Key Point No 6 - Trustees must initiate segregation.

Trustees must initiate the segregation of an asset.  Segregation requires a decision of the trustee and implementation of that decision.  The decision could be formal (trustee resolution) or informal (taking action to segregate) and must be implemented (by ensuring that the accounting records, financial statements and investment strategies or policies, actuarial reports etc are consistent with the segregation decision).

It may be possible to informally segregate an asset and then later, formalise that segregation by trustee resolution.

A trustee resolution to segregate assets without implementation will probably be ineffective.