Fund, Board to inform Members about annually

Current

(1)

As soon as practicable after the last day of a Member’s reporting period the Board is to give to the Member all the information that the Board reasonably believes a Member would reasonably need for the purpose of understanding the management, financial condition and investment performance of the Fund.

(2)

The information given under subregulation (1) is to include —

(a)

details about the Board including —

(i)

the Board’s contact details; and

(ii)

the names of the directors of the Board during the reporting period and details of how and by whom they were appointed or elected; and

(iii)

a statement as to whether or not any indemnity insurance has been taken out by the Board;

and

(b)

investment details including —

(i)

a description of the investment strategy of the Board; and

(ii)

the names of investment managers appointed by the Board; and

(iii)

a statement of the assets of the Fund as at the end of —

(I)

the reporting period; and

(II)

the immediately preceding reporting period,

that includes all information that the Board reasonably believes a Member would reasonably need to understand the asset allocation of the Fund at those times; and

(iv)

details of —

(I)

each investment the value of which exceeds 5% of the total value of the assets of the Fund; and

(II)

each combination of investments that the Board knows or ought reasonably to know are invested, directly or indirectly, in a single enterprise or a single group of associated enterprises, the combined value of which exceeds 5% of the total value of the assets of the Fund;

and

(c)

details of the Fund’s accounts being either —

(i)

the audited Fund accounts and the auditor’s report; or

(ii)

both —

(I)

abridged financial information about the Fund for the reporting period; and

(II)

a statement as to when the audited Fund accounts and the auditor’s report will be sent, or made available, to Members;

and

(d)

in relation to an accumulation scheme, a statement of —

(i)

the earning rates determined for each of the readymade investment plans established for Members of the scheme, for the 5 years ending at the end of the reporting period; and

(ii)

the fees and charges that are attributed to Members of the scheme;

and

(e)

a summary of —

(i)

the arrangements that the Board has to deal with inquiries or complaints; and

(ii)

the operation of the AFCA scheme;

and

(f)

a statement setting out the kind of information that is available on request.

(3)

In this regulation —

abridged financial information in relation to a reporting period means information derived from the Fund’s accounts or records that gives a reasonable summary of either —

(a)

both —

(i)

changes in the financial position of the Fund during the reporting period; and

(ii)

the financial position of the Fund at the end of the reporting period;

(b)

both —

(i)

changes in the nett assets of the Fund during the reporting period; and

(ii)

the nett assets of the Fund at the end of the reporting period.

[Regulation 224 inserted: Gazette 29 Jun 2001 p. 3095‑8; amended: Gazette 13 Apr 2007 p. 1605; 12 Oct 2018 p. 4064.]

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224 Fund, Board to inform Members about annually