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E-raamat: Law of Pension Trusts

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(Partner, Freshfields Bruckhaus Deringer LLP)
  • Formaat: 360 pages
  • Ilmumisaeg: 28-Nov-2013
  • Kirjastus: Oxford University Press
  • Keel: eng
  • ISBN-13: 9780191652721
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Law of Pension TrustsSuurem pilt
  • Formaat: 360 pages
  • Ilmumisaeg: 28-Nov-2013
  • Kirjastus: Oxford University Press
  • Keel: eng
  • ISBN-13: 9780191652721
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This work on the law of pension trusts comprehensively fills a gap in the provision of good commentary on pensions law, both from a practical and scholarly perspective. Responding to a paucity of up-to-date publications in this area, David Pollard provides the most detailed treatment available of trust law as it relates to occupational pension schemes.

The book provides answers to difficult problems in pensions law often not covered by statute, including trustees' obligations to employers, how spouses and dependents rank as beneficiaries and implied duties owed by employers. Pollard deals with the issues of most concern to practitioners in pensions law, including trustees' investment and amendment powers, and trustee investment duties. This practical guidance is supported and enhanced by incisive academic analysis.

Written by a leading pensions practitioner, this book is a must have for all practitioners and scholars in the field.
Table of Cases
xxiii
Table of Legislation
xliii
List of Abbreviations
liii
1 What is an Occupational Pension Scheme?
Structure
1(2)
Introduction
3(2)
The Structure of Pension Schemes
5(6)
Tripartite Structure
11(7)
Statutory Definition of OPS
18(30)
Summary of Retirement Benefits
48(29)
Regulators
77(9)
Trusts and Trustees
86(9)
DB Schemes
95(5)
Membership and Benefits
100(13)
Funding and Contributions
113(9)
Investments
122(3)
Contracting out of State Benefits
125
2 Pension Trusts and General Trust Law
Introduction
1(2)
Why a Trust?
3(8)
Contrast with Private Trusts
11(6)
Applying General Trust Rules
17(5)
Flexibility of Trust Law
22(4)
Pension Schemes are Different
26(9)
Applying General Trust Principles
35(14)
Conclusion
49
3 Pension Trusts and Statute
How are Pensions Trusts Affected by Statute?
1(3)
Exemptions from General Trust Statutes
4(3)
Impact of Statute on Common Law Developments
7(12)
Application to Pension Schemes
19(18)
Conclusion
37
4 Corporate Trustees
Corporate Trustees
1(2)
Types of Corporate Trustee
3(11)
Incorporating a Trustee Company
14(10)
Appointing a Trustee Company
24(7)
Who Should Own the Trustee Company?
31(2)
Advantages and Disadvantages of a Separate Trustee Company
33(72)
Impact of the Pensions Act 1995 and Pensions Act 2004
105
5 Liability of Directors of Corporate Trustees
Individual Trustees v Directors
3(12)
Basis for Liability to Beneficiaries
15(31)
Accessory Liability
46(23)
Indirect Fiduciary Duty or Duty of Care (A `Dog-Leg' Claim)
69(8)
HR v JAPT
77(17)
Piercing the Corporate Veil
94(4)
Statutory Liabilities
98
6 Conflict Issues for Pension Trustees
Introduction
1(4)
General Default Rule for Fiduciaries
5(6)
General Fiduciary Principles
11(7)
Member Trustees
18(5)
Is There a Conflict?
23(12)
The `Two Hats' Approach---Is Fair Dealing a Defence?
35(9)
Application to Pension Trusts
44(4)
Pensions Conflict Cases
48(25)
Company Directors
73(3)
Express Provisions on Conflict
76(10)
Implied Authorization
86(8)
Other Defences/Relaxations
94(17)
Impact of Majority Voting?
111(10)
Can a Conflict Exclusion be Included or Changed in an Existing Scheme?
121(4)
Authorizing Director Conflicts in the Articles
125(8)
Should a Senior Officer of the Employer be a Trustee?
133
7 Regulator's Powers to Appoint, Remove, or Disqualify Trustees
Introduction
1(3)
The Pre-1995 Law
4(7)
The Pensions Act 1995
11(4)
Trustee Appointment by the Pensions Regulator: Section 7
15(21)
Suspension of Trustees: Section 4
36(8)
Prohibition Orders: Section 3
44(15)
Disqualification: Section 29
59(4)
Automatic Disqualification: Section 29(1)
63(32)
