Jurisdiction(s):
United Kingdom

Related legal acts

Key definition

Trust definition

What does Trust mean? A trust is a legal arrangement in which one or more trustees hold and manage property (the trust property) for the benefit of beneficiaries. It is primarily defined by case law rather than a single statute, though key rules appear in legislation (for example, writing requirements and trustee powers). Trusts arise by express declaration (usually by a settlor), by operation of law (resulting or constructive trusts), or under statute, and are used in private client, commercial, pension and charitable contexts. Core features include: the trustee’s fiduciary duties to act loyally, prudently and in accordance with the trust terms; control...

Employer good faith in occupational pensions: scope, limits and Wednesbury rationality after IBM v Dalgleish, Prudential and Bradbury v BBC

Published by a LexisNexis Pensions expert

Practice notes

Demonstrating an Employer has breached its duty of good faith is no easy matter.

The implied duty of good faith (often referred to as the implied duty of Trust and confidence in contractual settings) originated within pensions Law in Imperial Group Pensions Trust v Imperial Tobacco (Imperial) in 1991, and has been shaped by later judicial authorities and case law. A more contemporary formulation appeared in the High Court’s 2011 decision in the Prudential case. As the judge in Prudential observed, that duty is not simply to be fixed at the point of the Imperial ruling. That said, despite its evolution, consensus has since formed that the 2014 High Court decision in IBM v Dalgleish pushed the concept too far when, on its facts, it ultimately found an employer indeed in breach of the duty of good faith. That peak understanding of the duty has markedly ebbed in the years that followed...

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Clive Weber

Wedlake Bell

With over 25 years experience of pension law including developing the Wedlake Bell pensions team, Clive's pensions experience is extremely wide. Recent work has involved Clive in discussions with the Pensions Regulator on various matters including in relation to an historical ETV exercise, and advising employers and trustees concerning compliance, choices and scheme amendments under the new pension legislation. Over the last few years Clive has advised frequently on the effect of the debt regulations on employers exiting defined benefit schemes, and trustee powers to obtain further contributions from employers. Other frequent areas of advice include the proper exercise of trustee powers of alteration and employers' obligations towards the scheme membership, pension issues on divorce, member trustee requirements, confidentiality of trustee proceedings, trustee conflicts of interest, pension aspects of corporate transactions, part-timer claims and Pensions Ombudsman...

Web page updated on 21/05/2026

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