High Court Upholds Pension Scheme Scrapping for Bank Retirees

A court decided that a pension plan for retired bank workers could be canceled.

The old pension plan was not doing well financially, so the bank stopped it.

The retired employees said this wasn't fair, but the court said the bank was allowed to do this because the original plan was not required by law.

The bank now has a new plan managed by an insurance company, and the court noted that the bank had financial issues, that shareholders have limited resources, and that retired employees still receive other benefits.