S.L. 514.3 Art. 17Functions and duties of the custodian.

The custodian shall:

(a) take custody of all the assets of any retirement scheme or retirement fund and shall safeguard such assets and the interests of the retirement scheme or retirement fund and of the holders of units or numbers, beneficiaries or investors in the retirement scheme or retirement fund, and

(b) have oversight duties in relation to retirement schemes which shall be carried out in accordance with the Pension Rules.

(2) In addition to the functions and duties specified in regulation 8, the custodian shall carry out the functions required in accordance with the terms and conditions of the agreement appointing it as custodian, the deed or other instrument establishing or regulating the retirement scheme or retirement fund and the conditions of licensing by the competent authority of the retirement scheme or retirement fund, and such other requirements as may be laid down by the competent authority from time to time.