221ADelegation of functions

1

The scheme manager may arrange for any of its functions to be discharged on its behalf by another person (a “scheme agent”).

2

Before entering into arrangements the scheme manager must be satisfied that the scheme agent—

a

is competent to discharge the function, and

b

has been given sufficient directions to enable the agent to take any decisions required in the course of exercising the function in accordance with policy determined by the scheme manager.

3

Arrangements may include provision for payments to be made by the scheme manager to the scheme agent (which payments are management expenses of the scheme manager).