Source: All England Reporter
Publisher Citation: [2012] All ER (D) 118 (Oct)
Neutral Citation: [2012] EWHC 2766 (Ch)
Court: Chancery Division
Judge:

Warren J
Representation Jonathan Gaisman QC, Jonathan Evans and Edward Sawyer (instructed by Nabarro LLP) for the trust company.
  Andrew Simmonds QC, Paul Newman QC and Joseph Goldsmith (instructed by Dickinson Dees LLP) for the principal employer and the second defendant.
  Nicolas Stallworthy QC (instructed by DLA Piper LLP) for the third defendant.
Judgment Dates: 12 October 2012

Catchwords

Rectification - Mistake - Trust deed - Pension scheme - Claimant being trustee of pension scheme known as IBM Pension Plan - First defendant being principal employer under scheme - Claimant seeking rectification of deed of amendment (1983 trust deed) which created 'C Plan' and subsequent deeds of amendment - Claimant alleging that mistake made in drafting of 1983 trust deed and relevant rules - Whether intention of trust company and of principal employer in authorising execution of 1983 trust deed and rules that 'C Plan' should provide entitlement for members to retire between ages of 60 and 63 without consent of principal employer or any employer - Whether 1983 trust deed should be rectified.

The Case

Rectification Mistake. The instant case concerned a pension scheme known as the IBM Pension Plan (the main plan), which was originally established in 1957.The claimant trust company, the trustee of the plan, sought an order rectifying a deed of amendment, which created, amongst other things, the C Plan. The principal question was whether, in creating the C Plan as a new section of the main plan in 1983, it was intended to be on terms that members of the C Plan would have a right to retire on an unreduced pension at any age between 60 and 63 without any employer consent. The Chancery Division answered in the affirmative.

Practice Areas

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