Suspension, Prohibition, and Disqualification Orders: Common Provisions
95
8 Pension Trusts: The Position of Spouses and Dependants
Introduction
1(8)
Secondary Beneficiaries
9(12)
Impact of Secondary Beneficiaries
21(8)
Position of the Employer
29(26)
Member Priority Over Secondary Beneficiaries
55(4)
Statutory Framework
59(14)
General Rights in Legislation
73(8)
Conclusion in Relation to the Statutory Framework
81(6)
Case Law
87(29)
Commonwealth Cases
116(23)
Conclusion
139
9 Trustee Powers---Best Interests or Proper Purpose?
Introduction
1(2)
Pension Schemes as Trusts
3(10)
Why Does This Matter?---Key Trustee Powers
13(4)
Fiduciary Duty
17(3)
Who is a Beneficiary?
20(7)
Purpose Test: Trust Law
27(12)
Purpose of a Pension Scheme
39(25)
Conclusion
64
10 Trustees' Duties to Employers
Introduction
1(3)
Fiduciary Duty
4(7)
Employer as an Express Beneficiary
11(10)
Employer as Quasi-Beneficiary
21(29)
Purpose of a Pension Scheme
50(1)
How Does This Apply in Practice?
51(4)
Wide View---Trustees Should Take into Account the Interests of Employers
55(24)
Narrow View---Trustees Must Take Account of Only the Interests of the Members
79(9)
What Will the Employer Do if Agreement is Not Given?
88(22)
Examples of Issues
110(1)
Amendment to Reduce Future Service Benefits
111(11)
Decisions in Relation to the Investment Policy
122(12)
Tort Duty
134(9)
Conclusion: Trustees Acting Fairly
143
11 Employer Powers---Non-Fiduciary
Introduction
1(1)
What is a Fiduciary Power or Duty?
2(14)
Pension Trusts---Employer Powers
16(2)
General Rule
18(19)
Two Odd Cases---Noel Penny and Scully
37(9)
Challenges
46(3)
Conflict
49(2)
Insolvency Practitioners
51(2)
Transfer
53
12 Employer Powers to Appoint or Remove Trustees
Summary
1(3)
Why Does This Matter?
4(13)
Who Can Appoint or Remove?
17(26)
1889: Mr Justice Kay Deals with a Family Trust: Re Skeats' Settlement
43(10)
1895: The Court of Appeal Comments on the Position of Lunatics: Re Shortridge
53(6)
Why is an Employer Power Not Fiduciary?
59(7)
More Recent UK Cases
66(4)
Appointment of Fiduciaries in Other Spheres
70(14)
Pension Cases Since 1990
84(23)
Is Skeats Applicable to Pension Schemes?
107(3)
Private Trust Cases---Protectors
110(4)
Australian Cases
114(5)
Employer as a Beneficiary
119(5)
The Divorce Cases
124(3)
Mutual Duty of Trust and Confidence
127(7)
Express Provision in the Trust Deed
134(7)
Do the Private Trust Rules Apply to Pension Schemes?
141(3)
Trustee Companies
144(5)
Conclusion
149
13 Employers' Powers: The Implied Duty of Trust and Confidence---The `Imperial' Duty
Introduction
1(8)
Structure
9(1)
Overview
10(28)
History of the Imperial Duty and Implied Term
38(12)
What do the Employment Cases Say that the Term Means?
50(14)
General Description
64(3)
The Pensions Cases
67(1)
Imperial Tobacco
68(13)
Hoover (2002)
81(2)
Prudential (2011)
83(11)
General Guidance
94(5)
Good Faith
99(5)
Who Owes the Imperial Duty?
104(8)
Principal Employer
112(5)
Exclusion by Contract or by the Trust Deed
117(9)
What Does the Implied Term Mean in Practice?
126(61)
Conclusion
187
14 Trustee Indemnities and Exonerations
Introduction
1(3)
Exoneration and Indemnity Clauses
4(16)
Limits on Exonerations/Indemnities
20(2)
Public Policy Limitations? Core Duties
22(15)
Meaning of Gross Negligence
37(7)
Limits in the Pensions Legislation
44(10)
Further Interpretation Issues
54(24)
Former Trustees
78(6)
Nature of the Interest Given to the Trustees by an Indemnity
84(1)
Legal Costs in Defending a Claim?
84(9)
Can an Indemnity be Included or Changed in an Existing Scheme?
93(6)
Indemnities from the Sponsoring Employer
99(21)
Further Drafting Points
120(8)
Power of the Court to Relieve: Section 61 of the Trustee Act 1925
128(5)
Corporate Trustees
133(14)
Indemnity from a Member: Hardoon v Belilios
147
15 Contract Overriding Trust: South West Trains
Contracts and Trusts
2(15)
The Legal Issues
17(14)
Need for a Contract
31(11)
The Position of the Pension Scheme
42(10)
Potential Pitfalls
52(16)
The Cases
68(18)
NUS(2002)
86(8)
The IMG Case: HR Trustees Ltd v German (2009)
94(17)
Pensions Ombudsman
111(8)
Capita v Gellately (2011)
119(5)
