Case law - Industrial Acoustics Company Limited v Crowhurst & others

Wednesday, November 21, 2012

This High Court decision concerned a scheme which had been amended to equalise normal retirement dates between men and women, but unfortunately a later consolidation of the scheme trust deed and rules mistakenly contained wording which unravelled those amendments.

This meant that the scheme liabilities were far higher than intended. The issue came to light when the company was about to be sold, and needed to be dealt with very quickly in that context. An application to the High Court for rectification of the consolidated trust deed and rules by summary judgment was successful.

This case highlights that rectification by summary judgment is becoming increasingly accepted. However, strong evidence of the intentions of the various parties at the time of the mistake will always be needed.

Current News

Cohabitee wins right to pension

The Supreme Court has ruled that a nomination requirement relating to the payment of a survivor’s pension under a public sector pension scheme discriminated against cohabiting unmarried couples and should be disapplied.


Reversing Trustee Decisions

Trustees have on occasion relied on the “Hastings Bass” rule to unwind decisions that subsequently transpire to have unintended consequences. The scope to do so has been narrowed by the recent Supreme Court judgments in the jointly heard cases of Futter and another v HMRC and Pitt and another v HMRC.


EU Solvency Rules dropped

The European Commission has announced that it is dropping its plans for a new funding regime for pension schemes.


Pensions for Mortgages

Nick Clegg announces a new government idea to allow parents to use their pensions to help children onto the property ladder.