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COB 12.2.5

An Operator of a Scheme must ensure that the Constitution of the Scheme:

(a) does not contain any provision that is inconsistent with the requirements of legislation administered by the DFSA that apply to the Operator or Administrator of a Scheme or a Third Party Service Provider;
(b) requires the property of the Scheme to be held irrevocably for the benefit of the Members of the Scheme;
(c) does not permit the payment of benefits in circumstances contrary to any applicable legislation; and
(d) provides for any amount due to a Member, which has not been paid by a Participating Employer, to be recoverable as a debt due to the Scheme.
Derived from DFSA RMI261/2019 (Made 18th December 2019). [VER35/01-20]