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A
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Bill
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To
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To
give pensioner members of occupational pension schemes the statutory
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right to be member-nominated trustees
of such schemes, and to guarantee the
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final payments of such schemes; and
for connected purposes.
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Be
it enacted by the Queen’s most Excellent Majesty, by and
with the advice and
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consent of the Lords Spiritual and
Temporal, and Commons, in this present
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Parliament assembled, and by the authority
of the same, as follows:—
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1 Occupational
pension scheme trustees to include at least one pensioner
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member
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(1) Section
16 of the Pensions Act 1995 (c. 26) (“the 1995 Act”) (which
requires
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arrangements to be made and implemented
for the selection of member-
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nominated trustees of occupational
pension schemes) is amended by inserting
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after subsection (5) the following
subsection—
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“(5A) The
arrangements must provide for the selection of at least one pension
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member
of the scheme as a member-nominated trustee.”.
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(2) After
section 16 of the 1995 Act there shall be inserted the following section—
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“16A Further
provision in relation to pensioner members
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(1) The
Secretary of State may by regulations make provision in relation to
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pensioner
members of occupational pension schemes who are selected
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in
accordance with subsection 16(5A) above as member-nominated
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trustees
(“member-nominated pensioner trustees”).
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(2) Without
prejudice to the generality of the foregoing, regulations may
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make
provision—
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(a) requiring
the trustees of an occupational pension trust scheme
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to
include at least one pensioner member of that scheme, who
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shall
count as one of the member-nominated trustees specified
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in
section 16;
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(b) for
any member-nominated pensioner trustee of an
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occupational
pension scheme to be subject to the same duties
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and
responsibilities and to enjoy the same rights as the other
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trustees
of that scheme;
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(c) for
member-nominated pensioner trustees to be required to act
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in
the interests of all members of the scheme in question;
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(d) that
any failure to comply with the requirement mentioned in
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paragraph
(c) shall render a member-nominated pensioner
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trustee
ineliglible to continue to serve in that capacity.
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(3) Regulations
under subsection (1) shall be subject to annulment by a
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resolution
of either House of Parliament.”
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2 Citation
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This Act may be cited as the Pensioner Trustees
and Final Payments Act 2003.
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