PART IIOccupational Pensions
Functions of trustees
Investment powers: duty of care33
1
Liability for breach of an obligation under any rule of law to take care or exercise skill in the performance of any investment functions, where the function is exercisable—
a
by a trustee of a trust scheme, or
b
by a person to whom the function has been delegated under Article 34,
cannot be excluded or restricted by an instrument or agreement.
2
In this Article, references to excluding or restricting liability include—
a
making the liability or its enforcement subject to restrictive or onerous conditions,
b
excluding or restricting any right or remedy in respect of the liability, or subjecting a person to any prejudice in consequence of his pursuing any such right or remedy, or
c
excluding or restricting rules of evidence or procedure.
3
This Article does not apply—
a
to a scheme falling within any prescribed class or description, or
b
to any prescribed description of exclusion or restriction.