The Occupational Pension Schemes (Scheme Administration) Regulations (Northern Ireland) 1997

Requirement for money to be kept by trustees: exception

11.—(1) For the purposes of Article 49(1) (trustees of any trust scheme must, except in any prescribed circumstances, keep money received in a separate account at an institution authorised under the Banking Act 1987) the prescribed circumstances are—

(a) where the trustees have entered into an arrangement or contract with a person to the effect that the money is to be paid into a separate account held by that person and—

(i) it is a condition of that arrangement or contract that a record by that person shall be kept of the information referred to in paragraph (2) and such records shall be retained for a period of at least 6 years; and

(ii) any interest earned on the account shall be credited to the scheme in respect of which the money is deposited;

(b) where the trustees have a separate account kept by them at any of the institutions specified in paragraphs (1) to (6) of Schedule 2 to the Banking Act 1987(1) and money received by them is to be held in that account.

(2) The information referred to in paragraph (1)(a)(i) is the—

(a) amount of money paid into the account, the date of payment and from whom that payment was received;

(b) amount of money paid out of the account, the date of withdrawal and to whom that payment was made; and

(c) interest earned on the account of each scheme in respect of which money is deposited.

(1)

1987 c. 22