(i) Management of the Scheme
The responsibility for managing the Scheme rests with the Trustees. The Scheme Trustees have a legal responsibility to protect the interests of members and pensioners at all times and to ensure that the Scheme is operated in accordance with the Trust Deed and Rules.
In carrying out their duties, the Trustees are required to take advice from professional advisors. These include among others the Fund Managers, Custodians and the Scheme Actuary.
(ii) Scheme Constitution (The Trust Deed and Rules)
The Scheme is governed by Rules, the detailed provisions of which are set out in the Scheme Trust Deed and Rules. In the event of any conflict between the booklet and the Trust Deed and Rules, the latter will always prevail. Every member is entitled to a copy of the current Trust Deed and Rules of the Pension Scheme.
The Scheme is approved and registered under the Retirement Benefits Act 1997 and complies with all its requirements. The Scheme is also approved by the Commissioner of Income Tax under the Income Tax Act (Cap 470) as an exempt scheme.
(iii) Amending the Scheme’s Trust Deed and Rules
Whilst it is intended that the Scheme will continue indefinitely, the Trustees and the Employer have the right to alter in writing and subject to the Retirement Benefits Act, any provisions of the Trust Deed and Rules.
(iv) Benefits not assignable
None of the benefits provided by the Scheme can be assigned or used as security to guarantee a loan from any source. The Scheme Trustees cannot recognize any purported charge or assignment and cannot consider or guarantee loans under any circumstances.
(v) Benefit Statements
In order to help you plan for your retirement, you will be given a statement setting out the value of your Member Account each year.
(vi) Annual Report
The Trustees will also produce an annual Trustees’ Report and Accounts, which will be audited by the Scheme Auditor. The Trustees’ Report and Accounts will reflect the activities of the Scheme over the previous 12 months. A summary of the Report and Accounts will be provided to you each year with your benefit statement.