Sarjeant & Ors v Rigid Group Ltd

Sarjeant & Ors v Rigid Group Ltd

Scheme rules permit trustees to apply funds by way of partial buyout in the manner required to implement the Headway arrangement, but do not permit partial buyout of GMP benefits without member consent due to overriding appendix provisions.

Parties
Claimant: Roger Ivor Sarjeant; Claimant: Philip Howard Burditt; Claimant: Frank Holden; Defendant: Rigid Group Limited
Jurisdiction
England and Wales
Judgment Date
20 December 2012
Procedural Posture
Civil / Judgment
Outcome
Claim for declaration granted in part
Legal Topics
Scheme Winding Up, Partial Buyout, Section 75 Debt, Guaranteed Minimum Pension (gmp), Scheme Rules Interpretation
Pensions Trusts Contract Scheme Winding Up Partial Buyout Section 75 Debt Guaranteed Minimum Pension (gmp) Scheme Rules Interpretation

Case Brief

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Parties

Roger Ivor Sarjeant

Claimant

Philip Howard Burditt

Claimant

Frank Holden

Claimant

Rigid Group Limited

Defendant

Procedural Posture

Civil / Judgment

Legal Issues

  1. 1 Whether scheme rules permit trustees to effect staged buyout (Headway arrangement)
  2. 2 Whether scheme rules permit partial buyout of GMP rights

Ratio Decidendi

Scheme rules permit trustees to apply funds by way of partial buyout in the manner required to implement the Headway arrangement, but do not permit partial buyout of GMP benefits without member consent due to overriding appendix provisions.

Court Disposition

Claim for declaration granted in part

Orders

  • Trustees are permitted to implement a staged buyout (Headway arrangement) under scheme rules.
  • Partial buyout of GMP benefits is not permitted without member consent.