Section 18 Requirements for processing financial transactions

After regulation 23 of the Administration Regulations (annual statement regarding governance) add—

“Requirements for processing financial transactions

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(1)

The trustees or managers of a relevant scheme must secure that core financial transactions are processed promptly and accurately.

(2)

A “core financial transaction” includes (but is not limited to)—

(a)

investment of contributions to the scheme;

(b)

transfers of assets relating to members into and out of the scheme;

(c)

transfers of assets relating to members between different investments within the scheme;

(d)

payments from the scheme to, or in respect of, members.

(3)

In relation to a scheme which is not a money purchase scheme, this regulation applies only in relation to the provision of money purchase benefits.”.