The Occupational Pension Schemes (Disclosure of Information) Regulations (Northern Ireland) 1997

14.  Where the scheme is one to which Article 35 applies, an investment report containing—

(a) a statement by the trustees, or the fund manager, providing details of any investments made for the scheme during the year which were not made in accordance with the statement of the principles governing decisions about investments required under Article 35;

(b) where investments for the scheme have been made in the year which do not accord with the statement of the principles governing decisions about investments required under Article 35 (or were made in a previous scheme year and continued to be held at the end of the year), a statement by the trustees, or the fund manager, giving the reasons why and explaining what action, if any, it is proposed to take or has already been taken to remedy the position;

(c) a review of the investment performance of the scheme’s fund—

(i) during the year; and

(ii) except where the scheme has existed for less than 3 scheme years, during a period of not less than 3 and not more than 5 scheme years ending with the year,

including an assessment of the nature, disposition, marketability, security and valuation of the scheme’s assets.