PensionsTuesday 23 January 2024
In Newell Trustees Ltd v Newell Rubbermaid UK Services Ltd, the High Court upheld the validity of the conversion of certain scheme members’ final salary benefits to money purchase benefits following their transfer to a newly-created money purchase section of the scheme, subject to the imposition of a final salary underpin. The judgment contains an analysis of a number of important pensions law topics, including the construction of interim deeds, the validity of extrinsic contracts, the construction of Courage provisos and how to calculate final salary underpins. The judgment also considered, and rejected, a claim that the method by which members were selected for the transfer and conversion process constituted unlawful age discrimination.
Paul Newman KC, Claire Darwin KC (Matrix Chambers) and Thomas Robinson acted for the successful employer, instructed by DLA Piper.
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