Change in retirement age - Can I challenge Company Pension rules?

I'm in a final salary pension and am in the process of considering the company's offer of redundancy. I will be 50 after April 2010 and with notice my redundancy takes place later in 2010.

Under the pervious rules I could retire/take redundancy and receive an immediate pension from 50 onwards and could do so with out having the retirement account balance reduced due to early redemption.

Under the new rules if I am leaving at 50 I can't now take pension until 55 years minimum. Therefore as a consequence of the break in service between age of 50 and 55 any pension I take at 55 would be reduced by 2.5% for each year before the age of 60.

It seems 'unfair' that under the previous scheme I wouldn't be subject to any reductions from 50 and would have full pension (should I choose to take it) at 50. With the change in pension rules I seem to be worse off with my pension now subject to annual reductions for early payment during years 55-60.

On the basis that I don't think I can sue the government for potentially making me worse off :cheesy: The questions I have are:

• Does my company have the right to ignore the government shifting of the rules from 50 to 55?
• Can I challenge the pension scheme for making changes that disadvantage me? e.g. Can I challenege the early payment reductions?
• Can the company pension scheme change the rules without seeking agreement from me?
• Is there any legislation / court cases that might provide an insight into what I can or can't challenge in light of the above?

All help appreciated.....