Trust Law Essay Example | Topics and Well Written Essays - 1000 words

Trust Law - Essay Example The reason that a review of the role and contribution of the law of trusts to the law relating to pensions is important is because in 2004 alone there were 927 billion worth of private pension funds under management in the UK, holding 16 per cent of the domestic ordinary share market, which is the largest in Europe and third largest in the world (Slattery and Nellis, 2004).Today pension funds of several British Corporations run into larger amounts athat their own market capitalisation (Slattery and Nellis, 2004). The law relating to pension schemes is derived from the old trusts law(sometimes even dating back to the eighteenth century). Cooper, D.R. (2000) . Even though the courts have recognised the different nature of pensions as compared to traditional trusts it seems that there are still gaps in this area.(Hales, C., Gough, O 2003) Private sector pension schemes are set up as trusts and a trust fund will be created to which the employer has to contribute(sometimes the employees may be required to contribute as well). The concept of trust developed with the purpose of the facilitation of the passage of inheritance and property to a trusted party (trustee or trustees) for the benefit of a third party (beneficiary or beneficiaries).Therefore when trusts are set up in the form of pensions for employee benefits the current and former employees along with their family members become the beneficiaries of this scheme. Hales, C., Gough, O. (2003) These schemes allow the trustees to own the legal title to the assets of the scheme and invest this .They must invest this capital for the benefits of the members of the scheme and look after the interests of pensioners and the current employees. Hales, C., Gough, O. (2003) Best interests have been defined as those confined to monetary goodwill i.e. being able to obtain maximum amount of pension through the prudent investment of the trustees. In this regard the Pensions Act 1995 puts an obligation upon the trustees to make prudent and risk free investment decisions. The Act prevents them from escaping liability through exclusion clauses in the deeds and must take care in ensuring that a proper person is appointed for the purposes of managing such investment.The trustees will be able to draw up a statement of investment principles.They will be able to decide upon whether a member leaves the scheme and whether to pay a certain person earlier due to death or ill health. The most significant intertwining of the law of trusts and law of pensions occurs when the Courts refuse to intervene into the trust matters following the extensive powers conferred upon the trustees to make decisions. (Duncan, C., Loretto, W., White, P.2001).However the Court will be prepared to intervene to ensure whether these powers have

Ethnography The Quarry and the Lot by Mark Wallace Research Paper

Ethnography The Quarry and the Lot by Mark Wallace - Research Paper Example Discussed in the novel are the aspects of memory as well as the history of the suburban culture in American life. The novel thematically focuses on love imminent in the community in spite of the conflicts had. This is evaluated in reference to the human limits exposed in the character’s conducts, interactions, and dialect. The author focuses on love as a theme in an insightful way which presents the reader with an interesting literary piece which is both captivating and interesting to read. In as much as there is evidence of instances of conflict in the narration, what comes out strongly is the love that holds most members of the community together. The book starts with the information about Joseph Klein’s death. Wallace states, â€Å"The evening after I heard that Joseph Klein had died in a fire†¦ †1. The events that follow the death of Klein bring the community together. In some way, the death overshadows the conflicts that were in the community. For insta nce, the narrator calls many people who had been silent from the community for a significant time. Martha insists they call, Joseph’s father, Walter. ... The silence between them portrays the conflict that characterizes the other members of the community. On the other hand, the love that holds them reflects the greater love that brings the community together even in times of grief. The love comes out even in the case of conflicts. For instance, Joseph Klein was not such a loveable character in the narration. His violent ways could have made many to shun him. However, his death revels that in spite of his traits, the members of the community still appreciated him. The conflict in this case comes in the fear they had over him. Wallace states, â€Å"We had all been powerless where Joseph was concerned.†2 This highlights the fear the Joseph evoked amongst his community members. However, the love is later revealed when it is stated, â€Å"So Martha and I sent the proper flowers and condolences to the family and called a few other people we thought should know.†3 This reflects the twists that characterized the communityâ€℠¢s culture. When Joseph was alive, he could have passed for a bad character in terms of behavioral traits, however, the community members assume this on his death. The love in the community makes them overlook what could have been viewed as secrets. Joseph was not a character whose behavior was unacceptable. Therefore, it appears rather ironical that his death causes a stir in the community. The anticipation would have been his death could have been celebrated. The culture reveals that secrets are overlooked. The plausible reason could have been that the overall feeling of love could have been the cause. Love is brought through relationships as well. For instance, the relationship between the