Court of Appeal confirms Lehman trustees' participation in FSD process

The Lehman Brothers pension scheme continues to be at the centre of litigation testing key aspects of the Pensions Regulator’s financial support direction (FSD) powers.

Having taken part, along with the Nortel scheme, in the litigation that has now resulted in a Supreme Court decision on the ‘priority’ of FSDs issued to insolvent employers, the Lehman scheme has also recently received judgment from the Court of Appeal on another FSD point: the extent to which trustees may participate in a FSD process.

The specific point was whether the trustees of the Lehman scheme are a ‘directly affected person’ in the context of the Regulator’s FSD process. The Court of Appeal confirmed the approach that had been taken by the Regulator’s Determinations Panel and subsequent decision of the Upper Tribunal…

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