34 Power of investment and delegation
Pensions Act 1995 (1995 c 26) | Legislation

34  Power of investment and delegation

(1)     The trustees of a trust scheme have, subject to [section 36(1) and to] any restriction imposed by the scheme, the same power to make an investment of any kind as if they were absolutely entitled to the assets of the scheme.

(2)     Any discretion of the trustees of a trust scheme to make any decision about investments—

(a)     may be delegated by or on behalf of the trustees to a fund manager to whom subsection (3) applies to be exercised in accordance with section 36, but

(b)     may not otherwise be delegated except under section 25 of the Trustee Act 1925 (delegation of trusts during absence abroad [for period not exceeding twelve months]) or subsection (5) below.

[(3)     This subsection applies to a fund manager who, in relation

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