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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 23 February 2023 - onwards
Version 12 of 12

59. General duties of trustees of schemes.

(1) Without prejudice to the duties of trustees generally and in addition to complying with the other requirements of this Act, the duties of trustees of schemes and trust RACs shall include the following:

(a) to ensure, in so far as is reasonable, that the contributions payable by the employer and the members of the scheme, where appropriate, are received and that the sums referred to in subsection (1) or (2) of section 58A are invested in accordance with paragraph (b) within 10 days of the latest date on which those sums should have been remitted or paid by the employer under subsection (1) or (2), as the case may be, of section 58A;

(aa) to ensure that the contributions to a trust RAC are invested in accordance with paragraph (b) within 10 days of the end of the month in which those contributions are received;

(b) to provide for the proper investment of the resources of the scheme or trust RAC in accordance with section 59AB and, subject to that section, and subsection (2), in accordance with the rules of the scheme or trust RAC;