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Houldsworth v Bridge Trustees Ltd
''Houldsworth v Bridge Trustees Ltd'' () UKSC 42 is a UK pensions and UK labour law case concerning the difference between a final salary and a money purchase pension scheme. It matters because final salary schemes fall under the minimum funding requirements, whereas money purchase schemes do not.
==Facts==
Bridge Trustees operated a final salary occupational pension since 1971. In 1983, the final salary benefits were reduced, as were contributions, but members could make further contributions and receive more under a "voluntary investment planning" scheme. In 1992, a new "MoneyMatch" plan allowed members to convert their final salary benefits and their contributions would be matched by the employer. Before 6 April 1997, the scheme was contracted out of the state earnings related pension scheme, as there was a guaranteed minimum pension paid out of the MoneyMatch plan. In 2003, the employer went insolvent, the scheme would up and there were pension deficits. The trustee asked the court whether the scheme was "money purchase" under the Pensions Act 1995 section 73. This counts the outstanding money as a debt due from the employer, unless it is a money purchase scheme.
The judge held that the scheme was money purchase, despite the MoneyMatch contributions, the employers matching credits being put into the guaranteed interest fund, and the capital value of a member's interest being internally converted to an annuity. The Court of Appeal upheld the judge's conclusions.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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