An Act that gives pension scheme trustees powers to invest trust funds freely, largely irrespective of what powers are given by the deed, but introduces a range of further duties to ensure that all beneficiaries’ interest are protected with greater diligence. The Act applies to trusts established after 1 February 2001.

The person or persons (corporation or individual) appointed to carry a trust. A trustee has an insurable interest in respect of the legal right or interest in the trust property vested in him if permitted or directed by the trust deed.

Given by the trustees to the scheme actuary. This results in the trustees having to provide such information as the actuary may require and any items prescribed by regulations and professional guidance published by both the Institute and the Faculty of Actuaries.