Richard Hitchcock KC and Lydia Seymour instructed in Avon Cosmetics Ltd v Dalriada Trustees Ltd & Ors

Richard Hitchcock KC and Lydia Seymour acted for the successful Claimant in Avon Cosmetics Ltd v Dalriada Trustees & Ors, an important Chancery Division authority on the consequences of powers in pension scheme trust deeds being exercised partly outside their scope.

The case concerned an amendment to remove members’ entitlement to a final salary link to their accrued benefits, where the amendment power contained a Re Courage – type restriction, but where ultimately some members had done better and some worse by reason of the amendment.

The Court concluded that the members who had benefitted by the amendment would retain their more valuable benefits even if the amendment was invalid in relation to those who had lost out.

The Judgment, which considers numerous key authorities, and confronts head on the tension between Pitt v Holt [2013] 2 AC 108 and Bestrustees v Stuart [2001] PLR 283, can be found here.

Richard and Lydia were instructed by Clare Carroll at Eversheds Sutherland.

Find out more

Richard Hitchcock KC has broad experience of acting as adviser and advocate in the commercial sphere. In recent years his practice has become principally focused in five complimentary areas: Trusts and Occupational Pension Schemes; Commercial Chancery; Civil Fraud; Banking and Financial Services and Professional Negligence. In addition, he has developed and maintains niche practices in commercial law more generally, construing commercial contracts in particular ISDA Agreements.

Lydia Seymour has a specialist pensions and employment law practice, including professional negligence claims in both areas. She has been recognised by the legal directories as a leading junior since 2005 and is listed for employment, pensions and professional negligence. Her practice includes all aspects of ‘black letter’ pensions law, including: de-risking, rectification,  issues arising in multi-employer schemes and trustee duties.

To find out more about Richard or Lydia, contact Matt Sale on +44 (0)20 7427 4910 or Lexie Johnson on + 44 (0) 207 427 0801. 

News 19 Jan, 2024