February 2005