The Transport Act 2000 (Civil Aviation Authority Pension Scheme) Order 2001

14. APPOINTMENT AND DUTIES OF FUND MANAGERS AND CUSTODIANS

14.1  Where the Fund consists of or includes investments (within the meaning of the Financial Services Act 1986(1)) the Trustees shall, without prejudice to the generality of Clause 8, appoint as fund manager or fund managers of the Scheme one or more corporate bodies, firms or individuals which or who satisfy the requirements of the Pensions Act 1995(2) in relation to fund managers of occupational pension schemes. Any such appointment shall be upon such terms as to remuneration and otherwise as the Trustees shall agree with the fund managers subject always to the provisions of section 47 of the Pensions Act 1995.

14.2  A fund manager appointed under Clause 14.1 shall be empowered to exercise or carry out the powers of investment set out in this Deed including the holding of investments, monies and other assets of the Fund in its or his name or the name of its or his nominees as the nominees of the Trustees.

14.3  Each fund manager so appointed shall exercise the powers referred to above in such a way as to comply with the relevant provisions of Part I of the Pensions Act 1995 in so far as they apply to fund managers of occupational pension schemes.

14.4  The Trustees shall, without prejudice to the generality of Clause 8, have the power to appoint one or more firms or corporate bodies as custodians. The investments, monies and other assets of the Fund may be placed by the Trustees in the name or under the control of such custodians to the extent and in such proportions as the Trustees shall determine.

(1)

1986 c. 60.

(2)

1995 c. 26.