242 Requirement for member-nominated directors of corporate trustees
Pensions Act 2004 (2004 c 35) | Legislation

242  Requirement for member-nominated directors of corporate trustees

(1)     Where a company is a trustee of an occupational trust scheme and every trustee of the scheme is a company, the company must secure—

(a)     that, within a reasonable period of the commencement date, arrangements are in place which provide for at least one-third of the total number of directors of the company to be member-nominated directors, and

(b)     that those arrangements are implemented.

(2)     “Member-nominated directors” are directors of the company in question who—

(a)     are nominated as the result of a process in which at least the following are eligible to participate—

(i)     all the active members of the occupational trust scheme or an organisation which adequately represents the active members, and

(ii)     all the pensioner members of the occupational trust scheme or an organisation which adequately represents the pensioner members, and

(b)     are

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