Part 5Occupational and personal pension schemes: miscellaneous provisions

Obligations of trustees of occupational pension schemes

249Requirement for knowledge and understanding: supplementary

(1)

For the purposes of sections 247 and 248, a person’s functions as trustee of a relevant scheme are any functions which he has by virtue of being such a trustee and include, in particular—

(a)

any functions which he has as one of the trustees authorised under section 34(5)(a) of the Pensions Act 1995 (c. 26) (delegation of investment discretions) in the case of the scheme, and

(b)

any functions which he otherwise has as a member of a committee of the trustees of the scheme.

(2)

Regulations may provide for any provision in section 247 or 248—

(a)

not to apply, or

(b)

to apply with modifications,

to a trustee in prescribed circumstances.

(3)

Nothing in either of those sections affects any rule of law requiring a trustee to have knowledge of, or expertise in, any matter.