The Occupational Pension Schemes (Prohibition of Trustees) Regulations 1997

• Citation: S.I. 1997/663
• Sections: 2

Section 1 Citation, commencement and interpretation

(1) These Regulations may be cited as the Occupational Pension Schemes (Prohibition of Trustees) Regulations 1997 and shall come into force on 6th April 1997.

(2) In these Regulations “ the Act ” means the Pensions Act 1995.

Section 2 Circumstances in which the Authority may prohibit a person from being a trustee

If—

(a) a company or a Scottish partnership is, or prior to dissolution was, prohibited under sub-section (2) of section 3 of the Act from being a trustee of a scheme by reason of circumstances falling within paragraphs (a) or (b) of that sub-section, and

(b) the Authority are satisfied that the acts or defaults giving rise to those circumstances were committed with the consent or connivance of, or attributable to any neglect on the part of, an individual who at the time of those acts or defaults was a director of the company or a partner in the Scottish partnership,

the Authority (except where section 3(2) of the Act applies) may by order prohibit from being a trustee of a particular trust scheme—

(i) the individual concerned,

(ii) any Scottish partnership in which the individual concerned is a partner,

(iii) any company of which the individual concerned is a director,

(iv) any company which has as a director, a company of which the individual concerned is a director,

(v) any company which is subject to a power of appointment to a directorship, in favour of a company of which the individual concerned is a director, and

(vi) any company which automatically has as a director, any director or other nominee of another company of which latter company the individual concerned is a director.