Equalisation – A Successful Rectification Decision

On 22 July 2011 the High Court gave its Judgment in the case of Pioneer GB Ltd v Robert Arthur, Wood Independent Trustees Services Ltd, Deborah June Ryan and Geoffrey Clive Wood.

The unopposed application for summary judgment related to a claim for rectification of a trust deed governing the pension scheme where it was claimed an amendment, subsequent to a decision to equalise, had not recorded that equalisation decision.

The Judge found in favour of an application on the basis that the evidence provided by both the company and the trustees showed that they had a clear intention to make an agreed change in the deed which was not picked up in the drafting. The Court was therefore satisfied that the consolidating deed, which had omitted equalisation, had been executed on the incorrect assumption by all parties that it did contain that change.