The defendant’s pension scheme had been set up by deed in 1949. The trustees argued that the firm had an obligation to make substantial additional contributions to ensure it was not underfunded. The defendants argued that it was a money purchase scheme.
Held: Contributions were to be made by the employer and by its employees in proportion to earnings. It was therefore an Earnings Related scheme within the section, and if there was a substantial deficit, the employer could be called upon to make good the deficit.
Judges:
Sir Andrew Morritt, Vice Chancellor
Citations:
[2004] EWHC 1844 (Ch), Times 26-Aug-2004, [2005] 1 WLR 995
Links:
Statutes:
Jurisdiction:
England and Wales
Cited by:
Appeal from – Aon Trust Corporation Ltd v KPMG (A Firm) and others CA 28-Jul-2005
The claimants were trustees of the defendant’s pension scheme. They sought additional payments to make up a shortfall in funds, on the basis that the fund was an earnings related pension scheme, and that the company therefore had obligations to make . .
Cited – Houldsworth and Another v Bridge Trustees Ltd and Another SC 27-Jul-2011
The court was asked as to the dividing line, for regulatory purposes, between defined benefit (normally earnings-related) schemes and defined contribution (or money purchase) schemes. The Secretary of State asserted that some methods used to . .
Lists of cited by and citing cases may be incomplete.
Financial Services
Updated: 15 October 2022; Ref: scu.199646