Administration

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.… Read the rest

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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. … Read the rest

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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.… Read the rest

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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.… Read the rest

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  Information Overview I Under employment legislation, pension scheme details must be given to employees within 30 days of starting a job. When joining the scheme, members receive a booklet summarising its terms. This information is provided to members, prospective members, spouses of members, potential beneficiaries, and authorized union representatives.… Read the rest

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