The Occupational Pension Schemes (Scheme Administration) Regulations 1996

Qualifications and experience or approval required for appointment as the auditor or actuary

4.—(1) For the purposes of section 47(5)(b) of the 1995 Act the qualifications and experience or approval required for appointment as—

(a) the auditor, subject to paragraph (2), are—

(i) those specified in section 25 of the Companies Act 1989(1); or

(ii) approval by the Secretary of State;

(b) the actuary are—

(i) Fellowship of the Institute of Actuaries;

(ii) Fellowship of the Faculty of Actuaries; or

(iii) approval by the Secretary of State.

(2) A person shall not be appointed as the auditor where—

(a) he is a member of the scheme(2);

(b) he is employed under a contract of service by the trustees or managers of the scheme;

(c) he is an employer in relation to the scheme; or

(d) he is, by virtue of section 27 of the Companies Act 1989, ineligible to audit the accounts of a company which is an employer in relation to the scheme.

(1)

1989 c. 40.

(2)

See section 27 of the Pensions Act 1995 which provides that a trustee of a trust scheme, and any person connected with, or associate of such a trustee, is ineligible to act as auditor. See also regulation 7 of these Regulations.