556. Board establishment, members and proceedings.

A body corporate called the Board of the Pension Protection Fund (in the Pensions Act 2004 referred to as 'the Board') is established to provide compensation for members of certain occupational pension schemes in the event of the insolvency of the scheme's sponsoring employer and where the pension scheme is under-funded at a certain level1.

The Board is to consist of the following members: (1) a chairman; (2) the Chief Executive of the Board; and (3) at least five other persons ('ordinary members')2. The chairman must not be appointed from the staff of the Board or be the chairman of