There has been much interest in and commentary on the recent judgement in the case of Independent Trustee Services Limited ("ITS") vs Hope and Others (known as The Ilford judgement after the Scheme involved). Whilst much of commentary has focused on the nature and form of the proposal put before the Court, ITS's objective as Trustee was to obtain a clear decision from the Court in the face of materially differing legal opinions. The wider implications of the judgement are very significant and provide greater clarity to trustees and their advisers in terms of the factors they can have regard to in such critical areas as agreeing investment and funding strategies.
ITS Managing Director Chris Martin noted at the time of the judgement:
"ITS welcomes the broad framework the judgement provides for trustees in taking decisions across a whole range of funding and investment issues currently facing defined benefit pension schemes."
Independent Trustee Services Ltd
November 2009