Source: All England Reporter
Publisher Citation: [2012] All ER (D) 11 (Jul)
Court: Upper Tribunal (Tax and Chancery Chamber)
Judge:

Colin Bishopp and Tmothy Hetherington sitting as judges of the Upper Tribunal

Representation Nicolas Stallworthy QC (instructed by Travers Smith LLP) for the trustees.
  Raquel Agnello QC, Jonathan Hilliard and Thomas Robinson (instructed by the Pensions Regulator) for the respondent.
  Andrew Simmonds QC and Joseph Goldsmith (instructed by SNR Denton UK LLP and Linklaters LLP) and Andrew Spink QC and Richard Hitchcock (instructed by Weil, Gotshal & Manges) for the applicant targets.
Judgment Dates: 14 June 2012

Catchwords

Pension - Pension scheme - Company pension scheme - Deficit - Lehman Brothers group of companies (LBG) going into administration with substantial deficit in pension scheme - Respondent Pensions Regulator issuing financial support direction (FSD) against certain LBG - Trustees of pension scheme referring respondent's determination not to issue FSD to those companies to Upper Tribunal (Tax and Chancery Chamber) - Whether trustees capable of making reference in respect of respondent's determination - Whether tribunal having jurisdiction to consider reference - Whether tribunal's power to issue directions in respect of determination still effective notwithstanding end of prescribed period - , .

The Case

Pension Pension scheme. The Upper Tribunal (Tax and Chancery Chamber) made rulings on issues arising out of a reference made by the trustees of the Lehman Brothers Pension Scheme in respect of the determination by the Pensions Regulator not to issue a financial support direction pursuant to s43 of the to certain companies within the Lehman Brothers Group in connection with the substantial deficit of that scheme.

Practice Areas

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