Investment principles
35.—(1) The trustees of a trust scheme must secure that there is prepared, maintained and revised a written statement of the principles governing decisions about investments for the purposes of the scheme.
(2) The statement must cover, among other things—
(a)the trustees' policy for securing compliance with Articles 36 and 56, and
(b)their policy about the following matters.
(3) Those matters are—
(a)the kinds of investments to be held,
(b)the balance between difference kinds of investments,
(c)risk,
(d)the expected return on investments,
(e)the realisation of investments, and
(f)such other matters as may be prescribed.
(4) Neither the trust scheme nor the statement may impose restrictions (however expressed) on any power to make investments by reference to the consent of the employer.
(5) The trustees of a trust scheme must, before a statement under this Article is prepared or revised—
(a)obtain and consider the written advice of a person who is reasonably believed by the trustees to be qualified by his ability in and practical experience of financial matters and to have the appropriate knowledge and experience of the management of the investments of such schemes, and
(b)consult the employer.
(6) If in the case of any trust scheme—
(a)a statement under this Article has not been prepared or is not being maintained, or
(b)the trustees have not obtained and considered advice in accordance with paragraph (5),
Articles 3 and 10 apply to any trustee who has failed to take all such steps as are reasonable to secure compliance.
(7) This Article does not apply to any scheme which falls within a prescribed class or description.