90Contingency plan

90 Contingency plan (1) The trustees of a scheme must formulate, adopt and give effect to a contingency plan for the scheme specifying the way in which they will deal with a contingency event specified in the plan. Note for subregulation (1) Under regulation 26(3)(c), the contingency plan must be formulated before the approval of the scheme. (2) The contingency plan must include provisions about the following matters: (a) the place or places where duplicate paper and electronic records are to be kept; (b) the availability of additional office, human, material and other resources and back-up computer facilities; (c) the role of other service providers to the trustees in relation to the scheme; (d) the availability of financial resources to fund any necessary rectification of difficulties; (e) any matter the Minister specifies by Gazette notice. (3) The trustees must put in place, and at all times maintain, the processes and systems required to give effect to the scheme's contingency plan. (4) The trustees must immediately give the Minister written notice of the occurrence of any contingency event specified in the contingency plan that, in the trustees' opinion, will have a material adverse effect on the scheme. (5) The trustees may form the opinion mentioned in subregulation (4) if, in their opinion, the occurrence of the contingency event will have a material adverse effect on any of the following: (a) the ability of the trustees to perform any of their duties and obligations under the trust deed; (b) the value of the scheme's assets; (c) the interests of beneficiaries.

Chapter 3 Fidelity fund schemes and approved schemes