Section 76 Capital buffer: verification of valuationsI1

England, Wales and Scotland Not yet in force

(1)

The responsible body of an operating superfund must appoint a person to be responsible for verifying valuations of the capital buffer that are carried out by or on behalf of the responsible body.

(2)

The responsible body must ensure that the person appointed verifies such a valuation at least once in every period of 12 months.

(3)

The responsible body must also ensure that the person appointed verifies such a valuation—

(a)

if asked to do so by the trustees of the superfund scheme, and

(b)

where otherwise required by virtue of this Part.

(4)

The person appointed—

(a)

must not be employed by, or involved in the management or administration of, a member of the superfund group, and

(b)

must be a person who, in the reasonable opinion of the responsible body, has the appropriate qualifications and experience.

(5)

A person may not be appointed without the consent of the trustees of the superfund scheme.

(6)

Section 10 of the Pensions Act 1995 (civil penalties) applies to the responsible body if it breaches this section.

Annotations

Commencement

I1: S. 76 not in force at Royal Assent, see s. 133(7)