20.—(1) The Occupational Pension Schemes (Member-nominated Trustees and Directors) Regulations (Northern Ireland) 2006(1) shall be amended in accordance with paragraphs (2) and (3).
(2) In regulation 3(l)(2) (prescribed exemptions from requirement to have member-nominated directors of corporate trustees) for “the sole director, or all the directors” substitute “all the directors (or the sole director) of the trustee (or trustees)”.
(3) In regulation 5 (modifications of Articles 218 and 219)—
(a)in paragraph (1) for “paragraphs (2) to (6)” substitute “paragraphs (2) to (7)”;
(b)after paragraph (6) add—
“(7) In relation to a scheme where—
(a)every trustee is a company;
(b)at least one trustee only has directors who are independent (or a sole director who is independent) within the meaning given by Article 23(3)(3) of the 1995 Order, and
(c)at least one trustee has one or more directors who are not independent within that meaning,
Article 219 shall be modified as if after paragraph (1) there were inserted the following paragraph—
“(1A) But paragraph (1) does not apply to such a company which only has directors who are independent (or a sole director who is independent) within the meaning given by Article 23(3) of the 1995 Order.”.”.
S.R. 2006 No. 148 as amended by S.R. 2007 No. 185
Regulation 3 was amended by regulation 19(4) of S.R. 2007 No. 185
Article 23 was substituted by Article 32(3) of the Pensions (Northern Ireland) Order 2005 (S.I. 2005/255 (N.I. 1))