Kemp v Sims & Anor [2008] EWHC 2579 (Ch) (22 July 2008)
The demutualization compensation belonged to the trustees, not the employer; Mr Kemp's diversion of the funds to Royston was a breach of trust not authorised by the scheme rules or law, and he was not entitled to relief under section 61 as he did not act reasonably.
- Citation
- [2008] EWHC 2579 (Ch)
- Parties
- Appellant: Michael Kemp; Respondents: Sims & Another
- Jurisdiction
- England and Wales
- Judgment Date
- 22 July 2008
- Procedural Posture
- Appeal on Point of Law From Pensions Ombudsman Determination / Judgment on Appeal
- Outcome
- Appeal dismissed
- Legal Topics
- Breach of Trust, Pension Scheme Governance, Jurisdiction of Pensions Ombudsman, Ownership of Demutualization Compensation
Case Brief
Summary, issues, holding and outcome
More case intelligence is available
Unlock the full research layer for this judgment.
Parties
Michael Kemp
Appellant
Sims & Another
Respondents
Procedural Posture
Appeal on Point of Law From Pensions Ombudsman Determination / Judgment on Appeal
Legal Issues
- 1 Whether the diversion of demutualization compensation to the employer was a breach of trust
- 2 Whether the demutualization monies belonged to the trustees or the employer
- 3 Whether the Pensions Ombudsman had jurisdiction
Ratio Decidendi
The demutualization compensation belonged to the trustees, not the employer; Mr Kemp's diversion of the funds to Royston was a breach of trust not authorised by the scheme rules or law, and he was not entitled to relief under section 61 as he did not act reasonably.
Court Disposition
Appeal dismissed
Orders
- Mr Kemp to pay £86,818 plus interest from 29 August 2000 until payment to the scheme trustees
Full Case Text
Judgment text and source record
Sign in to read
Sign in to read the full judgment text
Sign in to read the full judgment text. Downloads and additional research tools may depend on your plan.
Sign in to read the full judgment