Section 80 Approval of superfund scheme trusteesI1
England, Wales and Scotland
A person may not be a trustee of an operating superfund scheme unless they are approved by the Regulator to be a trustee of the scheme.
The Regulator may approve a person to be a trustee of a superfund scheme only if satisfied they are a fit and proper person to be a trustee of the scheme.
In assessing whether a person is a fit and proper person, the Regulator must take into account, in particular, any matters specified in regulations made by the Secretary of State.
The Regulator may not approve a person to be a trustee of a superfund scheme if the person is employed by, or involved in the management or administration of, a member of the superfund group.
An application for approval must be made in the manner and form specified by the Regulator.
Approval may be given for a specified period or subject to specified conditions (in which case the person is approved to be a trustee only for that period or only while those conditions are met).
Approval may be given in advance of the superfund being authorised or becoming an operating superfund.
If no longer satisfied as described in subsection (2) in relation to a person, the Regulator may by notice to the person—
suspend its approval in relation to the person for a period specified in the notice, or
revoke its approval in relation to the person with effect from a date specified in the notice.
Subsection (1) does not apply to a person while—
they serve as a trustee of a superfund scheme on a temporary basis, and
the Regulator agrees, in light of the particular circumstances of the case, to their being a trustee on that basis without approval.
If a person becomes a trustee of an operating superfund scheme in breach of subsection (1), section 10 of the Pensions Act 1995 applies to—
the person, and
the person who appointed them.
Regulations under subsection (3) are subject to the negative procedure.
Annotations
Commencement
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S. 80 in force at Royal Assent for specified purposes, see s. 133(1)