Trustees of the Airways Pension Scheme (APS) have confirmed they will appeal to the Supreme Court over a recent Court of Appeal judgment striking down their ability to award discretionary increases.
Trustees of the Airways Pension Scheme (APS) will not make a firm decision on whether to appeal the Court of Appeal's judgment on discretionary increase payments until September.
Members of the Airways Pension Scheme (APS) have written to trustees demanding a meeting over why they have not yet decided whether to appeal the recent Court of Appeal judgment, PP can reveal.
An overwhelming majority of this week's Pensions Buzz respondents agreed with the Pensions and Lifetime Savings Association (PLSA) that national retirement income targets should be developed to help people understand how much to save for retirement.
Jonathan Stapleton says sponsors are likely to consider whether trustees can be challenged on their use of discretionary powers, following the British Airways ruling
Stephen Richards says the 'paymasters' principle is likely to be scrutinised closely in light of British Airways' landmark win in the Court of Appeal.
British Airways (BA) will not have to pay a £12m discretionary benefit its trustees had unilaterally granted, the Court of Appeal has ruled.
Trustees would have limited role in scheme governance if their duties simply include applying the employers' remuneration strategy and always seeking consent for other changes, the Court of Appeal has been told.
Concluding that the purpose of a pension scheme is not simply to apply the employer's preferred remuneration strategy would result in trustees becoming "paymaster", the Court of Appeal has been told.