I propose in this lecture to confine my attention for the most part to staff pension funds, i.e. funds set up and administered within firms. There are, of course, pension schemes the administration of which is entrusted to insurance companies and special legal points necessarily arise in that connexion as well, but I find on consideration that there is ample to occupy the time at my disposal if I apply myself particularly to those private or “house” schemes which find their expression in the setting up of a pension or superannuation fund. However, some of the points I raise and the views I express apply also to schemes carried on through insurance companies.