2022 Fiscal Year Final Research Report
Comparative Research on Fiduciary Duties of Intermediaries in Japanese and UK Corporate Pensions Law
| Project/Area Number |
20K13339
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| Research Category |
Grant-in-Aid for Early-Career Scientists
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| Allocation Type | Multi-year Fund |
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| Review Section |
Basic Section 05040:Social law-related
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| Research Institution | Osaka Metropolitan University (2022)
Osaka City University (2020-2021) |
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Principal Investigator |
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| Project Period (FY) |
2020-04-01 – 2023-03-31
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| Keywords | 企業年金 / 受託者責任 |
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| Outline of Final Research Achievements |
In Japan, trust companies and insurance companies administer pension fund as fiduciaries and sometimes trust companies entrust pension fund management to other financial companies. Though these entrusted companies work for them, they are not imposed on fiduciary duties. This study tries to construct the theory that intermediate companies are treated as fiduciaries in Corporate Pensions Law, comparing with UK Law.
The results of the research are the following. In UK, Kay report called upon the government to regulate intermediate companies as fiduciaries in 2013. But Law Commission denied this suggestion in Law Commission Consultation Paper No 350. According to the paper, Law Commission thought that trust-based pension scheme was legally different from contract-based scheme, and intermediate companies were not necessarily treated as fiduciaries. For these reasons, unlike Japan, UK government tend not to impose fiduciary duties on these companies, particularly insurance companies.
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| Free Research Field |
社会保障法学
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| Academic Significance and Societal Importance of the Research Achievements |
日本では受認者概念を根拠として年金資産の管理運用に関与する金融機関等に対して受託者責任を課しているが、運用に間接的に関与する者について当該責任が課されるのかどうか明らかではない。他方、イギリスでは受認者概念が存在するものの、それを論拠として広く受託者責任を課そうとはしない。判例法理において受認者概念が必ずしも明らかではないことや信託と契約との違いを考慮した結果である。
本研究により、受認者概念の法学的理解や契約との機能的相違を分析して規制の可否を決するイギリスの状況を明らかにできたことは、日本の年金法制における受託者責任規制のあり方について理論的分析の視点を提供しうる意義があるといえる。
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