Trustees of company pension fund acted in good faith in accepting funding proposal

Defined benefit pension scheme - plaintiffs as beneficiaries claim for damages against defendant trustees for breach of trust in accepting closure by contributing company of it's fund liabilities towards pension scheme - whether trustees should have made a contribution demand of employer in order to make up funding deficit - whether failure to demand constitutes wilful default of obligations as trustees - trust deed dating from 1961 - court must place itself into position of trustee when construing liability for decisions made - no distinction in test to be applied with the nature of the trust involved - whether decision taken by trustees was one which no reasonable body of trustees could have made - weight to be attached to factors considered by trustee - whether a potential conflict of interest on part of trustees as beneficiaries is overcome by informed consent, where the conflict arises merely through the natural operation of the pension scheme, or by express provision in the trust deed - conflicts of duty to be treated equally - interpretation of pension trust deed - jurisdiction of High Court to aid trustees in situations of conflict - RSC Ord 54, r 1 - whether trustees should have applied to the High Court for directions prior to making decision to accept company's final contribution - board of trustees deadlocked with deciding vote taken by chairman - opinion of counsel sought by trustees as to whether they may act upon deed notwithstanding a conflict of interest - whether conflict undermines the reasonableness of decision to be taken - question of wilful default decided by reference to wording of trust deed - whether decision not to make contribution demand can be characterised as a conscious or deliberate breach of duty - no question of dishonesty or bad faith - trustees and company faced with substantial funding deficit going forward - financial difficulties faced by Irish company in group - legal advices sought by trustees concerning alternatives proposed by company towards deficit reduction - whether pressure exerted on trustees by company to accept contribution offer influenced their decision in an inordinate or unreasonable way - consideration of precise monetary amounts at stake - trustees had benefit of expert report - debt to fund may have become a priority upon possible liquidation - proposal may have been deemed a contract - whether financial incentives of trustees resulted in conflict of interest - consideration of evidence at hearing by trustees as to rationale for decisions made - whether trustees' decision took into account irrelevant factors thereby bringing the ultimate decision outside of their sphere of competence - threat by company to shut down Irish operation - company's offer to shut down scheme in preference for defined contribution - evidence of individual trustees - burden of proof on party alleging perverse balancing of factors influencing trustees' decision - expert evidence provided by financial advisors concerning funding proposals - whether advices sought by trustees taken into account - whether ultimate decision reasonable in all the circumstances - claim dismissed - trustees indemnified by company as to costs.