Holloway & Ors -v- Damianus BV & Ors [2015] IECA 19 (10 February 2015)

Holloway & Ors -v- Damianus BV & Ors [2015] IECA 19 (10 February 2015)

Clause 18.1 of the Trust Deed is the special provision governing the notice period for discontinuance of contributions and prevails over the general winding-up provision in Clause 19.1. Employer's obligation to fund the pension scheme continues until expiry of the notice period (31st December 2012), and the funding threshold is the amount necessary to provide scheme benefits, not merely the Minimum Funding Standard.

Citation
[2015] IECA 19
Parties
Plaintiff/respondent: Paul Holloway; Plaintiff/respondent: Timothy Crowley; Plaintiff/respondent: Griet Vandenheede; Defendant/appellant: Damianus BV; Defendant/appellant: Omega Teknika Ltd.; Defendant/appellant: Chefaro Ireland Ltd.
Jurisdiction
Ireland
Judgment Date
10 February 2015
Procedural Posture
Civil Appeal / Judgment on Appeal
Outcome
Appeal dismissed
Legal Topics
Pension Scheme Winding Up, Employer Contribution Obligations, Trust Deed Interpretation, Minimum Funding Standard (mfs)
Trusts Pensions Contract Pension Scheme Winding Up Employer Contribution Obligations Trust Deed Interpretation Minimum Funding Standard (mfs)

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Parties

Paul Holloway

Plaintiff/respondent

Timothy Crowley

Plaintiff/respondent

Griet Vandenheede

Plaintiff/respondent

Damianus BV

Defendant/appellant

Omega Teknika Ltd.

Defendant/appellant

Chefaro Ireland Ltd.

Defendant/appellant

Procedural Posture

Civil Appeal / Judgment on Appeal

Legal Issues

  1. 1 Whether employer's obligation to fund pension scheme shortfall ceased on notice date or expiry date
  2. 2 Whether funding obligation is limited to Minimum Funding Standard (MFS)
  3. 3 Proper interpretation of conflicting trust deed clauses

Ratio Decidendi

Clause 18.1 of the Trust Deed is the special provision governing the notice period for discontinuance of contributions and prevails over the general winding-up provision in Clause 19.1. Employer's obligation to fund the pension scheme continues until expiry of the notice period (31st December 2012), and the funding threshold is the amount necessary to provide scheme benefits, not merely the Minimum Funding Standard.

Court Disposition

Appeal dismissed

Orders

  • Defendants/Appellants appeal dismissed
  • Judgment for Plaintiffs/Respondents in sum of €2,439,193.56 (inclusive of interest)