225. Appointment of statutory independent trustees.

While the independent trustee requirement1 applies in relation to a scheme, the Pensions Regulator2 may by order appoint as a trustee of the scheme a person who:


    (1)     is an independent person in relation to the scheme; and


    (2)     is registered in the register maintained3 by the Regulator4.

In relation to a particular trust scheme, no more than one trustee may at any time be an independent trustee appointed under this provision5.

For the purposes of these provisions a person is independent in relation to a trust scheme only if:


    (a)     he has no interest in the assets of the employer6