38 Members’ superannuation schemes: separate fund to be maintained.E+W+S
(1)In the following provisions a “members’ superannuation scheme” means any scheme or arrangement made by or on behalf of a trade union (including a scheme or arrangement shown in the rules of the union) in so far as it provides—
(a)for benefits to be paid by way of pension (including any widows’ or children’s pensions or dependants’ pensions) to or in respect of members or former members of the trade union, and
(b)for those benefits to be so paid either out of the funds of the union or under an insurance scheme maintained out of those funds.
(2)A trade union shall not maintain a members’ superannuation scheme unless it maintains a separate fund for the payment of benefits in accordance with the scheme.
A “separate fund” means a fund separate from the general funds of the trade union.