1932 (3) TMI 21

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....att, J. In this case there was a pension scheme in favour of former servants, not supported by any pension fund, but resting merely upon the certainty that the company would find the money every year out of its resources. There was no indefeasible right on the part of the pensioners to receive such pensions, which were described as being in the discretion of the company. I think, however, that ....

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...., for the term of the lives of those servants respectively, and if the pension was not paid by the company to the pensioner, undoubtedly the company would be entitled to receive that money from the insurance company and keep it. The pensioners are not party to this arrangement. The liability of the company to the pensioners, in the sense that I have described, the recurring expense of the pensione....

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....rial right, because in certain events, which it is not necessary to particularise, the company could revoke all this matter, and get its money back and give .up this policy. 3. Now, with regard to the authorities, I' think the position may be roughly, but sufficiently accurately for the present purpose, stated as follows: if you get rid by a lump payment of what will be an annual expense of....

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....It is true that they have got an asset which would give them, in all probability nothing on balance, because they use it to pay these pensions but they have got an asset. They had not any pension fund to pay these pensions with, and now they have got an insurance company which will in the future not extinguish the liability but countervail it, and they have got the command of this policy to the ex....