THURSDAY, MAY 4, 1989
2
NO GUARANTEE AGAINST FRAUDULENT MAJOR FRAUD, CORPORATE TRUSTEE MIGHT THE VICTIMS. THE
BE CAN MOREOVER, THERE BEHAVIOUR BY ANY TRUSTEE AND, IN THE EVENT OF EVEN THE FINANCIAL RESOURCES OF A BE UNABLE TO PROVIDE ADEQUATE COMFORT TO GOVERNMENT BELIEVES THAT THERE ARE ADEQUATE REMEDIES AGAINST IN THE COMMON ANY BREACH OF FIDUCIARY DUTIES BY A TRUSTEE LAW.
THE
IS A BAN ON THE ONLY RESTRICTION ON THE CHOICE OF TRUSTEE THE APPOINTMENT OF THE EMPLOYER OR HIS REPRESENTATIVE AS SOLE TRUSTEE AND IT IS SEEN AS AN ESSENTIAL SAFEGUARD AGAINST KEY THE
OF ABUSE.
THE OTHER POSSIBILITY
IT, WITHOUT
OF ASSETS AND ADEQUATE PROVISIONS, FOR EXAMPLE SEPARATION FUNDING, WOULD PROVE INEFFECTIVE.
* RESTRICTION ON SELF-INVESTMENT
INVESTMENT IN THE
EMPLOYER'S
COMPANY OR
RELATED COMPANY NET ASSETS OF IF UNCHECKED,
WILL BE LIMITED TO 10 PER CENT OF THE TOTAL THE RETIREMENT
SELF-INVESTMENT, SCHEME. COULD UNDERMINE THE PRINCIPLE OF SEPARATION OF ASSETS.
COMPANY RELATED
OR ANY DIRECTOR LOANS TO THE COMPANY OR
APPROACH IN THE UNITED WILL BE BANNED. THIS FOLLOWS THE STATES AND AUSTRALIA.
10 PER PARTICULAR
AS A FURTHER SAFEGUARD, ANY INVESTMENT OF MORE THAN CENT OF THE SCHEME ASSETS IN THE SECURITIES OF A COMPANY WILL NEED TO BE DISCLOSED TO SCHEME MEMBERS AS WOULD REPRESENT A CONSIDERABLE CONCENTRATION OF RISK.
CONSULTATIVE COMMITTEE
THIS
OF THE RETIREMENT
TO COMMITTEE" THE COMMITTEE WILL AND INFORMATION
THE TITLE OF THE "MANAGEMENT COMMITTER"
WILL SCHEME
CHANGED BE
TO "CONSULTATIVE REFLECT MORE CLEARLY ITS ADVISORY ROLE. SERVE AS A FORUM FOR THE EXCHANGE OF VIEWS BETWEEN THE TRUSTEES AND SCHEME MEMBERS.
REQUIRE THE ESTABLISHMENT IT IS CONSIDERED APPROPRIATE TO
WITH REPRESENTATION OF BOTH OF A CONSULTATIVE COMMITTEE
THE MAJORITY EMPLOYER AND EMPLOYEE INTERESTS, EXCEPT WHERE
SET UP SUCH OF THE SCHEME MEMBERS HAVE COMMITTEE.
VOTED
NOT ΤΟ
SIMPLIFIED ROLE OF THE REGISTRATION AUTHORITY
A
INSTEAD OF THE AUTHORITY ISSUING A
WILL LAY
DOWN
MODEL TRUST DEED, THE FOR LEGISLATION
MINIMUM REQUIREMENTS
REQUIREMENTS OF INCLUSION IN THE TRUST DEED AND CONTINUING REGISTRATION.
/AS A