The Occupational Pension Schemes (Trustees' Knowledge and Understanding) Regulations 2006

Exceptions for trustees of small schemes

2.—(1) The requirements imposed by sections 247(3) and (4) of the 2004 Act (requirement for knowledge and understanding: individual trustees) shall not apply to trustees of schemes with fewer than twelve members where all the members are trustees of the scheme and either—

(a) the provisions of the scheme provide that all decisions which fall to be made by the trustees are made by unanimous agreement by the trustees who are members of the scheme, or

(b) the scheme has a trustee who is independent in relation to the scheme for the purposes of section 23 of the 1995 Act(1) (power to appoint independent trustees), and is registered in the register maintained by the Authority in accordance with regulations made under subsection (4) of that section;

(2) The requirements imposed by section 248(3) and (5) of the 2004 Act (requirement for knowledge and understanding: corporate trustees) shall not apply to trustees of schemes with fewer than twelve members where a company is a trustee of the scheme and all of the members of the scheme are directors of the company and either—

(a) the provisions of the scheme provide that any decision made by the company in its capacity as trustee is made by the unanimous agreement of all the directors who are members of the scheme, or

(b) one of the directors is a trustee who is independent in relation to the scheme for the purposes of section 23 of the 1995 Act and is registered in the register maintained by the Authority in accordance with regulations made under subsection (4) of that section.

(1)

Section 23 was substituted by section 36(3) of the Pensions Act 2004.