57. Although Mr Mitchell accepts that the Trustee always intended for the db and the dc
plans to be administered under the same trust instrument, he does not accept that
there was always intended to be one single fund. He believes that the documentation
relating to the 12 December 1996 meeting does not mention a single fund and he says
"in its communication with members, IBM had given the clear
impression that the M Plan was a separate Scheme, with a separate fund, which was nevertheless to be administered by the same Trust... Nowhere, I repeat nowhere, did it ever suggest to members in 1996-1997 that there would be just one fund."