Decision ID: 002408
In October 1993 the 1971 Fund Assembly decided that the status of the Provident Fund should be clarified and agreed that it should be constituted as a trust in accordance with the principles of trust law in operation in England and Wales. The Assembly instructed the Director to study the various legal and practical problems involved, in consultation with the External Auditor, and to present detailed proposals for the constitution of such a trust, including a draft Trust Deed and draft Provident Fund Regulations, to the Executive Committee for consideration. The Assembly authorised the Executive Committee to take the necessary decisions for the constitution of a Provident Fund Trust, including the adoption of the Trust Deed, the appointment of Trustees and the adoption of Provident Fund Regulations. The Assembly agreed that the cost of operating the Trust should be borne by the IOPC Fund.