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Wrightson Limited v Fletcher Challenge Nominees Limited (Appeal No 34 of 2000); PC 3 May 2001

References: [2001] UKPC 23
Links: Bailii, PC, PC, PC
Coram: Lord Bingham of Cornhill, Lord Hope of Craighead, Lord Hutton, Lord Hobhouse of Woodborough, Lord Millett
(New Zealand) The appeal was as to the proper approach to the calculation of sums payable on the secession of a participating company and its employees from a group superannuation scheme. This must vary according to the scheme. The claimants complained that on withdrawal they had had attributed to them no part of the surplus accrued within the scheme. The withdrawal was to act as a partial dissolution of the scheme, with a share appropriated to the withdrawing portion by the trustees. The discretion given to the trustees was wide, and should not be fettered by inserting a starting point for the calculation which was not reflected in the deed. The surplus was relatively small and the decision was a proper exercise of that discretion.

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