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The Scotland Act 1998 (Transitory and Transitional Provisions) (Scottish Parliamentary Pension Scheme) Order 1999

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Article B2


Management of Fund

1.  The Parliamentary corporation may appoint such person as it thinks fit to acquire assets for and dispose of assets of the Fund on its behalf and in accordance only with such instructions as to investment policy, as it shall from time to time determine and lay down.

2.  The Parliamentary corporation shall review any acquisition or disposal of the assets of the Fund by such person as may be appointed under paragraph 1 and shall do so within six months of the date of any such acquisition or disposal.

3.  Upon a review pursuant to paragraph 3, the Parliamentary corporation may ratify the acquisition or disposal, or may take such other action in respect of it as it thinks fit.

Accounts and actuarial report

4.  The Parliamentary corporation shall keep proper accounts and shall prepare in respect of each financial year of the Fund statements of account in such form and in such manner as the Comptroller and Auditor-General or, in relation to any financial year beginning on or after 1st April 2000, the Auditor General for Scotland may direct.

5.  The Auditor General for Scotland shall examine and certify every statement of account prepared under paragraph 4 of this Schedule and shall lay a copy of every such statement, together with his report on it, before the Parliament.

6.  The Government Actuary shall prepare an actuarial report on the Scheme, including an actuarial valuation of the assets and liabilities of the Fund, as at 6th May 1999 and thereafter at three-yearly intervals and shall send copies of each report to the Parliamentary corporation.


7.  The expenses of managing the Fund, including any fee payable to the Comptroller and Auditor General or to the Auditor General for Scotland, and the remuneration and pensions, or contributions towards the pensions, payable to or in respect of staff employed solely in connection with management of the Fund, shall be met out of the Fund.

8.  Section 21(6) of the Scotland Act 1998 shall not apply to expenses to which paragraph 7 applies.

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