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A Pension Scheme Wind-up: Legitimate Act or Smash-and-Grab?

Published online by Cambridge University Press:  11 August 2014

S. M. Southall  and
J. D. Punter
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Extract

The last paper on the winding-up of pension schemes was presented to the Institute by Gilley in March 1972. Since that time it has justifiably been the standard work on the subject and it has only recently been withdrawn from the Institute's examination syllabus. This paper is an attempt to up-date Gilley's work and to describe a complex and practical field of actuarial operation.

Since 1972 there has been a substantial amount of pensions legislation which has inevitably changed the detailed procedures involved in a pension scheme dissolution. Nevertheless, many of the general considerations and ideas expressed in Gilley's paper are still valid today.

Type
Research Article
Information
Journal of the Staple Inn Actuarial Society , Volume 30 , December 1987 , pp. 1 - 66
Copyright
Copyright © Institute of Actuaries Students' Society 1987

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References

REFERENCES

(1) Gilley, D. F. (1972) ‘The Dissolution of a Pension Fund’ J.I.A., 98, 179.Google Scholar
(2) Occupational Pensions Board (1981) Improved Protection for the Occupational Pension Rights and Expectations of Early Leavers Cmnd. 8271, HMSO.Google Scholar
(3) Re Beloved Wilkes Charity (1851).Google Scholar
(4) Speight v Gaunt (1883) and Re Whiteley (1886).Google Scholar
(5) Lloyds Bank Ltd. v Sutton (in the matter of Watermans Will Trusts) (1952) and Bartlett v Barclays Bank Ltd. (1980).Google Scholar
(6) Occupational Pensions Board (1982) Greater Security for the Rights and Expectations of Members of Occupational Pension Schemes Cmnd. 8649, HMSO.Google Scholar
(7) Goodlatte & Others v John & Others (in the matter of the ABC Television Limited Pension Scheme) (1973).Google Scholar
(8) Harrison v Randall (1851).Google Scholar
(9) Re George Newnes Group Pension Fund (1968), reported in J.I.A., 98, 251.Google Scholar
(10) Lewin, C. G. (February 1985) ‘Termination of Pension Schemes and the Complaints Addressed to OPAS’ Pensions World.Google Scholar
(11) Morrison, G. M. (1983) ‘Immunised and Dedicated Bond Portfolios for UK Pension Funds’ J.S.S., 28, 135.Google Scholar
(12) MissBates, D. M. (June 1985) 7More Thoughts on Payments to the Employer’ Pensions World.Google Scholar
(13) Cowan & Others v Scargill & Others (in the matter of the Trusts of the Mineworkers Pension Scheme) (1984).Google Scholar
(14) Cunliffe, J. M. (September 1985) ‘The Role of the Takeover Panel in Relation to Pension Schemes’ Pensions World.Google Scholar
(15) R. v Archbishop of Canterbury (1903).Google Scholar
(16) Wilson Committee (1980) Report of the Committee to Review the Functioning of Institutions Cmnd. 7937, HMSO.Google Scholar
(17) McLeish, D. J. D. (1983) ‘A Financial Framework for Pension Funds’ T.F.A., 38, 267.Google Scholar

FURTHER READING

The following articles, publications and papers were also consulted in compiling this paper and the interested reader may wish to refer to some of them.

(1) Basten, P. (1970) ‘The Apportionment of Assets on Dissolution of a Pension Fund’ J.I. A., 96, 133.Google Scholar
(2) MissBates, D. M. (February and July 1984) ‘Payments to the Employer’ Pensions World.Google Scholar
(3) Copeland, T. E. (1984) ‘An Economic Approach to Pension Fund Management’ Midland Corporate Finance Journal, 2, No. 1.Google Scholar
(4) Diamond, S. D. (1984) ‘Plan Terminations—Access to Excess in the US’ Benefits International.Google Scholar
(5) Ellison, R. (1984) ‘Pension Problems after Mergers and Acquisitions’ NAPF Discussion Paper.Google Scholar
(6) Hawthorne, F. (December 1983) ‘Raiding the Corporate Pension Fund’ Institutional Investor.Google Scholar
(7) Law Reform Committee 23rd Report (1982) The Powers and Duties of Trustees Cmnd. 8733, HMSO.Google Scholar
(8) MacMahon, B. S. (January 1981) ‘Exercising Discretionary Powers’ Pensions World.Google Scholar
(9) Noble, R. (1985) ‘Conflicts of Interest in Trustees' Management of Pension Funds—An Analysis of the Legal Framework’ Industrial Law Journal, 14, No. 1.Google Scholar
(10) Pomery, M. A. & Jones, M. J. (1978) ‘Transfer Value Payments Between Occupational Pension Schemes’ J.S.S., 22, 161.Google Scholar
(11) Waterhouse, Price (1985) ‘Creditors' Rights in England and Wales’.Google Scholar
(12) Quarrell, J.J. (March 1985) ‘Should Trustees Change Trust Rules?’ Pensions.Google Scholar
(13) Tatch, B. (1985) ‘Asset Stripping in Pension Funds’ A talk.Google Scholar
(14) Slattery, P. A. (January & February 1980) ‘The Pension Fund Trustee—his Role in Law’ Pensions World.Google Scholar
(15) Slattery, P. A. (March 1982) ‘The Liability of the Pension Fund Trustee’ Pensions World.Google Scholar
(16) Wynne-Griffith, H. R. (1984) ‘Towards a Pensions Act' A paper presented to the Students’ Society 20 March 1984—Synopsis J.S.S., 28, 185.Google Scholar