Part VI Miscellaneous and Supplementary
36 Pension schemes.
1
In this section “pension scheme” means an occupational pension scheme (within the meaning of the M1Pension Schemes Act 1993) established under a trust and subject to the law of England and Wales.
2
Part I does not apply in so far as it imposes a duty of care in relation to—
a
the functions described in paragraphs 1 and 2 of Schedule 1, or
b
the functions described in paragraph 3 of that Schedule to the extent that they relate to trustees—
i
authorising a person to exercise their functions with respect to investment, or
ii
appointing a person to act as their nominee or custodian.
3
Nothing in Part II or III applies to the trustees of any pension scheme.
4
Part IV applies to the trustees of a pension scheme subject to the restrictions in subsections (5) to (8).
5
The trustees of a pension scheme may not under Part IV authorise any person to exercise any functions relating to investment as their agent.
6
The trustees of a pension scheme may not under Part IV authorise a person who is—
a
an employer in relation to the scheme, or
b
connected with or an associate of such an employer,
to exercise any of their functions as their agent.
7
For the purposes of subsection (6)—
a
“employer”, in relation to a scheme, has the same meaning as in the M2Pensions Act 1995;
b
sections 249 and 435 of the M3Insolvency Act 1986 apply for the purpose of determining whether a person is connected with or an associate of an employer.
8
Sections 16 to 20 (powers to appoint nominees and custodians) do not apply to the trustees of a pension scheme.