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Session 2002 - 03
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Pensioner Trustees and Final Payments (1-i)


Pensioner Trustees and Final Payments

    1

 

A

Bill

To

To give pensioner members of occupational pension schemes the statutory

right to be member-nominated trustees of such schemes, and to guarantee the

final payments of such schemes; and for connected purposes.                                                                            

Be it enacted by the Queen’s most Excellent Majesty, by and with the advice and

consent of the Lords Spiritual and Temporal, and Commons, in this present

Parliament assembled, and by the authority of the same, as follows:—

 1     Occupational pension scheme trustees to include at least one pensioner

member

     (1)    Section 16 of the Pensions Act 1995 (c. 26) (“the 1995 Act”) (which requires

arrangements to be made and implemented for the selection of member-

nominated trustees of occupational pension schemes) is amended by inserting

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after subsection (5) the following subsection—

           “(5A)              The arrangements must provide for the selection of at least one pension

member of the scheme as a member-nominated trustee.”.

     (2)    After section 16 of the 1995 Act there shall be inserted the following section—

       “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

pensioner members of occupational pension schemes who are selected

in accordance with subsection 16(5A) above as member-nominated

trustees (“member-nominated pensioner trustees”).

           (2)           Without prejudice to the generality of the foregoing, regulations may

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make provision—

                  (a)                 requiring the trustees of an occupational pension trust scheme

to include at least one pensioner member of that scheme, who

shall count as one of the member-nominated trustees specified

in section 16;

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                  (b)                 for any member-nominated pensioner trustee of an

occupational pension scheme to be subject to the same duties

 
Bill 77 53/2
 
 

Pensioner Trustees and Final Payments

    2

 

and responsibilities and to enjoy the same rights as the other

trustees of that scheme;

                  (c)                 for member-nominated pensioner trustees to be required to act

in the interests of all members of the scheme in question;

                  (d)                 that any failure to comply with the requirement mentioned in

5

paragraph (c) shall render a member-nominated pensioner

trustee ineliglible to continue to serve in that capacity.

           (3)                         Regulations under subsection (1) shall be subject to annulment by a

resolution of either House of Parliament.”

 2     Citation

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This Act may be cited as the Pensioner Trustees and Final Payments Act 2003.

 

 

 
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Revised 12 June 2003