SECTION 7: THE UNITED KINGDOM ATOMIC ENERGY AUTHORITY
and ASSOCIATED EMPLOYERS VOLUNTARY CONTRIBUTION SCHEME
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Part 5 – Administration and Management
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| 14. |
The administration and management of the Scheme is vested
in the Authority, who shall act as the administrator of the Scheme for the
purposes of the Chapter.
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| 15. |
Unallocated
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| 16. |
No decision of, or exercise of, a power or discretion by the
Authority shall be invalidated or questioned on the ground that the Authority,
or any director of the Authority had a direct or other personal interest
in the mode or result of such decision, or of exercising such power or discretion.
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| 17. |
Unallocated
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| 18. |
(a) |
The Authority shall cause true and full accounts to
be kept of all moneys passing through their hands, and also a record of
Members and of all persons receiving benefits, and of all other matters
proper to be recorded, so as to show the full facts relating to the Scheme.
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(b) |
The Authority shall, at all times, comply with the requirements
of the Occupational Pension Schemes (Disclosure of Information) Regulations
1986, and the Occupational Pension Schemes (Auditors) Regulations 1987.
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| 19. |
The Authority may from time to time delegate any business
to any one or more of their number.
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| 20. |
Receipts and discharges for any moneys or other property payable,
transferable or deliverable to the Authority or any of them, may be given
by any one of the Authority, or by such persons or person as the Authority
may, from time to time, in writing authorise, and every such receipt or
discharge shall be as valid and effectual as if it were given by all the
Authority or by such of them as aforesaid. The production of a written authority
of the Authority as aforesaid, shall be sufficient protection to any person
taking any such receipt or discharge as aforesaid; and unless such person
shall have received express notice in writing of the revocation of such
authority, he shall be entitled to assume and act on the assumption that
the authority remains unrevoked.
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| 21. |
The Authority may, from time to time, appoint for the proper
administration and management of the Scheme, such clerical or executive
officers or staff as they consider desirable.
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| 22. |
Any notice which under the Scheme is required to be given
to or served upon the Authority, shall be deemed to be sufficiently given
to or served upon the Authority if in writing, and either delivered to the
Authority, or sent to the Authority through the post under cover addressed
to them at the principal office for the time being of the Authority.
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| 23. |
The Authority shall be entitled, from time to time, to obtain
advice from an Actuary (being a Fellow of the Institute of Actuaries or
of the Faculty of Actuaries in Scotland), upon such terms as to his remuneration
as may be approved by the Authority; and the Authority shall not be chargeable
or accountable in respect of any calculation, determination, payment or
other matter or thing made done or omitted by the Authority in the administration
of the Scheme upon the advice so obtained.
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| 24. |
The Authority shall be liable only for such moneys as they
shall actually receive, and shall in no event be liable for any interest
in respect of such moneys. It shall not be obligatory upon the Authority
to see that any contributions or other moneys payable under the Scheme to
them, or as they shall direct, are in fact paid.
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| 25. |
The Authority shall have and may, from time to time, exercise
in relation to the Fund all or any of the following powers, that is to say:-
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(a) |
Power at their discretion in respect of the whole or any part
or parts of the moneys constituting the Fund which shall not be presently
required for making any payment pursuant to the Scheme, for any of the following
reasons
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(i) |
to invest the same in or upon any investments for the time
being authorised by law for the investments for moneys; or
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(ii) |
to apply the same in or towards effecting and maintaining
in the names of the Authority with an Approved Insurer, any contracts or
policies taken out in the United Kingdom; or
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(iii) |
to place the same on deposit at interest with any joint
stock company or mutual or other society or body of repute and standing,
incorporated or carrying on business within the United Kingdom, which carries
on the business of banking or insurance or bill discounting.
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(b) |
Power at their discretion to vary or transpose any investments
for or into any other or others of a nature hereinbefore authorised; and
to realise any investments or call in any moneys so placed on deposit as
aforesaid, and transfer or apply the proceeds of such realisation or (as
the case may be) the moneys so called in for or towards effecting or maintaining
any such contracts or policies, as aforesaid.
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(c) |
Power at their discretion to vary the terms of, or property
comprised in, any security or the terms (whether as to premiums payable
or the amount or amounts of benefit or benefits or otherwise) of any such
contract or policy as aforesaid.
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| 26. |
Unallocated
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