Regulation 22 Amendment of the Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 2006

(1)

The Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 2006^f1 are amended in accordance with this regulation.

(2)

In regulation 3(m) (prescribed exemptions from requirement to have member-nominated directors of corporate trustees), for “the sole director, or all the directors” substitute “all the directors (or the sole director) of the trustee (or trustees)”.

(3)

In regulation 5 (modifications of sections 241 and 242 of the Act)—

(a)

in paragraph (1), for “paragraphs (2) to (6)” substitute “paragraphs (2) to (7)”, and

(b)

after paragraph (6), insert—

“(7)
In relation to a scheme where—

(a)
every trustee is a company,

(b)
at least one trustee only has directors who are independent (or a sole director who is independent) within the meaning given by section 23(3) of the 1995 Act, and

(c)
at least one trustee has one or more directors who are not independent within that meaning,

section 242 of the Act is modified as if after subsection (1), there were inserted—

“(1A)
But subsection (1) does not apply to such a company which only has directors who are independent (or a sole director who is independent) within the meaning given by section 23(3) of the Pensions Act 1995.”.”.

Annotations

Footnotes

f1: S.I. 2006/714.