All assets of a pension plan under the Act shall be received and held in a distinct fund, separate from the assets of the employer, by an approved trustee.
Every person approved as a trustee by the Commission shall be a fit and proper person to perform such trustee functions. In determining whether a person is fit and proper to be a trustee, regard shall be had to his probity, competence and soundness of judgement for fulfilling the responsibilities of a trustee, to the diligence with which he is fulfilling or likely to fulfill those responsibilities, and to whether the interests of members or former members of a pension plan or their beneficiaries are, or likely to be, in any way threatened by his holding that position.
Trustees have an important role to safeguard the assets of a pension plan and to perform their duties with integrity and the appropriate professional skill and in accordance with the requirements of the Act and the Regulations.
