Regulation 3 Preparation or revision of statement of investment principles
The prescribed requirements that the Board must comply with for the purposes of section 114(3) of the Pensions Act 2004 before preparing or revising a statement of investment principles are that the Board shall obtain and consider the written advice of an individual or firm of a description specified in paragraph (2).
An individual or firm shall be—
an individual whom the Board is satisfied has the appropriate knowledge and experience for providing advice to the Board on the preparation or, as the case may be, revision of a statement of investment principles; or
a firm that the Board is satisfied has arrangements in place to secure that any individual who will provide advice to the Board on the preparation or, as the case may be, revision of a statement of investment principles will, at the time he provides that advice, have the appropriate knowledge and experience for providing that advice.