Part 1: Introduction1. Introduction Part2: General2. Public Law Analogy in Private Law Discretions?3. General Issues on Use of Public Law4. Wednesbury Applied5. Good Faith and DishonestyPart 3: Extent of Power- Construction6. Construction - General7. Express Limits on a Power8.
Construction Principles9. Interpretation of Pension SchemesPart 4: Looking At the Decision Maker- And Fetters on Discretion10. Who Is The Decision Maker?11. Trustee Discretions and Fetters12. Statements of a No Fetter Rule13. Fetters: Some Older Cases14. The Fetters Rule Gets More Sensible: Three Modern Cases: Thorby; C Abra Estates and Firkin-Flood15. Modern Position16.
Pension Schemes and Fetters17. Fetters: Is Public Law Any Guide?18. Fetters and Changes of Trustees19. Fetters: Outside Parties20. Fetters: Effect on Third Parties22. Setting Policies or Guidelines?23. Avoiding Fetter IssuesPart 5: Proper Purposes11324. Proper Purposes: Introduction25.
Eclairs26. The Proper Purpose Test27. There Is No Literal "Best Interests" Rule28. Purpose Test in Trust Law And Company Law29. How Is The Proper Purpose Test Applied?30. Can Proper Purposes Apply Where There Has Been A Failure To Act?31. How Is The Decision Maker''s Purpose Worked Out?32. Causation/More than One Motive or Intention33.
More Than One Decision Maker34. Purpose Vs Motive?35. Overlap With Need To Consider Only Relevant Factors?36. Effect of Improper Exercise37. Proper Purposes: Conclusion38. Proper Purposes: Application To Pension Schemes: Introduction39. Pension Scheme and Trustee Powers40. Overall Purpose of a Pension Scheme - A Suggestion41.
Edge V Pensions Ombudsman42. Pensions: Main Purpose Vs Sole Purpose?43. Pension Trusts: Examples of the Application of the Proper Purpose Test44. Amendment Powers/ Change of Principal Employer45. Transfers-In46. Transfers Out: Fletcher Challenge and Its V Hope47. Investment48. Early Retirement Reduction49.
Commutation Factors50. Pension Increases51. Winding-Up a Pension Scheme?52. Regula Tor Powers53. Trustees Exercising Powers Fairly54. Proper Purpose: OverviewPart 6: Fiduciaries and "Best Interests?55. Fiduciaries: Best Interests? Overview56. Introduction57.
Why Does This Matter?58. This Article Does Not Cover: Social Investment and Other Interests Points59. Trustee, Directors and Discretions60. Best Interests and Who Is a Fiduciary61. UK Official Guidance62. A Literal Best Interests Duty Is Dangerous63. Literal Best Interests Duty: Imprecise and Unworkable64. Cowan V Scargill (1984)65.
Interpreting Megarry V-C''s Judgment In Cowan V Scargill: Context Etc66. Did Megarry V-C Invent The Duty For Trustees?67. Lord Nicholls68. MNRPF (2015): There Is No Literal "Best Interests" Rule69. Express Contractual or Statutory Duty - Some English Cases70. Overview71. Problems with A Literal "Best Interests" Duty.72.
(1) Is Not A Freestanding Duty '' To Act'', But Instead A Limit on Powers73. (2) Does Not Override Limitations in the Trust Instrument74. (3) Does Not Override the Proper Purposes Test75. (4) Should Be Seen As Subjective - What Did The Trustee Board Consider At The Time Would Be Likely To Promote The Success Of The Trust?76. (5) There Is Always More That the Trustee Could Do77. (5) Literally Would Impose a Retrospective Best Outcome Standard78. Not a ''Paramount'' Duty79. Gives No Guidance on Who Is a Beneficiary/ How to Decide Between Beneficiaries80.
Some Cases After Cowan V Scargill81. ''Best Interests'' or Just ''Interests''?82. Best Interests/Success of the Trust Is Better83. Proper Purposes Even Better?84. Silence Is Louder Than Words: Cases That Do Not Mention A ''Best Interest'' Duty When They Should85. Directors'' Duties: Companies Act 2006, Si 7286. A Positive Duty to Disclose? Item Software87. UK Statutory Duties for Trusts and Directors88.
Ops Investment Regulations/ IORP Directive89. Australia Statutory Intervention and Case Law90. ConclusionPart 7: Due Consideration of Relevant Factors91. B Ragan Za - A Landmark Case92. Braganza: The Decision93. The Braganza Rationality Test94. Who Is The Decision Maker?95. Trustees and Braganza?96.
Pension Trustees and Public Law Following Braganza97. Does Braganza Apply To All Commercial Discretions?98. Nature of Discretion99. Intensity of Review100. First Limb - Process: Relevant Factors101. Trustees And Relevant Factors: P Itt V H Olt Compared With Braganza?102. Three Types of Relevant Factors: The Public Law Approach103. Weight Given To FactorsPart 8: No Reasonable Decision Maker: Full Perversity104.
Braganza105. Arbitrary, Capricious Etc106. Timing for Irrationality?107. What If One Reasonable Decision Maker Would Have Made The Same Decision?108. Braganza Test Is A Limit On A Power?Part 9: Braganza Rationality Tests: Interaction with the Proper Purpose Test109. Braganza and MDTC/Contractual/Imperial DutyPart 10: Further Issues110. Multiple Decision Makers111. Decision Maker Would Have Made The Same Decision Anyway?112.
Decision Maker Giving ReasonsPart 11: Remedies for a Failure?113. Remedies114. Reversal of the Decision115. Damages or Equitable Compensation for Breach of Trust/Duty against the Trustee:116. Claim against Third Party:117. Removal of the Decision Maker118. Exclusion Clause?119. Overturning a Decision - Reference Back To Decision MakerAppendix A: 12 Major Review Grounds for Trustee DecisionsWhat Is A Trustee Board Not Obliged To Do?Appendix B - Casela Won the Nature of a "Discretion"Discretions.