SCHEDULES
C1SCHEDULE 5The Board of the Pension Protection Fund
Part 2Staff of the Board
The Chief Executive
I112
1
The Board is to employ a person as its Chief Executive.
2
The Chief Executive’s main function is to be responsible for securing that the functions of the Board are exercised efficiently and effectively.
3
The first appointment of a Chief Executive—
a
is to be made by the Secretary of State, and
b
is to be on such terms and conditions as to remuneration and other matters as are determined by the Secretary of State.
4
Subsequent appointments of a Chief Executive are to be made by the Board with the approval of the Secretary of State.
5
Appointments under sub-paragraph (4) are to be—
a
on such terms and conditions as to remuneration as may be determined by the Board with the approval of the Secretary of State, and
b
on such other terms and conditions as may be determined by the Secretary of State.
6
By virtue of subsection (2) of section 112 (non-executive functions), the function conferred on the Board by sub-paragraph (5)(a) is exercisable on its behalf by the committee established under that section.
Sch. 5 modified (N.I.) (6.4.2005) by The Pension Protection Fund (Review and Reconsideration of Reviewable Matters) Regulations (Northern Ireland) 2005 (S.R. 2005/138), regs. 1(1), 26