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Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 1996

Consolidated Text As Enacted Cited authorities 34 Cited in Amendments 20 Related
Vincent
JurisdictionUK Non-devolved
(1) These regulations may be cited as the Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 1996.(2) This regulation and regulations 2, 11, 22 and 24 and paragraph 8 of Schedule 4 shall come into force on 6th October 1996 and the remaining provisions of these regulations shall come into force on 6th April 1997.(1) Unless the context otherwise requires, in these regulations—section 22 of the Financial Services and Markets Act 2000;any relevant order under that section; orSchedule 2 to that Act.(2) Except as otherwise provided, expressions used in these regulations have the same meaning as if they were used in Part I of the Pensions Act 1995 sections 249 and 435 of the Insolvency Act 1986 section 74 of the Bankruptcy (Scotland) Act 1985 in the case of a scheme each trustee of which is a company, that at least one-third of the total number of the directors of each of those companies are persons who are independent or independently selected; andhave no direct legal or beneficial interest in the assets of any of the employers or of the scheme (otherwise than as trustees) , are neither connected with, nor associates of, any of the employers and, if they are companies, satisfy the condition mentioned in paragraph (a) , orhave been independently selected.has no direct legal or beneficial interest in the assets of any of the employers or of the scheme, andis neither connected with, nor an associate of, any of the employers.(6) References to employers in paragraph (b) of the definition in paragraph (1) of “relevant approved centralised scheme" and in paragraphs (4) (b) and (5) do not include companies which carry on the business of acting as trustee of, or providing administrative services to, the scheme and no other business.(7) Unless the context otherwise requires, in these regulations any reference to a section shall be construed as a reference to a section of the Pensions Act 1995 (1) Subject to the following provisions of this

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