Duties of a trustee

Question 1

Defines a fiduciary

Answer 1

Bristol & west building society v Mothew

Question 2

Applicant was a sergeant in the army who breached his fiduciary duties to the crown

Answer 2

Reading v AG

Question 3

Duty not to purchase trust property

Answer 3

Ex Parte Lacey

Question 4

Duty to provide financial benefits and take professional advice when necessary

Answer 4

Cowan v Scargill

Question 5

Duty to provide account of trust to beneficiary

Answer 5

Pearse v Green
Tyger v Barclays bank

Question 6

Duty not to take advantage of opportunities meant to benefit trust. Scheme had large surplus in this case

Answer 6

Edge v Pensions Ombudsman

Question 7

Duty not to make profit

Answer 7

Regal Hastings v Gulliver

Question 8

Duty to take care of trust assets, involves a bearer bond

Answer 8

Lewis v Nobbs

Question 9

What’s a trust

Answer 9

Section 3 of the pension scheme defines a trust as a legal entity who accumulates pension funds

Question 10

Why a trust

Answer 10

1. Separate from employer
2. Trust gives pension a purpose
3. Gives scheme legal standing

Question 11

A trustee

Answer 11

Is an individual that becomes the legal owner of property to be administered for the benefit of the trust

Question 12

Cowan v Scargill

Answer 12

Paramount duty of trustees is giving great financial benefits for the present and future beneficiaries
(Political and moral disapproval of investments)

Question 13

Tyger v Barclays bank

Answer 13

Trustee has a duty to provide account of all records, books and documents related to trust

Question 14

Pearse v Green

Answer 14

Beneficiaries have the right to see account of trust interest

Question 15

Edge v Pensions Ombudsman

Answer 15

Trustees main purpose of scheme is to provide benefits to employees retirement thus large surplus they had would still benefit members while ridding of it

Question 16

Section 17(B)(3) of the pension scheme amendment no.27 of 2015

Answer 16

Provides the requirements for one to qualify as a custodian/manager

Question 17

Cradock v Piper

Answer 17

A trustee may only be entitled to profit costs if their a solicitor co acting as a trustee

Question 18

Whiteley v Learoyd

Answer 18

Trustee has a duty to invest trust property wisely

Question 19

Speight v Gaunt

Answer 19

Broker stole money and estate went bankrupt but the court held that the do cause was the broker therefore the trustee is not liable

Question 20

Section 24 and 25 of PSRA

Answer 20

Provides for the pension schemes have to have an investment policy

Question 21

Trust Deed

Answer 21

A trust Deed sets out trust duties and powers of trustee

Question 22

Pension Scheme Registration

Answer 22

1. Pension and insurance authority is the registration authority
2. Fill application
3. Signature
4. Affiliation agreement
5. Trust Deed of scheme
6. Certificate
7. Approval by authority