Article 67E The trustee approval requirementF1

(1)

For the purposes of Article 67(2)(b), the trustee approval requirement is satisfied in relation to the exercise of a power to make a regulated modification if—

(a)

the trustees of the scheme have determined to exercise the power to make the modification, or

(b)

if the power is exercised by another person, the trustees have consented to the exercise of the power to make the modification,

and the making of the determination, or giving of consent, complies with paragraphs (2) and (3).

(2)

The trustees must not make a determination, or give their consent, for the purposes of paragraph (1) unless, in the case of each affected member—

(a)

if the modification is a protected modification, the informed consent requirement is satisfied (within the meaning of Article 67B), or

(b)

if it is not a protected modification—

(i)

the informed consent requirement is satisfied, or

(ii)

the information and actuarial value requirements are satisfied (within the meaning of Article 67C),

in respect of the modification.

(3)

The trustees must not make a determination, or give their consent, for the purposes of paragraph (1) more than a reasonable period after the first consent given by an affected member under Article 67B(4)(b) in respect of the modification was given.

Annotations

Textual amendments

F1: Arts. 67, 67A-67I substituted (1.11.2005 for certain purposes, otherwise 6.4.2006) for art. 67 by Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), arts. 1(2), 239; S.R. 2005/411, art. 2(5), Sch. Pt. 2

Notes on the whole Order

Textual amendments

F1: functions transf. by SR 1999/481
F2: functions transf. by 2005 NI 1