The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) (Amendment) Regulations 1998

Amendments to the principal Regulations

9.  For regulation 9 there shall be substituted—

“Provisions as to pensioneer trustees

9.— (1) The description of provision specified in this regulation is a provision to the effect that—

(a) one of the trustees of the scheme shall be a pensioneer trustee,

(b) the appointment of that trustee as a pensioneer trustee, and his obligation and entitlement to act as such, shall be incapable of termination at any time except—

(i) by the death of the trustee,

(ii) by an order of the court,

(iii) by withdrawal by the Board of their approval of the trustee to act as a pensioneer trustee, or

(iv) in the circumstances specified in paragraph (2), and

(c) where termination occurs by virtue of any of the events specified in paragraph (1)(b)(i) to (iii) or in the circumstances specified in paragraph (2)(b), the appointment of a successor to the former pensioneer trustee of the scheme is made no more than 30 days after the termination.

(2) The circumstances specified in this paragraph are where—

(a) another trustee is appointed to act as pensioneer trustee in place of the trustee, and the appointment of the other trustee takes effect at the same time as the termination;

(b) the trustee has committed a fraudulent breach of trust in relation to the scheme and that is the reason for the termination.”