Wedgwood Pension Plan Trustee Ltd v Salt

Wedgwood Pension Plan Trustee Ltd v Salt

Rule 62 was validly introduced subject to an implied limitation that Participating Companies could only serve notice to stop contributions if it was impracticable or inexpedient to continue participation; the Employers’ Termination Notice in 2006 was effective to stop future accrual and break the final salary link as the Participating Companies met this limitation.

Parties
Claimant: Wedgwood Pension Plan Trustee Limited; Defendant: Keith Salt
Jurisdiction
England and Wales
Judgment Date
26 January 2018
Procedural Posture
Part 8 Claim / Judgment on Application for Directions
Outcome
Employers’ Termination Notice in 2006 was effective to stop future accrual and break the final salary link; remaining issues do not arise.
Legal Topics
Power of Amendment, Fetter on Amendment, Final Salary Link, Future Accrual, Scheme Closure
Pensions Trusts Employment Power of Amendment Fetter on Amendment Final Salary Link Future Accrual Scheme Closure

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Parties

Wedgwood Pension Plan Trustee Limited

Claimant

Keith Salt

Defendant

Procedural Posture

Part 8 Claim / Judgment on Application for Directions

Legal Issues

  1. 1 Whether rule 62 of the 2001 Rules was validly introduced to allow future accrual to be terminated and break the final salary link
  2. 2 Whether the Employers’ Termination Notice was effective to close the Plan to future accrual and break the final salary link
  3. 3 Whether the exercise of the power of amendment introducing rule 62 was valid subject to a limitation

Ratio Decidendi

Rule 62 was validly introduced subject to an implied limitation that Participating Companies could only serve notice to stop contributions if it was impracticable or inexpedient to continue participation; the Employers’ Termination Notice in 2006 was effective to stop future accrual and break the final salary link as the Participating Companies met this limitation.

Court Disposition

Employers’ Termination Notice in 2006 was effective to stop future accrual and break the final salary link; remaining issues do not arise.