Staveley Industries Retirement Benefits Scheme (PO-9061, PO-9059 and PO-7262)

Ombudsman’s Determination

Complaint summary

1. Mr S’s complaint against the Trustee, Staveley Industries Plc, the previous employer, and PS Independent Trustee Limited, the SIRBS manager is that his pension in payment increases were reduced to 3% per annum. He says that he is entitled to 5 % per anum increases as stipulated in the SIRBS rules.
2. The Additional Applicants’ complaints set out above have been associated with Mr S’s complaint by my office. This means that the conclusions set out below in respect of Mr S’s case apply equally to the Additional Applicants. For clarity, there are differences in relation to the underlying facts for each individual but these have no material effect on the overall conclusion.

Summary of the Ombudsman’s decision and reasons

The complaint should be upheld. This is because Mr S is entitled to 5% increases, subject only to Inland Revenue limits which have now been repealed.