Key Point No 7 - Trustee decision to segregate must be asset specific.

As segregation occurs on an asset by asset basis, the decision of the trustee to segregate an asset must specifically identify the asset.

What constitutes sufficient identification depends on the legal nature of the asset:

• for real estate – the best description would be Land Title registration details (less satisfactory would be a street address)
• for certificated shares – share numbers and company
• for uncertificated shares – ideally by way of electronic sub-register identifier, or, if the identifier covers a pool of shares – then identification by appropriate    accounting records is required of those shares held to support pensions from those not so held
• for units in unit trusts – similar requirements as to shares
• bank accounts – account number and  bank
• term deposits – reference number and bank
• physical assets – where there is a registration system applying (eg motor vehicles) – registration details
• physical assets – where there is no registration system applying (collectables, bullion) – description of the object and its storage details.