Slaughter and May acts for 3i plc in High Court pension amendment power dispute

Slaughter and May and Wilberforce Chambers acted for 3i plc, with Slaughter and May advising on the litigation and Wilberforce Chambers providing counsel; 3i's in-house legal team, led by General Counsel Kevin Dunn, also participated. The dispute, brought by 3i plc in the High Court in the matter of 3i plc v Decesare and others, concerned the proper interpretation of the amendment power in the rules of the 3i Group Pension Plan. The central question was whether the Plan’s amendment power permitted amendments that would terminate or reduce the rate of future accrual of benefits without the written consent of affected members. The High Court held that the amendment power was intended to prevent amendments that would diminish past service benefits, and did not preclude amendments that terminate or reduce future accrual. The judgment provides important clarification on the scope of amendment powers and the protections afforded to members’ rights and interests under occupational pension schemes. The matter represents a further example of litigation over the interpretation of pension scheme amendment powers; Slaughter and May’s Pensions Dispute Resolution team has also recently acted for the trustee of the BBC Pension Scheme in British Broadcasting Corporation v BBC Pension Trust Limited in both the High Court and the Court of Appeal. Slaughter and May represented 3i plc with a team composed by: Charles Cameron, Partner, Pensions Dispute Resolution; Richard Jeens, Partner, Pensions Dispute Resolution; Chris Sharpe, Partner, Pensions Dispute Resolution; Adrien Mallevays, Associate, Pensions Dispute Resolution; Zoe Timms, Associate, Pensions Dispute Resolution. Wilberforce Chambers acted for 3i plc with a team composed by: Brian Green KC; Joseph Steadman. 3i plc (in-house legal team) assisted 3i plc with a team composed by: Kevin Dunn, General Counsel.

Slaughter and May acts for 3i plc in High Court pension amendment power dispute

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