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Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 22 April 2021 - onwards
    Version 1 of 1    

64AD. Requirements for fit and proper management: key function holder and persons to whom key function outsourced

(1) The trustees of a scheme or trust RAC shall not appoint a person to carry out a key function in relation to the scheme or trust RAC unless they are satisfied that the person -

(a) is, having regard to section 64AE of good repute and integrity,

(b) where the key function concerned is the actuarial key function, or the internal audit key function, possesses the professional qualifications, knowledge and experience that are adequate to properly carry out that key function, and

(c) where the key function concerned is a key function other than those specified in paragraph (b), possesses the qualifications, knowledge and experience that are adequate to properly carry out that key function.

(2) Where a key function is to be outsourced under section 64AM, the trustees of the scheme or trust RAC shall not appoint a service provider referred to in that section to carry out an outsourced key function unless they are satisfied that the contract provider -

(a) is, having regard to section 64AE,

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