A Change to the Scheme’s Rules – the reasons for the Court’s decision

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On 6 March 2026, the Court approved the Trustee’s application and confirmed that the change could be made to the Scheme’s rules with immediate effect. The reasons for the Court’s decision were provided at an online hearing on 18 March 2026.

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If you have DB benefits, they remain unaffected by this change. If you have DC benefits, the change will not affect the value of your DC pension pot or how much will be paid into it in the future. The Trustee also believes that the rule change will not impact the security of members’ benefits.

What were the reasons for the Court’s decision?

At the hearing on 18 March 2026, the Court gave the reasons for its decision to approve the change to the Scheme’s rules.

The reasons for the Court’s decision were that:


  1. The Trustee’s decision to clarify the Scheme’s rules was legally appropriate and the Trustee had followed the correct process. It was a decision which a trustee in its position could reasonably take.
  2. The Representative had tested the Trustee’s application fully and rigorously. There were no grounds for the Representative to reject his own legal advice and oppose the Trustee’s application.
  3. The Court was not being asked to decide on the best or fairest use of the Scheme’s surplus, or to make any decisions in respect of improvements to members’ benefits.
  4. The Trustee had properly considered all the communications it received from members in respect of the rule change. However, those communications did not change the Court’s assessment of the legal position on the proposed change.
  5. Many of the outcomes sought by members in their communications, including changes to the State Deduction, could not be lawfully provided by the Trustee without the Bank’s consent. The Court noted that the Bank had not agreed to requests from the Trustee to improve members’ benefits.
  6. The Trustee’s decision was based on appropriate legal and actuarial advice, and was taken after detailed consideration and lengthy negotiations with the Bank.
  7. The change to the Scheme’s rules is time-limited and includes meaningful protections to safeguard members’ accrued benefits.
  8. The Trustee had provided appropriate notifications to the members when making its application but there was no requirement for the Trustee to consult with members in respect of the change to the rules.