Custodian of Pension Fund

(1) Every plan shall provide that the moneys of the pension fund are to be invested35 (a) in a name that clearly indicates that the investment is held in trust for the plan and, where the investment is capable of being registered, registered in that name, or (b) in the name of a financial institution, or in accordance with a custodial agreement, entered into on behalf of the plan with the financial institution, that clearly indicates that the investment is held for the plan. (2) The administrator of a plan shall maintain a current record that clearly identifies every investment held on behalf of the plan, the name in which the investment is made and, where appropriate, the name in which the investment is registered. (3) The administrator may invest in mutual or pooled funds, provided that the number of units allocated to each plan is identifiable and the mutual or pooled fund complies with sub- section (1) as a whole.