She said: "The trustees are acting outside that if they are ‘designing as opposed to managing and administering’ the scheme, which definitely puts some limits on trustee behaviour.
"Trustees, in managing a pension scheme, will have to think carefully about this issue as well as what the rules of the scheme actually say.
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“It is also worth noting that this was a split decision, with Lord Justice Patten upholding the earlier judgment in favour of the trustees. With such a significant issue at stake, it is not unlikely that the trustees will consider taking the matter to the Supreme Court."
maria.espadinha@ft.com
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