The National Employment Savings Trust Order 2010

Composition and functions of the panels U.K.

8.—(1) The Trustee must make provision in relation to—

(a) the composition of the panels;

(b) the selection, appointment and removal of their members; and

(c) the functions of the panels.

(2) Such provision must—

(a) ensure that, in relation to each panel, the minimum number of members of the panel is 9 and the maximum number is 15;

(b) ensure that the members’ panel cannot be comprised entirely of individuals who are not members of the Scheme;

(c) ensure that the employers’ panel cannot be comprised entirely of individuals who are not a participating employer or connected with such an employer;

(d) provide for the functions of the employers’ panel to include–

(i) without prejudice to the generality of paragraph (ii), providing comments to the Trustee where the employers’ panel is consulted by the Trustee on the preparation or revision of a statement of investment principles; and

(ii) giving any assistance or advice that the Trustee may require or that the panel may consider expedient, in connection with the operation, development or amendment of the Scheme.

(e) provide for the functions of the members’ panel to include–

(i) in relation to each financial year, making a report on the extent to which the Trustee has taken into account the views of members of the Scheme and the views of the members’ panel (with respect to views which the panel is able to express pursuant to its functions), when the Trustee makes decisions about the operation, development or amendment of the Scheme;

(ii) participating in the process for the appointment of an individual as a member or chair of the corporation, as set out in article 5;

(iii) without prejudice to the generality of paragraph (iv), providing comments to the Trustee where the panel is consulted by it on the preparation or revision of a statement of investment principles; and

(iv) giving any assistance or advice which the Trustee may require or which the panel may consider expedient, in connection with the operation, development or amendment of the Scheme.

(3) In relation to the report referred to in paragraph (2)(e)(i)—

(a) the Trustee must make provision for the members’ panel to send a copy of it to the Secretary of State and the Trustee;

(b) the Trustee must make it available by–

(i) placing a copy of it on the internet; and

(ii) subject to sub-paragraph (c), sending a copy of it to any person who requests a copy; and

(c) where the Trustee makes a charge in connection with the sending under sub-paragraph (b)(ii) of a copy of the report, the Trustee is not obliged to send the copy until the Trustee has received payment of the charge(1).

(4) Where the members’ panel has been established, the Trustee must, before it prepares or revises a statement of investment principles, consult that panel.

(5) In this article—

(a) “financial year” means the 12 months ending on 31st March in each year; and

(b) “statement of investment principles”–

(i) in Great Britain, has the same meaning as in section 35 of the Pensions Act 1995(2); and

(ii) in Northern Ireland, has the same meaning as in Article 35 of the Pensions (Northern Ireland) Order 1995(3).

Commencement Information

I1 Art. 8 in force at 5.7.2010, see art. 1(3)

(1)

See Schedule 1, paragraph 19, to the Act, for the power of the corporation to make charges.

(2)

1995 c.26; section 35 was substituted by the Pensions Act 2004 (c.35), section 244.

(3)

S.I. 1995/3213 (N.I. 22); Article 35 was substituted by the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1)), Article 221.