Section 70 Management documentsI1

The responsible body of an operating superfund must ensure that each of the management documents—

The responsible body of an operating superfund must ensure, so far as reasonably practicable, that the superfund is managed and administered in accordance with the management documents.

“The management documents” means—

In subsection (3)—

• “continuity strategy” means a strategy for protecting the interests of members of the superfund scheme if an event of concern occurs;

• “fees and expenses policy” means a document setting out how fees and expenses incurred by the superfund will be funded;

• “governance manual” means a document setting out how and by whom the superfund is managed and administered.

Section 10 of the Pensions Act 1995 (civil penalties) applies to the responsible body if it breaches subsection (1) or (2).

The Secretary of State may by regulations amend this section for the purpose of adding, removing or varying a management document in subsection (3).

Regulations under subsection (1)(b) are subject to the negative procedure.

Regulations under subsection (6) are subject to the affirmative procedure.