De La Rue Plc v De La Rue Pension Trustee Ltd

De La Rue Plc v De La Rue Pension Trustee Ltd

Rule 17 of the De La Rue Pension Scheme is to be construed as providing for statutory revaluation of deferred benefits, with the second paragraph requiring a comparison only where Rule 21 provides for an increase in deferred benefits (primarily survivor's pensions under Rule 13.5). The Narrower Construction is to be...

Source-derived case information.

Parties
Claimant: De La Rue Plc; Claimant: De La Rue Holdings Ltd; Claimant: De La Rue International Ltd; Defendant: De La Rue Pension Trustee Ltd; Defendant: Mark Crickett
Jurisdiction
England and Wales
Judgment Date
14 January 2022
Procedural Posture
Civil / Final Judgment
Outcome
Declaration granted in favour of claimants
Legal Topics
Construction of Pension Scheme Rules, Statutory Revaluation, Indexation, Scheme Administration
Pensions Trusts Contract Construction of Pension Scheme Rules Statutory Revaluation Indexation Scheme Administration

Source-derived case record

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Parties

De La Rue Plc

Claimant

De La Rue Holdings Ltd

Claimant

De La Rue International Ltd

Claimant

De La Rue Pension Trustee Ltd

Defendant

Mark Crickett

Defendant

Procedural Posture

Civil / Final Judgment

Legal Issues

  1. 1 Proper construction of Rule 17 of the De La Rue Pension Scheme regarding revaluation of deferred benefits
  2. 2 Whether Rule 17 provides for statutory revaluation only or an underpin by Rule 21 increases

Ratio Decidendi

Rule 17 of the De La Rue Pension Scheme is to be construed as providing for statutory revaluation of deferred benefits, with the second paragraph requiring a comparison only where Rule 21 provides for an increase in deferred benefits (primarily survivor's pensions under Rule 13.5). The Narrower Construction is to be preferred; Rule 17 does not generally provide an underpin by Rule 21 increases for all deferred benefits.

Court Disposition

Declaration granted in favour of claimants

Orders

  • Declaration that Rule 17 provides for statutory revaluation of deferred benefits as per the Narrower Construction
  • Parties invited to agree the precise form of the declaration