RE: BT has lost court case!4 Dec 2018 14:19
Hi Yes correct pacemaker, managed to find this thanks
LONDON (Alliance News) - FTSE 100-listed telecommunications firm BT Group PLC has lost a court case over changing the basis for calculating pension increases for its members, the Financial Times reported Tuesday.
On Tuesday, Lady Justice Asplin at the Court of Appeal dismissed BT's claim, stating that the scheme rules had been interpreted correctly by a previous court ruling, the newspaper reported.
BT had asked the Court of Appeal to overturn an earlier ruling on BT's interpretation of scheme rules and on whether BT should be allowed to switch to a different cost of living index for calculating increases to pension paid in the future.
BT argued that it should be able to decide to switch from the Retail Price Index to another measure, such as the Consumer Prices Index for calculating increases to pensions for its Scheme C members, some 80,000 people.
In January, the High Court ruled against BT, finding that the matters put forward by the group were not such as to have caused RPI to become inappropriate for the purposes of the scheme rules.
"Whether RPI has become inappropriate is an objective state of affairs, which, if it exists, triggers the obligation to choose another measure of the cost of living," she said, according to the FT.
"I consider that the judge was right to come to the conclusions he did," Asplin added.
BT said it was "disappointed with the outcome", and is currently deciding on its next steps, the FT reported.