Regulation 5 Scheme Pension BoardI1

United Kingdom

(1)

A pension board (the “Scheme Pension Board”) is established.

(2)

The Scheme Pension Board is responsible for assisting the scheme manager–

(a)

to secure compliance with–

(i)

these Regulations;

(ii)

any other legislation relating to the governance and administration of this scheme and any statutory pension scheme that is connected to it; and

(iii)

any requirements imposed by the Pensions Regulator in relation to this scheme and any statutory pension scheme that is connected to it; and

(b)

in the performance of the scheme manager’s functions under these Regulations.

(3)

The Scheme Pension Board may determine its own procedures, subject to the approval of the scheme manager.

(4)

The Scheme Pension Board is to consist of the following members who are entitled to vote in its proceedings–

(a)

a chair; and

(b)

at least 6, and no more than 16, other members;

appointed by the scheme manager.

(5)

The chair cannot be a member representative or an employer representative.

(6)

Equal numbers of member representatives and employer representatives must be appointed under paragraph (4)(b).

(7)

The scheme manager may appoint up to 4 further members of the Scheme Pension Board who–

(a)

may not be member representatives or employer representatives; and

(b)

are not entitled to vote in its proceedings.

(8)

A member of the Scheme Pension Board is to hold and vacate office in accordance with the terms of that member’s appointment.

(9)

Before appointing any person as a member of the Scheme Pension Board under paragraph (4) or (7), the scheme manager must be satisfied that that person does not have a conflict of interest.

(10)

The scheme manager must be satisfied from time to time that none of the members of the Scheme Pension Board has a conflict of interest.

(11)

If the scheme manager determines that a member of the Scheme Pension Board has a conflict of interest, the scheme manager must terminate the appointment of the member.

(12)

A member of the Scheme Pension Board, or a person proposed to be such a member, must provide the scheme manager with any information the scheme manager may reasonably require for the purpose of paragraph (9) or (10).

(13)

The Minister may–

(a)

pay fees to, or in respect of, members of the Scheme Pension Board of such amounts as the Minister may determine; and

(b)

reimburse members of the Scheme Pension Board in respect of any reasonable expenses incurred in performance of duties as members of the Scheme Pension Board.

Annotations

Commencement

I1: Reg. 5 in force at 1.4.2016, see reg. 1(2)