Section 38 — Trade Union and Labour Relations (Consolidation) Act 1992: Members’ superannuation schemes: separate fund to be maintained.

Members’ superannuation schemes: separate fund to be maintained. 38 1 In the following provisions a “ members’ superannuation scheme ” means any scheme or arrangement made by or on behalf of a trade union (including a scheme or arrangement shown in the rules of the union) in so far as it provides—

a for benefits to be paid by way of pension (including any widows’ , widowers’, surviving civil partners’ or children’s pensions or dependants’ pensions) to or in respect of members or former members of the trade union, and b for those benefits to be so paid either out of the funds of the union or under an insurance scheme maintained out of those funds.

2 A trade union shall not maintain a members’ superannuation scheme unless it maintains a separate fund for the payment of benefits in accordance with the scheme. A “ separate fund ” means a fund separate from the general funds of the trade union.