Pension trust deeds are ‘self-contained record’
By Louisa Knox and Edwin Mustard
The Outer House decision in Trustees of the Scottish Solicitors Staff Pension Fund v Pattison & Sim & Others  CSOH 19 dealt with the validity of amendments made to a trust deed and offers up some useful general principles for interpreting pension scheme documents.
The Scottish Solicitors Staff Pension Fund provided pensions for employees of solicitors’ firms and their dependants. The trustees sought to recover outstanding employer contributions from the firm of Pattison & Sim and its two partners. The trustees argued that under the rules of the scheme, as amended, the defendants were among those liable to contribute towards meeting the deficit in the final salary scheme. The defendants denied liability and questioned whether the triple-lock amendment procedure set out in the original trust documents had been followed when introducing a new employer contribution rule.
In 1980 and in 1990, the trustees executed amending deeds, cancelling the existing rules and replacing them with new rules. The recitals to the amending deeds confirmed that the amendment provisions and conditions had been ‘duly observed and performed’. The trustees therefore maintained that the rules adopted in 1990 now governed the fund…
Click on the link below to read the rest of the Shepherd and Wedderburn briefing.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Shepherd and Wedderburn
News from The Lawyer
Briefings from Shepherd and Wedderburn
A new expedited arbitration procedure, designed specifically with the financial services sector in mind, seeks to address perceived shortcomings.
In this article, Shepherd and Wedderburn takes an in-depth look at one particular tool of the interrogation trade: communications mapping.
Analysis from The Lawyer
With banking, personal injury and M&A all down, law firm mergers are in the bracing Scottish air