Pension Scheme in UK Law

Leading Cases
  • Smithson and Others v Hamilton
    • Chancery Division
    • 10 Diciembre 2007

    A decision to have a pension scheme and the consequential decisions about the structure and design of the scheme are matters for the employer, or at least matters primarily for the employer. This is not to say that the trustees are compelled to accept the employer's design. If the trustees object to it they cannot be compelled to join in executing the Deed and Rules.

  • National Grid Company Plc v Mayes and Others International Power Plc (formerly National Power Plc) v Healy and Others
    • Court of Appeal (Civil Division)
    • 10 Febrero 1999

    Mr Steinfeld and Mr Inglis-Jones understandably replied that such an approach would run contrary to the general tenor of decided cases over the last 15 years, which show that it is too simplistic to treat an actuarial surplus as being at an employer's disposal. The solution to the present problem lies within the terms of the scheme itself, and not within a world populated by competing philosophies as to the true nature and ownership of an actuarial surplus.

  • BT Pension Scheme Trustees Ltd v British Telecommunications Plc and Another
    • Chancery Division
    • 21 Octubre 2010

    At its last actuarial valuation at the end of 2008 it had assets worth £31.3 billion, a decrease of about £4 billion from the preceding valuation three years before that. On an ongoing basis there are liabilities of £40.4 billion, so there is a deficiency. Measured in terms of liabilities, roughly 80% of the liabilities of the Fund relate to pre-transfer joiners. The original 1983 Scheme did not provide for participating companies.

    The Trustee argues that the contribution obligations under the pension deed are all a single indivisible liability to pay money. The amount of money payable varies from time to time, and in particular it varies as employees come and go (and in particular come), but the liability to pay the money was imposed at the outset and it was the same immediately before the transfer moment as it was after it, and remained the same when the next new post-transfer employee was engaged.

  • Palestine Solidarity Campaign Ltd and Another v Secretary of State for Communities and Local Government
    • Queen's Bench Division (Administrative Court)
    • 22 Junio 2017

    But the flaw in the Secretary of State's approach is that the guidance has singled out certain types of non-financial factors, concerned with foreign/defence and the other matters to which reference has been made, and stated that administering authorities cannot base investment decisions upon them. In doing this I cannot see how the Secretary of State has acted for a pensions' purpose.

  • Aon Trust Corporation Ltd v KPMG and Others
    • Chancery Division
    • 29 Julio 2004

    Nevertheless it appears to me to be obvious that Parliament recognised that in a money purchase scheme in all normal circumstances the benefits are matched by equivalent assets. This is to be contrasted with a defined benefit scheme, such as a final salary scheme, when assets and liabilities will not match each other unless the actuarial and other assumptions on which the level of contribution was fixed actually occur.

  • Bridge Trustees Ltd v Houldsworth and another (Secretary of State for Work and Pensions intervening)
    • Court of Appeal (Civil Division)
    • 04 Marzo 2010

    Fourthly, we are also unable to accept that a benefit is precluded from being an MP benefit simply because an actuarial factor is applied at any stage of the calculation, or because the MP benefit pot is increased by reference to a guaranteed or notional return, as with a guaranteed interest fund.

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