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“The trust should be abolished as the basis of an occupational pension scheme”.
Member rating: No Rating | Words: | Submitted: Mon Jun 19 2006
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"THE TRUST SHOULD BE ABOLISHED AS THE BASIS OF AN OCCUPATIONAL PENSION SCHEME" Following the discovery of the misappropriation of around £453 million from the pension funds of Mirror Group Newspapers and Maxwell Communications Corporation employees, discussion occurred over the appropriate method for regulating pension trusts. There was significant public concern over the abuse of pension funds and the loss to employees of their pension rights. The Pension Law Review Committee produced the Goode Report in which it recommended the retention of the law of trusts to govern pension funds while also proposing various safeguards to protect the rights of beneficiaries. Trust law has traditionally been favoured as a foundation for pension schemes as opposed to contract as it creates equitable rights for the beneficiaries. This means that the trustee must keep trust property separate from private property and if the trustee becomes bankrupt, the trust assets are not available to...
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