We frequently advise in cases concerning the scope of trustees’ powers and duties, and the interrelationship between the duties of trustees and employers. We have particular experience of dealing with cases concerning trustees’ powers under a scheme’s contributions rule in conjunction with the statutory scheme specific funding regime and trustees’ duties in connection with the powers of amendment, the appointment of new trustees and the powers of investment.
Recent work includes acting for representative beneficiaries in a claim for directions as to whether the trustees could take into account the compensation recoverable from the PPF when making decisions relating to assets of the scheme, and acting in a claim concerning an alleged breach of duty on the part of trustees of a small self administered scheme.
- Prudential Staff Pensions Ltd v Prudential Assurance Co Ltd  PLR 239 – Proceedings for directions on a large number of issues (including issues of estoppel and potential breach of the employer’s duty of good faith) following a change by Prudential in its long-established policy of granting discretionary RPI linked increases to pensions in payment;
- Independent Trustee Services Ltd v Hope  PLR 379 – A test case as to whether trustees owe any duties to the Pension Protection Fund prior to a scheme entering into an assessment period and to what extent they should take its interests into account when exercising their discretionary powers;
- British Vita Unlimited v. British Vita Pension Fund Trustees Ltd  PLR 157 – The first case examining the relationship between trustees’ powers under a scheme’s contributions rule and the scheme specific funding regime contained in Part 3 of the Pensions Act 2004 following acquisition of a FTSE 250 company by a US private equity house and an employer/trustee funding dispute.