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The Occupational Pension Schemes (Trustees' Knowledge and Understanding) Regulations (Northern Ireland) 2006

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Exceptions for trustees of small schemes

2.—(1) The requirements imposed by Article 224(3) and (4) of the Order (requirement for knowledge and understanding: individual trustees) shall not apply to trustees of schemes with fewer than 12 members where all the members are trustees of the scheme and either—

(a)the provisions of the scheme provide that all decisions which fall to be made by the trustees are made by the unanimous agreement of the trustees who are members of the scheme, or

(b)the scheme has a trustee who is independent in relation to the scheme for the purposes of Article 23 of the 1995 Order(1) (power to appoint independent trustees), and is registered in the register maintained by the Regulator in accordance with regulations made under paragraph (4) of that Article.

(2) The requirements imposed by Article 225(3) and (5) of the Order (requirement for knowledge and understanding: corporate trustees) shall not apply to trustees of schemes with fewer than 12 members where a company is a trustee of the scheme and all of the members of the scheme are directors of the company and either—

(a)the provisions of the scheme provide that all decisions made by the company in its capacity as trustee are made by the unanimous agreement of all the directors who are members of the scheme, or

(b)one of the directors is a trustee who is independent in relation to the scheme for the purposes of Article 23 of the 1995 Order and is registered in the register maintained by the Regulator in accordance with regulations made under paragraph (4) of that Article.

(1)

Article 23 was substituted by Article 32(3) of the Pensions (Northern Ireland) Order 2005

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