Paragraph 14.1

Where the Fund consists of or includes investments (within the meaning of the Financial Services Act 1986^f1) the Trustees shall, without prejudice to the generality of Clause 8, appoint as fund manager or fund managers of the Scheme one or more corporate bodies, firms or individuals which or who satisfy the requirements of the Pensions Act 1995^f2 in relation to fund managers of occupational pension schemes. Any such appointment shall be upon such terms as to remuneration and otherwise as the Trustees shall agree with the fund managers subject always to the provisions of section 47 of the Pensions Act 1995.