Bradbury v BBC (2012)
124
16 Saunders v Vautier and Pension Trusts
Introduction
1(7)
Consent of All Beneficiaries Needed
8(11)
Employer as Beneficiary
19(3)
Inconsistent with the Nature of a Pension Trust/Legislation
22(12)
Trustee Indemnity---CPT
34(19)
New Zealand
53
17 Amendment Powers
Amendment Powers
1(8)
Principles of Construction
9(7)
Stevens v Bell Principles
16(31)
Other Legal Interpretation Principles
47(5)
Methods of Variation
52(5)
Statutory Amendment Powers
57(10)
Statutory Limitations on Amendments
67(11)
Misstatement in Booklets/Estoppel
78(30)
Amending an Amendment Power
108(10)
Retrospective Amendments
118(20)
Amendment Following the Scheme Starting to Wind-Up
138(7)
Method of Amendment
145(13)
Barber Case
158(10)
Notifying Members
168(3)
Over Execution
171(2)
Express Limits in Amendment Powers
173(2)
Accrued Rights Limitations
175(25)
Prohibition on Payments to the Employer
200(10)
Proper Purpose
210
18 Disclosure of Documents by Trustees: Schmidt v Rosewood
Introduction
1(3)
Application to Pensions---Wilson v Law Debenture
4(4)
Pensions Legislation on Disclosure
8(5)
2003: The Law Moves: Schmidt v Rosewood
13(2)
Trust Law
15(8)
Schmidt v Rosewood Trust Ltd
23(28)
Decisions After Schmidt v Rosewood
51(6)
UK---Breakspear v Ackland (2008)
57(6)
Ireland: O'Mahony v McNamara
63(2)
Australia
65(5)
Canada
70(7)
Trustees Going Forward
77(2)
Who is a Beneficiary?
79(1)
Confidential Information
80(8)
Legal Advice/Privilege
88(11)
Reasons
99(43)
Modification of Disclosure Rights by the Trust
142(3)
Minutes of Trustee Meetings
145(11)
Conclusion
156(5)
Letter of Wishes
161(4)
Taking Copies and Costs
165
19 Employer-Related Investment
Overview
1(1)
Rationale and History
2(3)
A Brief History of Employer-Related Investment Restrictions
5(12)
Summary of the Current Position
17(5)
What are `Employer-Related Investments'?
22(3)
`Shares or Other Securities'
25(3)
What About OEICS and Unit Trusts?
28(10)
What About Gilts?
38(10)
What About Swaps?
48(5)
Employer Loans
53(4)
Collective Investment Schemes/Insurance Policies
57(1)
Employer-Related Loans
58(2)
Listed on a Recognized Stock Exchange
60(6)
Loans to Entities Who Later Become Employers (or Associates)
66(4)
Transactions at Undervalue
70(2)
Meaning of `Employer or Connected or Associated with an Employer'
72(142)
Conclusion
214
20 Employers and Surpluses
Introduction
1(2)
Who Owns the Surplus?
3(19)
Money Purchase Surpluses
22(9)
Defined Benefit Schemes: Surpluses
31(23)
Surplus on a Scheme Winding-Up
54(11)
How Does a Surplus Arise Over Time?
65(8)
How Does Surplus Affect Benefits?
73(3)
Using Surplus in an Ongoing Scheme
76(11)
Leave Surplus within the Scheme
87(2)
Reduce Future Employer or Member Contributions
89(13)
Increase Benefits for Members
102(4)
Pay to the Employer
106(12)
Trustee Discretion
118(8)
Negotiations between Employer and Trustees
126(7)
Trustee Discretion---Proper Purpose
133(8)
Avoiding a Blocked Surplus
141(5)
Conclusion
146(321)
Useful Websites 467(2)
Books and Articles: Short Bibliography 469(4)
Index 473
David Pollard is a solicitor and a partner in the employment pensions and benefits department at Freshfields Bruckhaus Deringer LLP. Based in London, Pollard specialises in all aspects of pensions and employment advice. He is a leading practitioner in pensions law, having been chairman of the Association of Pension Lawyers (APL) from 2001 to 2003.



Pollard recently published 'Corporate Insolvency: Employment and Pension Rights' (2013), and was the co-editor of the books, 'Guide to the Pensions Act 1995' (Tolley, 1995) and 'Freshfields on Corporate Pensions Law' (2013). He has contributed chapters to looseleaf books on Employment Law, Insolvency Law and Pensions law, as well as co-editing the journal, Trust Law International.



In 1998 David was awarded the Wallace Medal by the Association of Pension Lawyers (APL) for excellence in communicating pensions issues. In addition to having been chairman of the Association of Pension Lawyers from 2001 to 2003, he has also been a vice chair of the Industrial Law Society (ILS).
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