Section 77 Key functionsI1

England, Wales and Scotland

(1)

The responsible body of an operating superfund must ensure that there is at all times at least one individual responsible for each key function.

(2)

Each of the following activities is a “key function” in relation to a superfund—

(a)

taking management decisions;

(b)

taking financial decisions;

(c)

taking investment decisions;

(d)

risk management;

(e)

internal audit;

(f)

marketing and promotion.

(3)

An activity is not a key function so far as it relates only to the superfund scheme and not to any other part of the superfund.

(4)

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

(5)

The Secretary of State may by regulations amend this section for the purpose of adding, removing or varying a key function in subsection (2).

(6)

Regulations under subsection (5) are subject to the affirmative procedure.

Annotations