ANNOTATION This decision deals with a crucially significant but much-neglected subject; the management of the funds of occupational pension schemes. The judgment in the case illustrates admirably the extent to which a decision may be controlled by the frame of reference within which it is decided. The judgment displays plainly - indeed Sir Robert Megarry is at pains to display - the decisiveness of the law of trusts in relation to the issue before him. The frame of reference is that of the relationship between the trustee or fiduciary and his trust and that frame of reference is seen to govern the outcome in this case. Suppose, however, that the problem had been classified as one of labour law. The issue was, after all, an issue between the senior management of the National Coal Board and the leadership of the National Union of Mineworkers, and it related to the interests of employees and ex-employees in the coal industry. Suppose that instead of concentrating on the trust aspect of the pension scheme, the legal argument had focussed on the scheme as a product of the legislation which nation- alised the coal industry, it could then have been seen as
International Labour Law Reports Online – Brill
Published: Jan 1, 1984
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