Governance Systems The trustees of a scheme or trust RAC shall put in place an effective system of governance which provides for sound and prudent management of the activities of that scheme or trust RAC. They must provide an effective system for ensuring the transmission of information. They must provide that such system of governance includes an adequate and transparent […]
System of governance: key functions Key functions: general provisions The trustees of a scheme or trust RAC shall put in place the following key functions for that scheme or trust RAC: a risk management function; an internal audit function; where applicable, an actuarial function. The trustees of a scheme or trust RAC shall enable the holders of key functions to […]
Appointment of Pension Trustees The basic Trustee Act mechanics for the appointment and removal of a trustee apply to the appointment of pension scheme trustees. The pension deed will usually provide for the power of appointment so that statutory default provisions will not generally be required to be used. There is a statutory power vested in the Pensions Board/Authority to […]
Pension Trustees The law of trusts as modified by statute and by the terms of the pension deed applies to pension trustees. The scheme members are the beneficiaries of a trust. Their benefits are defined by the trust deed and rules. The duties of trustees are set out in the pension trust deed or other instrument. Common law, equitable and […]
Investment Options Most pension schemes with multiple members invest through investment vehicles, such as an insurance company or other unit-linked funds. The entire pension assets may be placed with an insurance company which provides all services in a single package. In this case, the immediate investment may be made in the insurer’s managed funds. There may be several layers of […]
Information Overview I Under employment legislation, details of the pension scheme must be included in the information which must be given to employees within 30 days of commencement of employment. On joining the scheme, members should be given a booklet summarising its terms. Persons entitled, include members, prospective members, spouses of members, persons potentially qualifying for benefits and authorised trade […]
Investment of Pension Assets The pension trustees must invest the pension contributions in accordance with the terms of the trust. Pension trust rules usually provide for the widest possible powers of investment. The Pension Act confirms and supplements the duties of the trustees to provide for the proper investment of the resources of the scheme in accordance with its rules. […]
Register of Administrators. The Authority shall establish and maintain a register to be known as the Register of Administrators. The Register shall be kept at the offices of the Authority and be made available for inspection by any person free of charge during office hours. A copy of an entry in the Register shall, on request, be issued by the […]