Judgment was handed down today in a case involving the BBC pension scheme: BBC v BBC Pension Trust Ltd & anor [2023] EWHC 1965 (Ch). The Judge, Adam Johnson J, considered the scheme's power of amendment, and its provisos, in the context of cost-cutting proposals. It was held that the the "interests" of active members included the ability to accrue future service benefits on the prevailing terms. The scheme provided for a procedure to deal with affecting those interests (including an actuary certifying the provision of equivalent benefits or the approval of members at a meeting), and that procedure would need to be complied with if cost-cutting measures were to be introduced.
To read the judgment, click here.