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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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Clement Cowley, Partner at The Penny Group, explains how global events can influence the performance of pensions and ISAs, and why taking a long-term approach to investing is often the most effective strategy
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Join us on Saturday 21 November 2026 at Leeds Beckett University and see for yourself why the North continues to be an exceptional place to build a career at the Bar
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Henry Fingerhut outlines what the Bar Standards Board AI guidance means for early career barristers
Not yet, says Jacob Turner. Regulation, unlike the technology itself, is a domain the legal profession can still control
