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England and Wales: High Court upholds final salary to money purchase conversion—purposive interim deed construction, Courage proviso underpin to protect accrued benefits, and no unlawful age discrimination

Published on: 05 February 2024

Published by a LexisNexis Pensions expert
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Article summary

Newell Trustees Ltd v Newell Rubbermaid UK Services Ltd and another [2024] EWHC 48 (Ch), [2024] All ER (D) 99 (Jan)

What are the practical implications of this case?

The scenario of a pension scheme moving members from final salary to money purchase in the 1990s is far from rare. In this instance, the switch occurred within a single scheme: a final salary section was established for those over 44; a money purchase section for those under 40; and members aged 40 to 44 were given a choice between the two. That age-based structure set in 1992 later triggered assertions that the trustee would now be acting unlawfully by discriminating on age grounds if it delivered different pension benefits to those who transferred to money purchase compared with what they would have had under final salary. It was alleged that the only basis for the disparity was members’ dates of birth. The Court rejected that view, concluding there was no breach of the trustee’s duty not to discriminate, as the genuine reason for the differing treatment was the fact that members belonged to different scheme sections...

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Date [ date ] Parties [ name of Landlord ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Landlord) [ name of Tenant ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Tenant) [ [ name of Guarantor ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Guarantor) ] [ [ name of Mortgagee ] [ of OR incorporated in England and Wales (company registration number [ number ]) with its registered office at ] [ address ] (Mortgagee) ] Definitions Within this Deed, the terms below shall be interpreted as follows: [ Annual Rent • the annual sum reserved under the Lease; ] [ Insurance Rent • the Tenant’s share of the Landlord’s costs of insuring the Property (as set out in the Lease); ] Lease • the lease of the Property dated [ date ], entered into between (1) [ the Landlord OR [ name ...

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I, [ name ], of [ address ], solemnly and sincerely state that: [ Matters to be verified, set out in numbered paragraphs ] I make this solemn statement in good conscience, believing it to be true, and pursuant to the provisions of the Statutory Declarations Act 1835. DECLARED at [ details ] this [ day ] day of [ month and year ] Before me ................................................................................ [ signature of the person before whom the declaration is made ] A [ commissioner for oaths OR [ solicitor OR [ insert other qualification ] ] authorised to administer oaths ]...

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