Superannuation and other Trust Funds (Validation) Act 1927 in Northern Ireland
17 & 18 Geo. 5 c. 41 · Enacted 22 December 1927 · Extends to United Kingdom
Contents
- 1Rule against perpetuities not to apply to registered funds.
- 2Qualifications for registration of funds.
- Provisions as to Funds for the reduction of the National Debt
- 9Validation of trust funds for the reduction of National Debt.
- 11Short title and extent.
- Schedule: Requirements as to Rules of Registered Funds
- Paragraph
1Rule against perpetuities not to apply to registered funds.F1C1
The rule of law relating to perpetuities shall not apply and shall be deemed never to have applied to the trusts of any fund registered under this Act (in this Act referred to as a “registered fund”).
2Qualifications for registration of funds.F1C1
Subject to the provisions of this Act, any fund established under trusts subject to the laws of Great Britain, in connection with an undertaking or combination of undertakings carried on wholly or partly in Great Britain, being a fund of which the main purpose is either—
the provision of superannuation allowances on retirement to persons employed in the undertaking or combination of undertakings in connection with which the fund is established; or
the provision of pensions during widowhood to the widows of persons who are or have been so employed and of periodical allowances to or in respect of children of such persons; or
the assurance of capital sums on the death of persons who have been so employed,
shall be qualified for registration under this Act if the rules of the fund comply with the requirements set out in the Schedule to this Act.
9Validation of trust funds for the reduction of National Debt.
Where by any instrument directions are given for any property being held upon trust and the income thereof being wholly accumulated (subject only to payment thereout of any costs, charges and expenses of the trustees and any remuneration to which they may be entitled) for any period to be determined under the provisions of the instrument, and for the property and accumulations being transferred at or before the expiration of that period to the National Debt Commissioners to be applied by them in reduction of the National Debt, then, unless the Treasury within three months after they receive notice of the taking effect of the instrument disclaim the interest of the National Debt Commissioners under the said directions, notwithstanding any Act or rule of law to the contrary, the directions shall be valid and effective and no person shall be entitled to require the transfer of any part of the property, income or accumulations otherwise than in accordance with the provisions of the instrument
It shall be the duty of the trustees of any such trust as aforesaid to render to the National Debt Commissioners such accounts and information relating to the trust as may reasonably be required by the Commissioners.
11Short title and extent.
The rules of a fund qualified for registration under this Act must make provision for the following matters, that is to say:—
The whole of the objects for which the fund is established:
The appointment and removal of trustees and of a secretary:
The vesting in the trustees of all property belonging to the fund:
The investment in the names of the trustees of all capital moneys belonging to the fund and for authorising the investments, if any in addition to those authorised by law, in which the trustees may invest such moneys; so, however, that the rules of a fund may provide for the deposit of such moneys with a bank, and may also provide for their deposit with the employers of persons employed in the undertaking or combination of undertakings in connection with which the fund is established in the following cases, that is to say—
where the rules so provided before the ninth day of November, nineteen hundred and twenty-seven;
where the deposit of such moneys is authorised subject to the conditions that every employer with whom such moneys are deposited must be a body corporate having during each of the ten years last past before the date of any deposit paid a dividend or interest at a rate of not less than three per cent. on its ordinary shares, and that every such deposit must be secured by a charge on the whole or part of the assets of the undertaking carried on by such employer.
The making of contributions to the fund by the employers of persons employed in the undertaking or combination of undertakings in connection with which the fund is established:
The contributions payable to the fund, and the rates of benefit payable thereout or the method of calculating the benefits so payable:
The conditions on which persons may become and may cease to be respectively, contributors to and entitled to benefits from, the fund:
The circumstances in which the fund may be wound up and the manner in which the assets thereof are in that event to be applied:
The method by which the rules may be amended:
The preparation of all statements of accounts, balance sheets and reports required by this Act to be prepared:
The supply on demand to every person having any rights in the fund, being a person who is or has been employed in the undertaking or combination of undertakings in connection with which the fund is established, of a copy of the rules of the fund and of all amendments thereof, and of the latest statement of accounts, balance sheet and report prepared in accordance with the requirements of this Act.