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The Pensions (Northern Ireland) Order 2005

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This is the original version (as it was originally made).

Requirement for knowledge and understanding: corporate trustees

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225.—(1) This Article applies to any company which is a trustee of an occupational pension scheme.

(2) In this Article, “relevant scheme”, in relation to a company, means any occupational pension scheme of which it is a trustee.

(3) A company to which this Article applies must, in relation to each relevant scheme, secure that each individual who exercises any function which the company has as trustee of the scheme is conversant with each of the documents mentioned in paragraph (4) so far as it is relevant to the exercise of the function.

(4) Those documents are—

(a)the trust deed and rules of the scheme,

(b)any statement of investment principles for the time being maintained under Article 35 of the 1995 Order,

(c)in the case of a relevant scheme to which Part IV (scheme funding) applies, the statement of funding principles most recently prepared or revised under Article 202, and

(d)any other document recording policy for the time being adopted by the trustees relating to the administration of the scheme generally.

(5) A company to which this Article applies must secure that any individual who exercises any function which the company has as trustee of any relevant scheme has knowledge and understanding of—

(a)the law relating to pensions and trusts,

(b)the principles relating to—

(i)the funding of occupational pension schemes, and

(ii)investment of the assets of such schemes, and

(c)such other matters as may be prescribed.

(6) The degree of knowledge and understanding required by paragraph (5) is that appropriate for the purposes of enabling the individual properly to exercise the function in question.

(7) References in this Article to the exercise by an individual of any function of a company are to anything done by the individual on behalf of the company which constitutes the exercise of the function by the company.

(8) In this Article “company” means a company within the meaning given by Article 3(1) of the Companies Order or a company which may be wound up under Part VI of the Insolvency Order (unregistered companies).

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