IBM United Kingdom Pensions Trust Ltd v IBM United Kingdom Holdings Trust Ltd & Ors

IBM United Kingdom Pensions Trust Ltd v IBM United Kingdom Holdings Trust Ltd & Ors

IBM is not required by its Imperial duties to consent to the amendment requested by the Trust Company because neither statute nor contract currently requires it, and refusal is not irrational, perverse, or objectively destructive of trust and confidence. Clause 13 is not available to bring about compliance with past Preservation Requirements.

Parties
Claimant: IBM United Kingdom Pensions Trust Limited; First Defendant: IBM United Kingdom Holdings Limited; Second Defendant: IBM United Kingdom Limited; Third Defendant: George Metcalfe
Jurisdiction
England and Wales
Judgment Date
13 December 2012
Procedural Posture
Civil / Post Judgment Supplemental Ruling
Outcome
Claim dismissed as regards IBM's obligation to consent to the amendment under Imperial duties.
Legal Topics
Employer Duties, Rectification, Consent to Amendment, Preservation Requirements, Imperial Duty, Equitable Maxim
Trusts Pensions Contract Employer Duties Rectification Consent to Amendment Preservation Requirements Imperial Duty +1 more

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Parties

IBM United Kingdom Pensions Trust Limited

Claimant

IBM United Kingdom Holdings Limited

First Defendant

IBM United Kingdom Limited

Second Defendant

George Metcalfe

Third Defendant

Procedural Posture

Civil / Post Judgment Supplemental Ruling

Legal Issues

  1. 1 Whether IBM is required by its Imperial duties to consent to an amendment to the C Plan to confer preservation rights on deferred members as required by statute prior to 6 April 2005
  2. 2 Whether the Trust Company can rely on the equitable maxim 'equity looks on that as done which ought to be done'
  3. 3 Interpretation and effect of Clause 13 regarding IBM's obligation to consent to amendments

Ratio Decidendi

IBM is not required by its Imperial duties to consent to the amendment requested by the Trust Company because neither statute nor contract currently requires it, and refusal is not irrational, perverse, or objectively destructive of trust and confidence. Clause 13 is not available to bring about compliance with past Preservation Requirements.

Court Disposition

Claim dismissed as regards IBM's obligation to consent to the amendment under Imperial duties.