C1Part 1Pension scheme membership for jobholders
Chapter 5Duty to establish a pension scheme
Trustee corporation
I175Trustee corporation
1
There is to be a body corporate, referred to in this Chapter as the trustee corporation.
2
The name of the body is to be determined by order made by the Secretary of State.
3
The trustee corporation is not to be regarded as the servant or agent of the Crown or as enjoying any status, immunity or privilege of the Crown.
4
Property held by the corporation is not to be regarded as property of, or property held on behalf of, the Crown.
5
Schedule 1 makes provision about the trustee corporation.
76Functions
1
The functions of the trustee corporation are—
a
to act as a trustee of any scheme established under section 67, and
b
any other functions it is given by or under an enactment in connection with the scheme.
2
The corporation may do anything calculated to facilitate, or incidental or conducive to, the carrying out of any of its functions.
3
In particular the corporation may—
a
enter into agreements;
b
borrow money;
c
invest money.
4
The corporation's powers within subsection (3)(b) and (c) are exercisable only with the consent of the Secretary of State.
5
Subsections (3) and (4) are without prejudice to the exercise by the trustee corporation of any power vested in it as a trustee of a scheme established under section 67.
I277Application of pension trustee legislation
1
The Secretary of State may by regulations provide that legislation applying in relation to a person as trustee of a pension scheme, or as director of a company which is a trustee of a pension scheme, applies in relation to the trustee corporation, or its members, with any modifications prescribed in the regulations.
2
In this section “legislation” means any provision of an Act or subordinate legislation (and “subordinate legislation” has the same meaning as in the Interpretation Act 1978 (c. 30)).
Pt. 1 applied (with modifications) (temp. 1.7.2012 to 30.6.2020) by The Automatic Enrolment (Offshore Employment) Order 2012 (S.I. 2012/1388), art. 2 (with saving in art. 5)