... Pensions Act. The general principles of trust law therefore govern the management of pension trusts, subject to certain exceptions, as outlined below, which are intended to safeguard the interests of employees. In particular, trust law is supplemented by duties of disclosure and fiduciary duties in addition to statutory regulations relating to professional advice, delegation of discretions and minimum funding requirements. The trustees of pension schemes owe particular fiduciary duties to the members of such schemes. There are duties of undivided loyalty to beneficiaries, a duty to prudently preserve trust assets and a duty to exercise fiduciary powers responsibly. These fiduciary duties help to prevent the balance in the relationship between employer and employee, which exists behind the trust, from being tilted in favour of the employer and will also help to prevent the undesirable investment of pension funds in the employer's business. Essentially, the trustees must always act in the interests ...

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