C1Part 1Pension scheme membership for jobholders

Annotations:
Modifications etc. (not altering text)
C1

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)

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.

Annotations:
Commencement Information
I1

S. 75 wholly in force at 5.7.2010; s. 75 in force for certain purposes at Royal Assent see s. 149(2)(k); s. 75 in force so far as not already in force at 5.7.2010 by S.I. 2010/10, art. 2(a)

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)).