(This note is not part of the Regulations)
These Regulations make provision in relation to member-nominated trustees and directors under sections 241 and 242 of the Pensions Act 2004 (c. 35) (“the Act”).
Regulation 2 prescribes the types of scheme where the minimum proportion of member-nominated trustees specified in section 241(1) of the Act is not required.
Regulation 3 prescribes the types of scheme where the minimum proportion of member-nominated directors set out under section 242(1) of the Act is not required.
Regulation 4 makes transitional provision in respect of schemes which had existing arrangements approved under sections 17 or 19 of the Pensions Act 1995 prior to the repeal of those sections.
Regulation 5 modifies the provisions of sections 241 and 242 in respect of schemes whose existing scheme rules require a higher proportion of trustees or directors to be member-nominated. It also provides for transitional provisions for schemes that were exempted under the Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations 1996 (S.I. 1996/1216).
Regulation 6 and the Schedule provide for the revocation of certain provision of subordinate legislation.
An assessment of the impact on business, charities and the voluntary sector of the provisions in these Regulations was included in the Regulatory Impact Assessments that accompanied the Pensions Act 2004. A copy of this assessment has been placed in the libraries of both Houses of Parliament. Copies may be obtained from the Department for Work and Pensions, Regulatory Impact Unit, 2nd Floor, Adelphi, 1-11 John Adam Street, London, WC2N 6HT.