Investment principles
221. For Article 35 of the 1995 Order (investment principles) substitute—
“Investment principles
35.—(1) The trustees of a trust scheme must secure—
(a)that a statement of investment principles is prepared and maintained for the scheme, and
(b)that the statement is reviewed at such intervals, and on such occasions, as may be prescribed and, if necessary, revised.
(2) In this Article “statement of investment principles”, in relation to a trust scheme, means a written statement of the investment principles governing decisions about investments for the purposes of the scheme.
(3) Before preparing or revising a statement of investment principles, the trustees of a trust scheme must comply with any prescribed requirements.
(4) A statement of investment principles must be in the prescribed form and cover, amongst other things, the prescribed matters.
(5) Neither a trust scheme nor a statement of investment principles may impose restrictions (however expressed) on any power to make investments by reference to the consent of the employer.
(6) If in the case of a trust scheme—
(a)a statement of investment principles has not been prepared, is not being maintained or has not been reviewed or revised, as required by this Article, or
(b)the trustees have not complied with the obligation imposed on them by paragraph (3),
Article 10 applies to any trustee who has failed to take all reasonable steps to secure compliance.
(7) Regulations may provide that this Article is not to apply to any scheme which is of a prescribed description.”.