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Richard Colin Neil Davidson v (1) Arla Foods UK Plc (2) Trustees of the Express Pension Scheme

An employee’s right to a revaluation of his preserved pension under a pension scheme had been forfeited by a compromise agreement that approved a pension payable on the normal retirement date based on a pre-determined salary.

9 June 2006

The applicant (D) applied for summary judgment against the respondent, his former employer (F). D had worked for F and been a member of its pension scheme for 27 years and had entered into a compromise agreement after his employment was terminated. Under his service agreement, D had been entitled to two-thirds of his final pensionable earnings, which were payable on reaching his retirement. If he left his employment before the normal pension date, the scheme offered a revaluation of his preserved pension, which was to be revalued annually so as to preserve its value up until the normal pension date. Under the compromise agreement, F had an obligation to procure that D’s rights under the pension scheme were augmented before the termination date. D exercised his option under that agreement to obtain a transfer at a fair value in accordance with the scheme’s cash equivalent transfer basis. The issue that fell to be determined was whether, in calculating the cash equivalent, the rig...

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