The following Pensions guidance note Produced in partnership with Wyn Derbyshire of gunnercooke LLP provides comprehensive and up to date legal information covering:
THIS PRACTICE NOTE APPLIES TO TRUST-BASED OCCUPATIONAL PENSION SCHEMES
This Practice Note examines the powers of the Pensions Regulator (the Regulator) to suspend or prohibit trustees of occupational pension schemes, and the statutory grounds on which an individual or other legal person may be disqualified from acting as a trustee of an occupational pension scheme.
The Regulator’s powers to suspend or prohibit trustees of occupational pension schemes are:
'reserved regulatory functions’ exercisable by the Regulator’s Determinations Panel
therefore subject to the standard procedure or, in special circumstances, the special procedure
As part of the standard procedure, the Regulator must notify such persons, who appear to be directly affected by the suspension or prohibition order, that such an order is being made. This will normally include the continuing trustees of the relevant scheme.
For more information on the reserved regulatory functions of the Determinations Panel and the standard and special procedures, see The Pensions Regulator’s Determinations Panel.
As mentioned above, the Regulator may temporarily suspend trustees of trust-based pension schemes from office by issuing suspension orders.
The Pensions Act 1995, s 4(1) (PA 1995) gives the Regulator the power to issue such orders:
while the Regulator is considering making a prohibition order against an individual trustee pursuant
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