Regulation 2 Additional requirement for “independent trustee”I1

England, Wales and Scotland

(1)

For the purposes of F1section 119(2) of the Pension Schemes Act 1993, a person is “independent” only if he satisfies the requirements of paragraphs (2) and (3) of this regulation as well as the requirements of section 119(3)(a) and (b) of that Act.

(2)

This paragraph requires that the person has not provided services to the trustees or managers of the scheme, or the employer, in relation to the scheme. This requirement is, however, satisfied if the last occasion on which the person provided services was more than 3 years before F2section 119 of the Pension Schemes Act 1993 started to apply in relation to the scheme.

(3)

This paragraph requires that the person is neither connected with, nor an associate of—

(a)

a person who has an interest in the assets of the employer or of the scheme, otherwise than as trustee of the scheme; or

(b)

a person to whom paragraph (2) of this regulation applies.

Annotations

Textual amendments

F1: Words in reg. 2(1) substituted (12.5.1994) by The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations 1994 (S.I. 1994/1062), reg. 1(2), Sch. 2 para. 26(2)
F2: Words in reg. 2(2) substituted (12.5.1994) by The Occupational and Personal Pension Schemes (Consequential Amendments) Regulations 1994 (S.I. 1994/1062), reg. 1(2), Sch. 2 para. 26(3)

Commencement

I1: Reg. 2 in force at 12.11.1990, see reg. 1(2)