68.       The TMC met on 12 February 1998. The meeting considered a paper presented by the Trustee's solicitor as part of a review of the changes made in 1997. The introduction to the review said that in 1997 the actuarial valuation report showed a substantial ongoing surplus and at the same time there was a statutory obligation to introduce LPI. It said that four key decisions had been taken namely to extend the Principal Employer's contribution holiday, to provide LPI increases without changing the Scheme's benefit structure or employee contribution rates, to introduce the M Plan and "to maintain the company's discretionary practice regarding increases to pensions in payment for service prior to April 1997."

Note the Trustee's solicitor is presenting decisions made by IBM.   IBM had a unilateral power over, for example, contribution holidays - see [26]