Article 4 Holding and management of investments

The provisions of this Article shall have effect with regard to the investments of each pension fund to which this Order applies, and to the making, variation and realisation of such investments.

Any investments of the pension fund may be held by a pension fund nominee company.

Such company shall cause the income arising from the investments held by it to be paid to such persons and at such times and in such manner as the Board may from time to time require for the purpose of enabling the income to be applied for investment, or in making payments to the persons entitled thereto in accordance with the relevant terms of the fund.

Such company shall from time to time by realisation of investments held by it raise all such sums as the Board may from time to time require to be raised for re-investment or for the purpose of making payments to the persons entitled thereto in accordance with the relevant terms of the fund.

The Board may make such arrangements as they think fit for the execution of transfers of investments of the fund.

The Board may from time to time appoint some competent and responsible person (who may be a body corporate) to advise upon the investment of the fund, may from time to time delegate to any such person the management of the investments of all or any part of the fund, and may in respect of such advice or management and any other related services rendered by such person pay such remuneration as the Board shall from time to time determine.

The Board shall be liable to the members of, and the beneficiaries in, the fund for the acts and omissions of such nominee company, and for the acts and omissions of such adviser occurring in the course of such delegated management, to the same extent as if such acts and omissions had been acts and omissions of the Board themselves.