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2.—(1) The trustees of a trust scheme must secure that the statement of investment principles prepared for the scheme under Article 35 is reviewed—
(a)at least every three years, and
(b)without delay after any significant change in investment policy.
(2) Before preparing or revising a statement of investment principles, the trustees of a trust scheme must—
(a)obtain and consider the written advice of a person who is reasonably believed by the trustees to be qualified by his ability in and practical experience of financial matters and to have the appropriate knowledge and experience of the management of the investments of such schemes, and
(b)consult the employer.
(3) A statement of investment principles must be in writing and must cover at least the following matters—
(a)the trustees' policy for securing compliance with the requirements of Article 36 (choosing investments);
(b)their policies in relation to—
(i)the kinds of investments to be held;
(ii)the balance between different kinds of investments;
(iii)risks, including the ways in which risks are to be measured and managed;
(iv)the expected return on investments;
(v)the realisation of investments, and
(vi)the extent (if at all) to which social, environmental or ethical considerations are taken into account in the selection, retention and realisation of investments, and
(c)their policy (if any) in relation to the exercise of the rights (including voting rights) attaching to the investments.
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