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Trust Law - Essay Example
Trustees have a vital role to play in the operation of UK private pension schemes as the most of these are organised as trusts whereby the operation of these private pension schemes will become amenable to the contents of the trust deed and general trust legislation like (Trusts of Land and Appointment of Trustees Act 1996; Trustee Delegation Act 1999; Trustee Act 2000) along with pension specific legislation like the Pension Scheme Act 1993 and the Pensions Act 1995 ( Cooper, D.R…
The reason that a review of the role and contribution of the law of trusts to the law relating to pensions is important is because in 2004 alone there were 927 billion worth of private pension funds under management in the UK, holding 16 per cent of the domestic ordinary share market, which is the largest in Europe and third largest in the world (Slattery and Nellis, 2004).Today pension funds of several British Corporations run into larger amounts athat their own market capitalisation (Slattery and Nellis, 2004). The law relating to pension schemes is derived from the old trusts law(sometimes even dating back to the eighteenth century). Cooper, D.R. (2000) .
Even though the courts have recognised the different nature of pensions as compared to traditional trusts it seems that there are still gaps in t ...