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Pensions Act 2004

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Changes over time for: Part 3

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  • specified provision(s) amendment to earlier commencing SI 2005/275 Sch. Pt. 7 by S.I. 2005/695 art. 7

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Prospective

Part 3 E+W+S+N.I.Members of the Determinations Panel

Nomination of the chairman of the PanelE+W+S+N.I.

11(1)On each occasion when the Regulator is required to appoint a person as chairman of the Determinations Panel, the chairman of the Regulator must establish a committee (in this Schedule referred to as “the appointments committee”).E+W+S+N.I.

(2)The appointments committee must consist of—

(a)a chairman appointed by the chairman of the Regulator from the non-executive members of the Regulator, and

(b)one or more persons appointed by the chairman of the Regulator.

(3)At least one of the persons appointed under sub-paragraph (2)(b) must be a person who is not a member of the Regulator.

(4)But a person appointed under sub-paragraph (2)(b) must not be a person who is a member of the staff of the Regulator.

(5)The committee must nominate a person suitable for appointment as chairman of the Panel.

Terms of appointment and tenure of members of the PanelE+W+S+N.I.

12(1)The members of the Determinations Panel are to be appointed on such terms and conditions as are determined by the Regulator with the approval of the Secretary of State.E+W+S+N.I.

(2)Subject to sub-paragraph (3) such a member—

(a)is to hold and vacate office in accordance with the terms and conditions of his appointment, and

(b)may resign or be removed from office in accordance with those terms and conditions.

(3)A person must cease to be a member of the Panel where—

(a)in the case of the chairman, he ceases to hold that office, or

(b)in the case of any member, he becomes a member of the Regulator or a member of the staff of the Regulator.

13No person is to be prevented from being a member of the Panel (whether as chairman or otherwise) merely because he has previously been a member of the Panel.E+W+S+N.I.

Remuneration etc of members of the PanelE+W+S+N.I.

14The Regulator may pay, or make provision for paying, the members of the Determinations Panel such remuneration as the Secretary of State may determine.E+W+S+N.I.

15The Regulator may—E+W+S+N.I.

(a)pay to or in respect of any person who is or has been a member of the Panel such pension, allowances or gratuities as the Secretary of State may determine, or

(b)make such payments as the Secretary of State may determine towards provision for the payment of a pension, allowance or gratuity to or in respect of such a person.

16Where—E+W+S+N.I.

(a)a member of the Panel ceases to be a member otherwise than on the expiry of his term of office, and

(b)it appears to the Secretary of State that there are circumstances which make it right for that person to receive compensation,

the Regulator may make a payment to that person of such amount as the Secretary of State may determine.

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