(1) The trustees of a scheme or trust RAC shall put in place the following key functions for that scheme or trust RAC:
(a) a risk management function;
(b) an internal audit function;
(c) where applicable, an actuarial function.
(2) The trustees of a scheme or trust RAC shall enable the holders of key functions to undertake their duties effectively in an objective, fair and independent manner.
(3) Subject to subsection (4), the trustees of a scheme or trust RAC may allow a person or persons to carry out more than one of the key functions.
(4) Subsection (3) shall not apply to the internal audit function referred to in subsection (1) of section 64AJ which shall be independent from the other key functions referred to in subsection (1) and shall be carried out by a person who does not carry out another key function in respect of the scheme or trust RAC.
(5) Subject to subsections (6) and (7), the trustees of a scheme or trust RAC shall not allow a person who carries out a key function refe
…