The Trustee of the Singer & Friedlander Ltd Pension and Assurance Scheme v Corbett [2014] EWHC 3038 (Ch) (16 October 2014)

The Trustee of the Singer & Friedlander Ltd Pension and Assurance Scheme v Corbett [2014] EWHC 3038 (Ch) (16 October 2014)

The debt created by section 75 of the Pensions Act 1995 is assignable by the trustee. The 2004 Act did not alter the nature of the s75 debt, and the existence of the moral hazard provisions does not prohibit assignment. There is no express statutory prohibition or public policy reason against assignment. Assignment is consistent with the trustee's duty to act in the best interests of scheme members.

Citation
[2014] EWHC 3038 (Ch)
Parties
Claimant: The Trustee of the Singer & Friedlander Limited Pension and Assurance Scheme; Defendant: Richard Panton Corbett
Jurisdiction
England and Wales
Judgment Date
16 October 2014
Procedural Posture
Part 8 Claim (chancery Division) / Judgment on Application for Directions/declarations
Outcome
Declarations granted in favour of the claimant.
Legal Topics
Assignability of Statutory Debts, Section 75 Pensions Act 1995, Pensions Act 2004 Moral Hazard Provisions, Trustee Powers, Scheme Wind Up Procedures
Pensions Law Insolvency Law Trusts Law Assignability of Statutory Debts Section 75 Pensions Act 1995 Pensions Act 2004 Moral Hazard Provisions Trustee Powers Scheme Wind Up Procedures

Case Brief

Summary, issues, holding and outcome

More case intelligence is available

Unlock the full research layer for this judgment.

Full judgment text Downloadable case file Legal principles 3 Authorities cited 17 Party arguments 2 Amounts and remedies 11
Sign in to unlock

Parties

The Trustee of the Singer & Friedlander Limited Pension and Assurance Scheme

Claimant

Richard Panton Corbett

Defendant

Procedural Posture

Part 8 Claim (chancery Division) / Judgment on Application for Directions/declarations

Legal Issues

  1. 1 Is the debt created by section 75 of the Pensions Act 1995 assignable by the trustee?
  2. 2 Should the court direct that the proposed assignment is one which a reasonable and properly advised trustee could enter into in the exercise of its powers?

Ratio Decidendi

The debt created by section 75 of the Pensions Act 1995 is assignable by the trustee. The 2004 Act did not alter the nature of the s75 debt, and the existence of the moral hazard provisions does not prohibit assignment. There is no express statutory prohibition or public policy reason against assignment. Assignment is consistent with the trustee's duty to act in the best interests of scheme members.

Court Disposition

Declarations granted in favour of the claimant.

Orders

  • Declaration that the s75 debt is assignable by the trustee.
  • Direction that assignment is a transaction which a reasonable and properly advised trustee could enter into in the exercise of its powers.