Regulation 31(1) An approved trustee of a registered scheme shall ensure that a valid investment management contract exists between the trustee and the pension fund manager appointed for the scheme.(2) The investment management contract shall specify the obligations of the pension fund manager with respect to the investment of funds of the scheme. (3) The contract shall be in conformity with provisions specified in the First Schedule. (4) The approved trustee of a registered scheme shall not appoint a pension fund manager for a scheme unless (a) the trustee has given an undertaking by deed, or by a document similar to a deed to notify the manager in writing of any matters that the trustee regards as pertinent to the manager's appointment; and (b) the manager has given an undertaking by deed, or by a document similar to a deed to notify the trustee in writing of any changes to matters referred to in paragraph (a) within thirty days after those changes have occurred.(5) Despite any provision in the governing rules of a scheme an investment management contract relating to a scheme that exempts or limits the pension fund manager from liability for negligence or fraud is void.