Sotheby's Pension Scheme (CAS-86492-T9Z3)
Sotheby's (the Employer)
The complaint is not upheld because Mr N was not entitled to pension increases as of right on the Pre 97 Excess Pension. Any increases that were granted in the past were discretionary and subject to the consent of the Employer.
Mr N’s complaint concerns the part of his pension accrued prior to 6 April 1997 which is in excess of his Guaranteed Minimum Pension (the Pre 97 Excess Pension). He is unhappy that this element no longer receives increases in payment following the wind-up of the Scheme and purchase of a bulk annuity policy with an insurer.
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