Walker Morris Trustees Ltd.v Masterson & Anor [2009] EWHC 1955 (Ch) (31 July 2009)

Walker Morris Trustees Ltd.v Masterson & Anor [2009] EWHC 1955 (Ch) (31 July 2009)

The amendments to the Yorkshire Chemicals Pension Scheme effected by deeds and resolutions (other than the 1986 Deed) are invalid due to the failure to obtain written actuarial advice as required by the scheme rules. Section 67 certificates do not satisfy this requirement. The 1991 resolution is valid as it was necessary to secure Inland Revenue approval and/or was a valid utilisation of surplus under the scheme rules.

Citation
[2009] EWHC 1955 (Ch)
Parties
Claimant: Walker Morris Trustees Ltd; First Defendant: Andrew Robert Masterson; Second Defendant: Sally Anne Lodge
Jurisdiction
England and Wales
Judgment Date
31 July 2009
Procedural Posture
Chancery Division Pension Scheme Application / Judgment After Trial of Preliminary Issues
Outcome
Declarations granted; most amendments held invalid for lack of written actuarial advice; 1991 resolution upheld.
Legal Topics
Pension Scheme Amendments, Trustee Powers, Actuarial Advice Requirements, Interpretation of Trust Deeds, Section 67 Pensions Act 1995
Pensions Trusts Employment Pension Scheme Amendments Trustee Powers Actuarial Advice Requirements Interpretation of Trust Deeds Section 67 Pensions Act 1995

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Parties

Walker Morris Trustees Ltd

Claimant

Andrew Robert Masterson

First Defendant

Sally Anne Lodge

Second Defendant

Procedural Posture

Chancery Division Pension Scheme Application / Judgment After Trial of Preliminary Issues

Legal Issues

  1. 1 Whether amendments to the Yorkshire Chemicals Pension Scheme were valid in the absence of written actuarial advice as required by the scheme rules;
  2. 2 Whether section 67 certificates under the Pensions Act 1995 satisfy the requirement for written actuarial advice;
  3. 3 Whether benefit improvements and reductions effected by various deeds and resolutions are valid;

Ratio Decidendi

The amendments to the Yorkshire Chemicals Pension Scheme effected by deeds and resolutions (other than the 1986 Deed) are invalid due to the failure to obtain written actuarial advice as required by the scheme rules. Section 67 certificates do not satisfy this requirement. The 1991 resolution is valid as it was necessary to secure Inland Revenue approval and/or was a valid utilisation of surplus under the scheme rules.

Court Disposition

Declarations granted; most amendments held invalid for lack of written actuarial advice; 1991 resolution upheld.

Orders

  • Declarations as to the invalidity of amendments effected by deeds and resolutions (other than the 1986 Deed and the 1991 resolution) for lack of written actuarial advice.
  • Declaration that the 1991 resolution is valid as necessary to secure Inland Revenue approval and/or as a valid utilisation of surplus.