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TMI Blog1932 (3) TMI 21X X X X Extracts X X X X X X X X Extracts X X X X ..... rted 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 it must be taken that the pensions would always be paid except for same very good reason. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d 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 pensioners, is not got rid of in the sense that the company have got to pay it any more, but it is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pany 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 the business, you may bring in that lump sum payment as a disbursement on account of reve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n 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 extent of getting their capital money-I say capital money ' without prejudice-back fro ..... X X X X Extracts X X X X X X X X Extracts X X X X
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