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Pension – Pension scheme. Declaratory relief was sought in respect of proposed changes concerning two final salary pension plans concerning IBM United Kingdom Holdings and IBM United Kingdom Ltd. Employees challenged the changes, contending that it reduced retirement benefits for some 4500 employees and closed the defined benefits section of the plan to future accrual for most employees. The Chancery Division held that, on the true construction of the pension plans, an exclusion power had been validly introduced into the main plan and the purported exercise of the exclusion powers were not for an improper purpose. However, the changes, and the manner in which Holdings had consulted on them, gave rise to a breach by Holdings of its duty of good faith and of its contractual duty of trust.
Pension – Pension scheme. Declaratory relief was sought in respect of proposed changes concerning two final salary pension plans concerning IBM United Kingdom Holdings and IBM United Kingdom Ltd. Employees challenged the changes, contending that it reduced retirement benefits for some 4500 employees and closed the defined benefits section of the plan to future accrual for most employees. The Chancery Division held that, on the true construction of the pension plans, an exclusion power had been validly introduced into the main plan and the purported exercise of the exclusion powers were not for an improper purpose. However, the changes, and the manner in which Holdings had consulted on them, gave rise to a breach by Holdings of its duty of good faith and of its contractual duty of trust.
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