SECTION 8: THE UNITED KINGDOM ATOMIC ENERGY AUTHORITY
AND ASSOCIATED EMPLOYERS SHIFT PAY PENSION SAVINGS PLAN
|
Part 5 – Administration and Management.
|
12. |
The administration and management of the Plan is vested in
the Authority who shall act as the administrator of the Plan for the purposes
of the Chapter.
|
| 13. |
Unallocated
|
| 14. |
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 or officer of the Authority which is a body corporate had
a direct or other personal interest in the mode or result of such decision
or of exercising such power or discretion.
|
| 15. |
Unallocated
|
| 16. |
(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 Plan.
|
| |
(b) |
The Authority shall at all times comply with the requirements
of (i) the Occupational Pension Schemes (Disclosure of Information) Regulations
1986 and (ii) the Occupational Pension Schemes (Auditors) Regulations 1987.
|
| 17. |
Unallocated
|
| 18. |
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.
|
| 19. |
The Authority may from time to time appoint for the proper
administration and management of the Plan such clerical or executive officers
or staff as they consider desirable and the Authority approves.
|
| 20. |
Any notice which under the Plan 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.
|
| 21 |
(a). |
The Authority shall be entitled from time to time to obtain
advice from an Actuary, 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 Plan upon the advice so obtained.
|
| |
(b). |
The Authority shall ensure that the funding position of the
Plan in relation to each Member is reviewed and (if necessary to satisfy
the requirements of the Board of HM Revenue and Customs ) adjusted at intervals no
longer than five years. The first such review shall be made with an effective
date chosen by the Authority which shall be no later than whichever is the
later of the fifth anniversary of the Commencing Date and the 31st
day of March 2003. Provided that during any periods when the Plan is a scheme
prescribed by paragraph (2) of regulation 3 of the Pension Schemes Surpluses
(Valuation) Regulations 1987 the foregoing shall not apply and the Authority
shall instead comply with the requirements of the Board of HM Revenue and Customs relating to the funding of money purchase schemes which are so prescribed.
|
| 22. |
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 Plan to
them or as they shall direct are in fact paid.
|
| 23. |
Without prejudice to any right to an indemnity by law given
to Authority, the Authority shall be indemnified by the Employers and each
of them in respect of all liabilities and expenses properly incurred in
the execution or purported execution of the Plan, or of the duties and powers
or discretions vested in the Authority under the Plan and against all actions
proceedings costs expenses claims and demands in respect of any matters
or things made done or omitted in any way relating to the Plan. Provided
that the Authority shall not be indemnified against any breach arising out
of own fraud or deliberate disregard of the interests of the beneficiaries
under the Plan.
|
| 24. |
Subject to the limitations contained in section 112 of the
Pension Schemes Act, 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:-
|
| |
(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 Plan (i) to invest the same
in or upon the security of (without prejudice to the generality of this
power) any property, stocks, shares, debentures, unit trusts, underwritings,
option guarantees or other investments whatsoever and wheresoever situate
and whether involving liability or not, whether income producing or not
whether authorised by law for the investment of moneys or not, and whether
the property is real or personal, moveable or immoveable or upon such personal
credit with or without security as the Authority in their discretion think
fit, to the intent that the Authority shall have the same powers of investing
as if they were absolutely entitled to the Fund beneficially or (ii) to
apply the same in or towards effecting and maintaining in the names of the
Authority any contracts or policies taken out in the United Kingdom with
an Approved Insurer or (iii) to place the same on deposit at interest or
on current account with any joint stock company, bank, building society
or mutual or other society or body of repute and standing wheresoever, in
any currency or merely to hold the same as cash in any currency.
|
| |
(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 any of the powers
contained in this Rule.
|
| |
(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.
|
| |
(d) |
Power to raise or borrow whenever the Authority may think
it desirable so to do any sum or sums of money and the Authority may secure
the repayment of the same in such manner and upon such terms and conditions
in all respects as the Authority may think fit and in particular by charging
or mortgaging all or any part of the Fund.
|
| |
(e) |
Power to give any indemnity in connection with the exercise
of their powers under this Rule and at their discretion to bind all or any
part of the Fund to give effect thereto.
|
| |
(f) |
Power to delegate on such terms as they shall determine the
investment management of all or any part of the Fund to any person or persons
whether or not incorporated carrying on business in the management of investments
without the Authority being liable for any losses thereby arising. The Authority
may in this behalf pay or direct payment of the management fees or remuneration
as they shall determine and the Authority may vary or cancel the delegation.
|
| |
(g) |
In relation to the powers granted by this Rule the Authority
shall have the following additional powers
|
| |
|
(i) |
to permit any investments policies deposits or cash to be
held in the name of any person or persons whether or not incorporated appointed
by the Authority for the purpose and all such appointments may be upon such
terms as to remuneration and other matters as the Authority shall determine
and the Authority may vary or revoke any such appointment. The Authority
may in this behalf pay or direct payment of the remuneration of the person
or persons so appointed, and
|
| |
|
(ii) |
in relation to any property forming part of the Fund as they
consider fit to insure the same to maintain improve or develop the same
and to sell exchange convey transfer lease or otherwise deal with the same.
|
| 25. |
Unallocated
|
 |
| |
|
|
|
