Company pension scheme funded half by workers and half
Company taken over and virtually all employees made
Substantial balance remained in trust fund after
payment of benefits.
Who got the surplus – company, pensioners, or Crown?
Was a clause in the trust deed providing that no money
contributed by the company was in any circumstances repayable to the company.
But House of Lords held this clause should be
construed as forbidding repayment of contributions under the terms of the scheme, not as a pre-emptive attempt to
rebut a resulting trust which would arise dehors
Also saw no reason why members should not receive a
return of their excess contributions.
So balance of fund was held on resulting trust – half
for company and half for members.