Rule 7 of the trust instrument of a pension fund provided for the pensions committee to make loans on certain terms to the Co-operative Society in question, and the pension fund had been receiving from the society less than the market rate of interest on such loans.
Held: The terms of rule 7 permitted not only the self-investment of the pension funds but also the payment of less than the market rate of interest on such loans, even though the society was the trustee of the fund and so was profiting from its trust.
England and Wales
Cited – Cowan v Scargill and Others ChD 13-Apr-1984
Trustee’s duties in relation to investments
Within the National Coal Board Pension scheme, the trustees appointed by the NCB were concerned at the activities of the trustees of the miners, and sought directions from the court. The defendants refused to allow any funds to be invested abroad. . .
These lists may be incomplete.
Updated: 09 May 2021; Ref: scu.222828