Bridge Trustees Ltd v Yates & Ors

Bridge Trustees Ltd v Yates & Ors

Benefits derived from Member’s Interest and VIP Interest are money purchase benefits under section 181; pensions in payment derived from these Interests fall within section 73(3)(b); benefits for members with pre-6 April 1997 service and GMPs, and those with VIP Interests subject to the 1983 Guarantee, are underpin benefits and thus subject to section 73; only member-paid MoneyMatch Plus Contributions and VIP Contributions are voluntary contributions for section 73(3)(a), not employer credits.

Parties
Claimant: Bridge Trustees Limited; Defendant: John Yates; Defendant: Mark Houldsworth; Defendant: John Hunter
Jurisdiction
England and Wales
Judgment Date
01 May 2008
Procedural Posture
Civil / Judgment
Outcome
Questions 2.1 and 2.3 answered in the affirmative; questions 2.1A and 2.3A answered in the negative; questions 2.1B and 2.3B answered in the affirmative; Trustee’s resolution approved only as to MoneyMatch Plus Contributions and VIP Contributions as voluntary contributions, not employer credits.
Legal Topics
Winding Up of Pension Schemes, Money Purchase Benefits, Hybrid Pension Schemes, Priority of Pension Liabilities, Voluntary Contributions, Underpin Benefits
Pensions Trusts Employment Winding Up of Pension Schemes Money Purchase Benefits Hybrid Pension Schemes Priority of Pension Liabilities Voluntary Contributions +1 more

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Parties

Bridge Trustees Limited

Claimant

John Yates

Defendant

Mark Houldsworth

Defendant

John Hunter

Defendant

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Whether benefits derived from Member’s Interest or VIP Interest constitute money purchase benefits under section 181 Pension Schemes Act 1993
  2. 2 Whether pensions in payment derived from Member’s Interest or VIP Interest fall within section 73(3)(b) Pensions Act 1995
  3. 3 Whether benefits are underpin benefits under regulation 13 Occupational Pension Schemes (Winding Up) Regulations 1996

Ratio Decidendi

Benefits derived from Member’s Interest and VIP Interest are money purchase benefits under section 181; pensions in payment derived from these Interests fall within section 73(3)(b); benefits for members with pre-6 April 1997 service and GMPs, and those with VIP Interests subject to the 1983 Guarantee, are underpin benefits and thus subject to section 73; only member-paid MoneyMatch Plus Contributions and VIP Contributions are voluntary contributions for section 73(3)(a), not employer credits.

Court Disposition

Questions 2.1 and 2.3 answered in the affirmative; questions 2.1A and 2.3A answered in the negative; questions 2.1B and 2.3B answered in the affirmative; Trustee’s resolution approved only as to MoneyMatch Plus Contributions and VIP Contributions as voluntary contributions, not employer credits.

Orders

  • Benefits derived from Member’s Interest and VIP Interest are money purchase benefits.
  • Pensions in payment derived from Member’s Interest or VIP Interest fall within section 73(3)(b).