Pension Benefits Standards Regulations, 1985

6 (1) Every plan shall provide that the moneys of the pension fund are to be

• (a) invested in accordance with Schedule III; and

• (b) invested

  • (i) in a name that clearly indicates that the investment is held in trust for the plan and, where the investment is capable of being registered, registered in that name,

  • (ii) in the name of a financial institution, or a nominee of it, in accordance with a custodial agreement or trust agreement, entered into on behalf of the plan with the financial institution, that clearly indicates that the investment is held for the plan, or

  • (iii) in the name of CDS Clearing and Depository Services Inc., or a nominee of it, in accordance with a custodial agreement or trust agreement, entered into on behalf of the plan with a financial institution, that clearly indicates that the investment is held for the plan.

(2) For the purposes of subsection (1), custodial agreement means an agreement providing that

• (a) an investment made or held on behalf of a plan pursuant to the agreement

  • (i) constitutes part of the plan’s pension fund, and

  • (ii) shall not at any time constitute an asset of the custodian or nominee; and

• (b) records shall be maintained by the custodian that are sufficient to allow the ownership of any investment to be traced to the plan at any time.