CHANCERY DIVISION
HIGH COURT
Strand, London, WC2A 2LL |
||
B e f o r e :
____________________
THE GIRLS' DAY SCHOOL TRUST |
Claimant |
|
- and - |
||
(1) GDST PENSION TRUSTEES LIMITED (2) VIVIENNE CHARTRES |
Defendant |
____________________
The First Defendant did not appear on the application
David E Grant (instructed by Osborne Clarke LLP) for the Second Defendant
Considered 20-22 April 2016
____________________
Crown Copyright ©
Mr Justice Norris :
(a) as Mr Justice Mann pointed out in a directions hearing in Re Misys Limited it is often not an efficient use of court time for the Judge to have to consider a mass of material raising potentially complex issues unassisted by the oral presentation of skilled advocates, and then to have to deliver a written ruling (in place of the ex tempore judgement that might otherwise have been given): and
(b) It is especially important in relation to pension schemes that ordinary members should not be left with any sense (even in relation to the correction of mistakes on technical matters) that there has been some "deal done in a dark corner". A public listing of a hearing that can be attended by any scheme member or any other member of the public gives them assurance that this is not the case.
"The Scheme shall comprise those options from the [Defined Benefit Rules] as shown on the attached Schedule"
The Schedule then referred to the Defined Benefit Rules and made a selection from the "option matrix" which it contained.
i) A fixed percentage to be decided by each school, where benefits accrued on a one sixtieths basis:
ii) A fixed percentage to be decided by each school, where benefits accrued on a one eightieths basis: or
iii) An age related percentage of earnings where benefits accrued on a one eightieths of a career average of revalued earnings basis.
i) One sixtieth of final salary; or
ii) One eightieth of final salary; or
iii) One eightieth of a career average of revalued earnings.
"Subject to rule 64 {absence}, each Active Member shall pay contributions to the Fund of a fixed percentage of his or her Pensionable Salary as notified from time to time to the Active Member and the Trustee by the Active Member's Employer".
The text as revised in Version 2 read as follows:-
"Subject to rules 64 {absence}, rule 40.2 and rule 42, each Active Member shall pay contributions to the Fund of a fixed percentage of his or her Pensionable Salary as notified from time to time to the Active Member and the Trustee by the Active Member's Employer. The Percentage should be no greater than half of the total combined contribution rate for Active Members and Employers." (Emphasis added).
(a) I intend to publish this judgment on BAILLI upon hand-down;
(b) I intend that the order for rectification shall not take effect for 42 days after the date of this judgment;
(c) It is agreed that GDST or the Trustee will inform scheme members of this judgment and will offer to provide a hard copy. I would request that the web address of BAILLI be included in the information provided. If there is any difficulty in undertaking the agreed task within 14 days after the handing down of judgment then the matter can be restored for mention. (I do not anticipate any such difficulty, having seen a draft letter in commendably clear terms notifying members of an anticipated hearing, which can easily be adapted).