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Insights / News
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  2 AC 108 and Bestrustees v Stuart  PLR 283, can be found here.
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.
News 19 Jan, 2024