Document ID: chunk:federal_register_of_legislation:C2024A00132:section:23
Version: federal_register_of_legislation:C2024A00132
Segment Type: section
Provision Reference: s 23
Character Range: 21484–22833

23  Meanings of Pension Fund and Pension Services Entity
 (1) A Pension Fund is any of the following:
 (a) an Entity that is established and operated in a jurisdiction exclusively or almost exclusively for the purpose of administering or providing retirement benefits and ancillary or incidental benefits to individuals, if:
 (i) the Entity's establishment and operations for that purpose are regulated by that jurisdiction or one of its political subdivisions or local authorities; or
 (ii) those benefits are secured or otherwise protected by national regulations and funded by a pool of assets held through a fiduciary arrangement or trust to secure the fulfilment of the corresponding pension obligations against a case of insolvency of the Entity, or of other Entities together with which the Entity comprise a Group;
 (b) a Pension Services Entity.
 (2) A Pension Services Entity is an Entity that is established and operated exclusively or almost exclusively:
 (a) to invest funds for the benefit of Entities referred to in paragraph (1)(a); or
 (b) if the Entity and an Entity referred to in paragraph (1)(a) (the Pension Fund Entity), together with one or more other Entities, comprise a Group—to carry out activities that are ancillary to such of the Pension Fund Entity's activities that are for the purpose mentioned in that paragraph.