How readily should courts correct errors in pension documents which have been signed off by trustees and employers?
In Konica Minolta Business Solutions (UK) Pension Plan v Applegate & Ors the High Court, taking a practical approach, granted summary judgment for rectification of an occupational pension scheme’s rules.
A drafting error in the Plan rules meant that deferred members who had transferred into the Plan on a scheme merger were entitled to higher pensions than they should have been. The parties had intended the rules to replicate the benefits payable to those members under the transferring scheme.
Wragge & Co’s pensions experts analyse the case and its implications.