Newell Trustees Limited v Newell Rubbermaid UK Services Limited & Anor
The 1992 Deed validly established the money purchase section and effected the transfer and conversion of members’ final salary benefits to money purchase benefits, subject to an underpin preserving the final pensionable salary link as required by the Proviso. The conversion itself did not breach the Proviso, but the transfer sums must be augmented if actual salary increases and final pensionable salary would have resulted in higher accrued benefits. There is no rule in the Scheme obliging the Trustee to discriminate on grounds of age; therefore, no unlawful age discrimination has occurred or…
Source excerpt
- Power of amendment
- Age discrimination
- Final salary underpin
- Conversion of benefits
- Consent requirements
- Extrinsic contracts