NBPF Pension Trustees Ltd v Warnock-Smith
16th March 2008
[2008] All ER (D) 203 (Mar); [2008] EWHC 455 (Ch); 14 March 2008; Chancery Division; Floyd J
The trustees of pension schemes wished to distribute surplus funds on the winding up of the schemes. They applied to the court for directions as to the distributions, seeking authority to do so under section 57(1) of the Trustee Act 1925 and for guidance concerning insurance in respect of untraced or unknown beneficiaries.
Where, as here, the action proposed by the trustees was merely a variation in the mechanism for getting money to the intended recipient and diud not distub the underlying interests, it was expedient in the interests of teh trust as a whole and authority would be given under section 57(1).
As to the insurance, this was for the benefit of beneficiaries as well as the trustees. Authority would be given for the trustees to take up the insuranc, but only in respect of beneficiaries known to them.
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