The distinction between trusts and powers as juridical concepts remains clear. However, during the second half of the twentieth century, the courts have been required to consider those concepts in the context of funds established for the benefit of employees and other large groups. The result has been that, although it is still possible to assert the conceptual distinction between trust and powers, the practical significance of that distinction has been progressively eroded. The purpose of this article is to examine these developments relating to the trust/power dichotomy, culminating in the recent decision in Mettoy Pension Trustees Ltd v Evans.