(This archived guidance relates to HMRC discretionary
practice before the 6th April 2006. For current guidance on
Registered Pension Schemes see the Registered Pension Schemes
Manual)
Where scheme investments are registered in the trustees'
names any changes of trustee will cause trouble and expense in
re-registration. To avoid this problem a custodian trustee is
sometimes appointed, typically the trustee department of a bank or
a trust company. The main function of a custodian trustee is to
hold the scheme investments. It does not normally take part in the
day to day management of the scheme but it may have limited powers
to manage the investments on behalf of the trustees.
