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Paragraph 18.1

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

No Trustee shall be liable for any actions claims or demands arising out of anything done or caused to be done or omitted by him in connection with the Scheme and costs arising therefrom, except for:

(a)

an act or omission which he knew to be a breach of trust and which he knowingly and wilfully committed or omitted as the case may be; and

(b)

an act or omission in respect of which a Trustee incurs a fine or penalty as referred to in section 31 of the Pensions Act 1995; and

(c)

an act or omission for which liability in relation to the investment of the Fund cannot be excluded or restricted in accordance with section 33 of the Pensions Act 1995.