Article summary
Pensions analysis: The High Court has found that amendments to a pension scheme intended to remove a final salary link from pre-amendment pensionable service and replace it with revaluation were partially valid in circumstances in which some members would receive more generous benefits on that basis, while others would lose out. His Honour Judge Davis-White KC found that the amendments were invalid in respect of those whose benefits had been reduced but valid in respect of those whose benefits had been enhanced. In finding that the amendments were partially valid, the court held that: firstly, the amendment power could be construed so that it took effect subject to the limitations of the fetter; or alternatively, but to the same effect, the power could be severed to allow a valid exercise of the power and to disallow an invalid exercise of the power. The decision considers the applicability of what has been termed the ‘second limb’ of the severance...
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