Hodgson & Ors v Toray Textiles Europe Ltd

Hodgson & Ors v Toray Textiles Europe Ltd

There is no warrant for implying a limitation on the power of amendment in clause 17 of the Toray interim deed or the obligation to execute a definitive deed under clause 4. The trustees did not act in excess of their powers in executing the Toray definitive deed, as the relevant benefits were not accrued and the power of amendment was express and unrestricted.

Parties
Claimant: Adrian Hodgson; Claimant: Christopher Moffett; Claimant: Neil Gregory; Claimant: David Calvert; Claimant: Richard James Stephens; Defendant: Toray Textiles Europe Limited; Defendant: Michael Anthony Skinner; Defendant: Deborah Tina Ford
Jurisdiction
England and Wales
Judgment Date
09 March 2007
Procedural Posture
Civil / Judgment After Further Argument Following Earlier Judgment
Outcome
Claim dismissed
Legal Topics
Pension Scheme Amendment Powers, Accrued Benefits Protection, Retrospective Amendments, Trustee Powers
Trusts Pensions Employment Pension Scheme Amendment Powers Accrued Benefits Protection Retrospective Amendments Trustee Powers

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Parties

Adrian Hodgson

Claimant

Christopher Moffett

Claimant

Neil Gregory

Claimant

David Calvert

Claimant

Richard James Stephens

Claimant

Toray Textiles Europe Limited

Defendant

Michael Anthony Skinner

Defendant

Deborah Tina Ford

Defendant

Procedural Posture

Civil / Judgment After Further Argument Following Earlier Judgment

Legal Issues

  1. 1 Whether the trustees acted outside their powers in executing the Toray definitive deed by retrospectively amending accrued pension benefits
  2. 2 Whether limitations on the power of amendment should be implied into the Toray interim deed or the obligation to execute a definitive deed

Ratio Decidendi

There is no warrant for implying a limitation on the power of amendment in clause 17 of the Toray interim deed or the obligation to execute a definitive deed under clause 4. The trustees did not act in excess of their powers in executing the Toray definitive deed, as the relevant benefits were not accrued and the power of amendment was express and unrestricted.

Court Disposition

Claim dismissed