17 August 2006
The Pensions Regulator has published guidance to assist scheme
trustees in implementing the Code of Practice on member-nominated
trustees and directors.
Under the terms of the Pensions Act 2004, trustees are required
to ensure that at least one-third of trustees are member-nominated,
or that at least one-third of the directors of the trustee company
should be member-nominated; and to ensure that these trustees and
directors are selected using a defined nomination and selection
process. The guidance published yesterday clarifies the position
for trustees, stating when the requirements of the Code apply, and
how best to apply them.
The Code of Practice,
"Member-nominated trustees and directors - putting arrangements in
place" and the guidance on how to apply the Code are both available
as PDFs from www.thepensionsregulator.gov.uk/codesAndGuidance.
