Based on the scenario presented, Antony is concerned about the way trustees have been handling the issues related managing the beneficiaries funds. From the response given by some trustees, most of the decisions are based on assumption, as opposed to following the laid down procedure. For example, most of the trustees are not even aware of the hiring and firing terms defined in the SIP. Indeed, from the response given by Richard, most of the employees have not read and understood what the SIP says. In this sense, it could be possible that the termination of ABC was not in line with the company’s policy, and this is a concern for Antony. Besides, the fact that the trustees resorted to terminate ABC based on the unsatisfactory explanation given could be just a wrong assumption, too (Richardson 56). Perhaps there has been a conflict of interest among the trustees, and, therefore, members decided to end the six-year partnership with ABC. This is backed by the claim of one trustee, who asserts that ABC has been their partner for six years, and there is need for change. In this sense, Anthony fails to understand whether the years that the company has collaborated with ABC warrant a termination of their contract.
Furthermore, the trustees are working as a disintegrated unit, as revealed in the discussion, and it is detrimental for the fund to succeed. As a rule, the investment managers should be put on the watch, and these means that the trustee’s board should work together, to ensure that the investment manager conforms to the assigned roles. Based on the issues raised from the above scenario, it is clear the trustee had failed monitor the investment manager, and only resorted to termination ...
... middle of paper ...
... for the benefits to be passed on to the survivors (Shepell 206)
In the case a program is approved, the employer could grant employees who are aged above fifty years, an extra pension service to the normal retirement date. However, this can only happen for seven more years. Additionally, it is possible to waive early retirement benefits under downsizing program. Therefore, it requires that the downsizing benefits are paid on or after an individual has reached 55 years, has worked for a minimum of 25 years, or has attained the age of 75 years (Shepell 206).
Shepell, Morneau. Morneau Shepell Handbook of Canadian Pension and Benefit Plans. Ontarion: C C H Canadian, Limited, 2013. Print.
Richardson, Benjamin. "Do the fiduciary duties of pension funds hinder socially responsible investment?" Banking and Finance Law Review, Forthcoming 1.1 (2007):56-78.
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