Regulation 4 Corporate trustees: period of grace
Section 248(3) and (5) of the 2004 Act shall not apply to any individual, who exercises any function which a company has as trustee of a relevant scheme, for a period of six months beginning with the date of his appointment to the company, unless—
(a)
he is an independent trustee who meets the requirements of section 23(1) of the 1995 Act; or
(b)
he was appointed as a consequence of holding himself out as having expertise in any of the matters listed in section 248(5) of the 2004 Act or in any regulations made under paragraph (c) of that section.