May 2012: Pensions update
Analysis of recent developments in the pensions sector, including the High Court judgment on the BBC’s pensionable salary cap and age discrimination law.
The High Court (Mr Justice Warren) has found that the BBC was able to introduce a cap on increases in pensionable salary by contractual agreement with members, without having to amend the scheme rules. Warren J held that a contractual agreement to impose the cap would be effective as long as it did not give rise to a breach of the employer’s implied duty of trust and confidence or breach statutory requirements about surrendering pension rights. This appears to be a move away from the very strict requirements for an extrinsic contract suggested in the IMG case…
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