F1 PART V GOVERNANCE OF RELEVANT SCHEMES
CHAPTER 1GENERAL
Duty to appoint a chair of the trustees or managers22
1
Where a relevant scheme which is a trust scheme does not have a chair appointed, the trustees must appoint a chair of the trustees in accordance with this regulation.
2
The chair of the trustees must be—
a
an individual who is a trustee of the scheme;
b
a professional trustee body which is a trustee of the scheme;
c
where a company which is not a professional trustee body is a trustee of the scheme, an individual who is a director of that company and through whom the company exercises its functions as a trustee of the scheme, or a professional trustee body which is a director of that company; or
d
in the case of a scheme established under section 67 of the Pensions Act 2008, a member of the trustee corporation established under section 75 of that Act.
3
Where a relevant scheme is not a trust scheme, the managers must appoint one of their number to be the chair of the managers.
4
The first chair of a relevant scheme must be appointed before the end of the period of three months starting with the date on which the scheme is established (but see also paragraph (6)).
5
Where the chair ceases to hold office as chair for any reason, the trustees or managers must appoint a replacement in accordance with the provisions of this regulation, before the end of the period of three months starting with the date on which the chair ceases to hold that office F2(but see also paragraph (7)).
6
Paragraph (4) does not apply to a relevant scheme which was established before 6th April 2015 and, if the scheme has no chair on that date, the first chair must be appointed before the end of the period of three months starting with that date.
F37
Paragraph (5) does not apply to a scheme established under section 67 of the Pensions Act 2008.
Pt. V inserted (6.4.2015) by The Occupational Pension Schemes (Charges and Governance) Regulations 2015 (S.I. 2015/879), regs. 1(2), 16(1)(b)