Hawes, Stephen J; (2025) Control of Trustee Decision-Making in Pension Trusts. Doctoral thesis (Ph.D), UCL (University College London).

Text Stephen Hawes - Control of Trustee Decision-Making in Pensions Trusts.pdf - Accepted Version Access restricted to UCL open access staff until 1 September 2029. Download (908kB)

Abstract

The thesis examines the rules governing exercises of powers by trustees in the context of occupational pension schemes. Many of these rules are sourced in the general law affecting trustees and fiduciaries but some are created by pension-specific legislation. The thesis argues that, despite the complexity of pension schemes and the existence of the statutory rules, the general rules governing exercises of power by pension trustees are the same as those governing exercises of power by trustees and other fiduciary power-holders in other contexts. Further, the court applies those rules to pension trustees in the same way as it applies them to other trustees and fiduciary power-holders. To illustrate this argument, the thesis discusses the operation of three particular rules in the pensions context: the proper purpose duty, also known as the “fraud on the power” doctrine (attending to the interaction of this duty with the so-called “best interests duty”); the relevant considerations duty (also known as the “rule in Re Hastings Bass”), and the duty of care. The thesis highlights the ways in which pensions litigation has affected the development of these duties as they apply in all contexts. It also considers and rejects the argument that it is justified to apply the duties more stringently in the context of pension schemes, for example because scheme members provide value in exchange for their membership of a scheme. The thesis also argues that the general rules which control the exercise of fiduciary powers are sufficiently flexible to be applied, without modification, to the broad range of decisions which pension trustees typically have to make when administering pension schemes.

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