SCHEDULE 11Single regulator of insolvency practitioners: supplementary provision
Remuneration etc.
3
(1)
The Regulations must provide that the body must pay to its chair and members such remuneration and allowances in respect of expenses properly incurred by them in the exercise of their functions as the Secretary of State may determine.
(2)
The Regulations must provide that, as regards any member (including the chair) in whose case the Secretary of State so determines, the body must pay or make provision for the payment of—
(a)
such pension, allowance or gratuity to or in respect of that person on retirement or death as the Secretary of State may determine, or
(b)
such contributions or other payment towards the provision of such a pension, allowance or gratuity as the Secretary of State may determine.
(3)
The Regulations must provide that where—
(a)
a person ceases to be a member of the body otherwise than on the expiry of the term of office, and
(b)
it appears to the Secretary of State that there are special circumstances which make it right for that person to be compensated,
the body must make a payment to the person by way of compensation of such amount as the Secretary of State may determine.