C5C4C6C7Part 2The Board of the Pension Protection Fund

Annotations:
Modifications etc. (not altering text)
C7

Pt. 2 applied in part (24.7.2014) by The Pensions Act 2011 (Transitional, Consequential and Supplementary Provisions) Regulations 2014 (S.I. 2014/1711), regs. 1(1), 42(1), 53, 57 (with regs. 6, 41, 44(1), 47(1), 69(2), 72(1), 76(1)); coming into force immediately after s. 29 of 2011 c. 19 - see S.I. 2014/1683, art. 2

C1C2C3Chapter 1The Board

Annotations:
Modifications etc. (not altering text)
C1

Pt. 2 modified (8.3.2005 for specified purposes, 6.4.2005 in so far as not already in force) by The Pension Protection Fund (Partially Guaranteed Schemes) (Modification) Regulations 2005 (S.I. 2005/277), regs. 1(1), 2-11

C2

Pt. 2 modified in part (9.3.2005 for specified purposes, 1.4.2005 for specified purposes, 6.4.2005 in so far as not already in force (except ch. 4)) by The Pension Protection Fund (Multi-employer Schemes) (Modification) Regulations 2005 (S.I. 2005/441), regs. 1, 2-60, 71, 72

C3

Pt. 2 applied in part (with modifications) (20.7.2005 for specified purposes, 1.9.2005 for specified purposes, 5.12.2005 for specified purposes) by The Financial Assistance Scheme Regulations 2005 (S.I. 2005/1986), regs. 1(1), 4, Sch. 1

Non-executive functions

112C1C2Non-executive functions

I11

The functions listed in subsection (4) (in this Part referred to as “the non-executive functions”) are functions of the Board.

I12

The Board must establish a committee to discharge the non-executive functions on its behalf.

I13

Only non-executive members of the Board may be members of that committee.

4

The non-executive functions are—

I2a

the duty to keep under review the question whether the Board’s internal financial controls secure the proper conduct of its financial affairs;

I1b

the duty to determine under sub-paragraph (5)(a) of paragraph 12 of Schedule 5, subject to the approval of the Secretary of State, the terms and conditions as to remuneration of any Chief Executive appointed under sub-paragraph (4) of that paragraph;

I1c

the duty to determine under paragraph 13(3)(a) of that Schedule, subject to the approval of the Secretary of State, the terms and conditions as to remuneration of any member of the staff who is also to be an executive member of the Board;

I1d

the duty to determine under paragraph 13(3)(b) of that Schedule, the terms and conditions as to remuneration of any member of the staff of a description prescribed for the purposes of that provision.

I35

The committee established under this section must prepare a report on the discharge of the non-executive functions for inclusion in the Board’s annual report to the Secretary of State under section 119.

I36

The committee’s report must relate to the same period as that covered by the Board’s report.

I27

The members of any sub-committee of the committee (established by virtue of paragraph 15(2) of Schedule 5)—

a

may include persons who are not members of the committee, but

b

must not include persons who are executive members or other staff of the Board.

I28

The committee may authorise any of its sub-committees to discharge on its behalf—

a

any of the non-executive functions;

b

the duty to prepare a report under subsection (5).