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Pensions Act 2004, Section 247 is up to date with all changes known to be in force on or before 17 August 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
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(1)This section applies to every individual who is a trustee of an occupational pension scheme.
(2)In this section, “relevant scheme”, in relation to an individual, means any occupational pension scheme of which he is a trustee.
(3)An individual to whom this section applies must, in relation to each relevant scheme, be conversant with—
(a)the trust deed and rules of the scheme,
(b)any statement of investment principles for the time being maintained under section 35 of the Pensions Act 1995 (c. 26),
(c)in the case of a relevant scheme to which Part 3 (scheme funding) applies, the statement of funding principles most recently prepared or revised under section 223, and
(d)any other document recording policy for the time being adopted by the trustees relating to the administration of the scheme generally.
(4)An individual to whom this section applies must have knowledge and understanding of—
(a)the law relating to pensions and trusts,
(b)the principles relating to—
(i)the funding of occupational pension schemes, and
(ii)investment of the assets of such schemes, and
(c)such other matters as may be prescribed.
(5)The degree of knowledge and understanding required by subsection (4) is that appropriate for the purposes of enabling the individual properly to exercise his functions as trustee of any relevant scheme.
Modifications etc. (not altering text)
C1S. 247(3)(4) excluded (6.4.2006) by The Occupational Pension Schemes (Trustees Knowledge and Understanding) Regulations 2006 (S.I. 2006/686), regs. 1(1), 3
C2S. 247(3)(4) restricted (6.4.2006) by The Occupational Pension Schemes (Trustees Knowledge and Understanding) Regulations 2006 (S.I. 2006/686), regs. 1(1), 2(1)
Commencement Information
I1S. 247 in force at 6.4.2006 by S.I. 2006/560, art. 2(3), Sch. Pt. 3
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