Brass Trustees Ltd v Hayley Goldstone & Anor

Brass Trustees Ltd v Hayley Goldstone & Anor

The Trustee's decision to issue winding-up petitions for the sponsoring employers was a proper exercise of its powers, taken after consideration of all relevant factors, including the financial position of Biwater, scheme and PPF drift, and the interests of scheme members. The Trustee did not take into account irrelevant considerations, such as the existence of the PPF, and there was no conflict of interest. The court approved the decision as one a reasonable trustee could have reached.

Parties
Claimant: BRASS Trustees Ltd; First Defendant / Representative Beneficiary (rep Ben): Hayley Goldstone; Second Defendant: The Board of the Pension Protection Fund
Jurisdiction
England and Wales
Judgment Date
11 September 2024
Procedural Posture
Part 8 Claim (trustee Application for Court Approval) / Judgment on Application for Approval of Trustee Decision
Outcome
Application granted; court approval of trustee's decision to issue winding-up petitions for sponsoring employers.
Legal Topics
Trustee Powers, Court Approval of Trustee Decisions, Pension Scheme Wind Up, Fiduciary Duties, Scheme Drift, PPF Drift
Trusts Pensions Insolvency Trustee Powers Court Approval of Trustee Decisions Pension Scheme Wind Up Fiduciary Duties Scheme Drift +1 more

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Parties

BRASS Trustees Ltd

Claimant

Hayley Goldstone

First Defendant / Representative Beneficiary (rep Ben)

The Board of the Pension Protection Fund

Second Defendant

Procedural Posture

Part 8 Claim (trustee Application for Court Approval) / Judgment on Application for Approval of Trustee Decision

Legal Issues

  1. 1 Whether the trustee's decision to wind up the sponsoring employers of the pension scheme should be approved by the court
  2. 2 Whether the trustee took into account all relevant considerations and ignored irrelevant ones
  3. 3 Whether the existence of the Pension Protection Fund (PPF) is a relevant consideration for the trustee's decision

Ratio Decidendi

The Trustee's decision to issue winding-up petitions for the sponsoring employers was a proper exercise of its powers, taken after consideration of all relevant factors, including the financial position of Biwater, scheme and PPF drift, and the interests of scheme members. The Trustee did not take into account irrelevant considerations, such as the existence of the PPF, and there was no conflict of interest. The court approved the decision as one a reasonable trustee could have reached.

Court Disposition

Application granted; court approval of trustee's decision to issue winding-up petitions for sponsoring employers.

Orders

  • The Trustee is authorised and approved to issue winding-up petitions in respect of Biwater Holdings Ltd and Biwater International Ltd as set out in the amended Claim Form.