Glossary of pension terms

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Key function holder (KFH)

A key function holder (KFH) is a named individual or corporate entity responsible for the delivery of a key function to a pension scheme. The key functions are risk management, internal audit and, for regulatory own funds schemes, actuarial. The KFH reports any material findings and recommendations to the pension scheme trustees. KFHs must meet the relevant ‘fit’ and ‘proper’ requirements. Further details can be found in the Pensions Authority’s Code of Practice for trustees. See also Part VIB of the Pensions Act.