479. Establishment and status.

A body corporate called the Pensions Regulator is established by the Pensions Act 2004, 1replacing2 the Occupational Pensions Regulatory Authority which had been established under the Pensions Act 19953.

The Regulator is to consist of the following members: (1) a chairman appointed by the Secretary of State4; (2) the Chief Executive of the Regulator; and (3) at least five other persons appointed by the Secretary of State after consulting the chairman5. The chairman must not be appointed from the staff of the Regulator or be the chairman of the Board of the Pension Protection Fund