Regulation 2 Exceptions for trustees of small schemesI1
Northern Ireland
The requirements imposed by Article 224(3) and (4) of the Order (requirement for knowledge and understanding: individual trustees) shall not apply to trustees of schemes with fewer than 12 members where all the members are trustees of the scheme and either—
the provisions of the scheme provide that F1any decision made by the trustees is made by the unanimous agreement of the trustees who are members of the scheme, or
the scheme has a trustee who is independent in relation to the scheme for the purposes of Article 23 of the 1995 Orderf1 (power to appoint independent trustees), and is registered in the register maintained by the Regulator in accordance with regulations made under paragraph (4) of that Article.
The requirements imposed by Article 225(3) and (5) of the Order (requirement for knowledge and understanding: corporate trustees) shall not apply to trustees of schemes with fewer than 12 members F2where a company is the sole trustee of the scheme and all of the members of the scheme are directors of the company and either—
the provisions of the scheme provide that F3any decision made by the company in its capacity as trustee is made by the unanimous agreement of the directors who are members of the scheme, or
F4one of the directors of the company is independent in relation to the scheme for the purposes of Article 23 of the 1995 Order and is registered in the register maintained by the Regulator in accordance with regulations made under paragraph (4) of that Article.
Annotations
Textual amendments
- F1
Words in reg. 2(1)(a) substituted (6.4.2007) by The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2007 (S.R. 2007/185), regs. 1(1), 18(a)
- F2
Words in reg. 2(2) substituted (6.4.2007) by The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2007 (S.R. 2007/185), regs. 1(1), 18(b)(i)
- F3
Words in reg. 2(2)(a) substituted (6.4.2007) by The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2007 (S.R. 2007/185), regs. 1(1), 18(b)(ii)
- F4
Words in reg. 2(2)(b) substituted (6.4.2007) by The Occupational and Personal Pension Schemes (Miscellaneous Amendments) Regulations (Northern Ireland) 2007 (S.R. 2007/185), regs. 1(1), 18(b)(iii)
Commencement
- I1
Reg. 2 in operation at 6.4.2006, see reg. 1(1)
Footnotes
- f1
-
Article 23 was substituted by Article 32(3) of the Pensions (Northern Ireland) Order 2005