Section 28: Responsibilities of pension scheme administrator, long-term insurer and

28. Responsibilities of pension scheme administrator, long-term insurer and governing body (1) A pension scheme administrator, long-term insurer or governing body, as the case may be, shall, in administering a private pension scheme, ensure— (a) that the scheme is in compliance with this Act, the FSC Rules or any other enactment; (b) adherence to the rules of the scheme; (c) protection of the interests of the beneficiaries; (d) that the scheme is, at all times, in a financially sound condition; (e) the proper administration of the scheme; (f) that the investments of the funds of the scheme are consistent with the prudent written investment policy; (g) the appointment of an auditor and actuary, in accordance with section 35. (2) Where a pension scheme administrator or long-term insurer is administering a private pension scheme sponsored by an employer or several employers, he shall at all times act, as far as the rights and pension benefits of a beneficiary under that scheme are concerned, independently of the sponsoring employer. PART VI – ALTERATION, TRANSFER AND AMALGAMATION