88. The information pack sent with Ms Grinstead's letter included

88.1. A series of questions and answers. One answer was that the Trustee had
reviewed and approved the proposals in December 1996. 88.2. Information about the M Plan. The information sheet said

"IBM will contribute 6% or 8% of an employee's pensionable salary on a monthly basis [depending on age] ... The two tiered structure has been designed to provide a competitive pension for all, recognising that the level of pension funding required increases with age...".

"The [M] Plan will be set up within the IBM Pensions Trust. The Board of Trustees will administer this fund alongside the existing defined benefit plans ... and it will be governed by the Trust Deed and Rules. The contributions to this Plan will be kept entirely separate from the assets of [the Principal Employer]".

Three of the complainants point to the use of the phrase "this fund" and say that this can only reasonably be interpreted as distinguishing the M Plan fund from some other fund and thus indicating that the M Plan was separately funded.