Article 7 Provisions that apply with limitations or modifications to occupational pension schemes

(1)

Section 22 (delegation and the appointment of agents) does not authorise the trustees of an occupational pension scheme to—

(a)

delegate their investment management functions to an agent for a period which exceeds 12 months; or

(b)

authorise any person who is—

(i)

an employer in relation to the scheme; or

(ii)

connected with or an associate of such an employer,

to exercise any of their functions as their agent.

(2)

For the purposes of paragraph (1)—

(a)

“employer”, in relation to a scheme, has the same meaning as in the Pensions Act 1995^f1;

(b)

sections 249 and 435 of the Insolvency Act 1986^f2 apply for the purpose of determining whether a person is connected with or an associate of an employer.

Annotations

Footnotes

f1: 1995 c. 26.
f2: 1986 c. 45. Section 435 was amended by paragraph 122(2) to (4) of Schedule 27 to the Civil Partnership Act 2004 (c. 33), paragraph 8 of Schedule 4 to the Civil Partnership Act 2004 (Overseas Relationships and Consequential, etc. Amendments) Order 2005 (S.I. 2005/3129), paragraph 82(2) of Schedule 1 to the Companies Act 2006 (Consequential Amendments, Transitional Provisions and Savings) Order 2009 (S.I. 2009/1941) and paragraph 4(10) of Schedule 1 to the Bankruptcy (Scotland) Act 2016 (Consequential Provisions and Modifications) Order 2016 (S.I. 2016/1034).