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Most recents (1)
“The starting point is the duty of trustees to exercise their powers in the best interests of the present and future beneficiaries of the trust.. The duty of the trustees towards their beneficiaries is paramount.“ Megarry J, Cowan v Scargill, a case on a pension fund. 1/4
He continued:”the best interests of the beneficiaries are normally their best financial interests”. In financial regulation, “best interests” is a positive duty on professionals: they must achieve them. The best financial interests of USS members are a Defined Benefit scheme. 2/4
This principle is the legal sun around which all other pensions law moons revolve. The trustee must look to the best interests of the members. That does not entitle them to prioritise employers’ wishes over members best interests. 3/4
