C1C2C4Part I Occupational pensions

Annotations:
Modifications etc. (not altering text)
C4

Pt. I: Pensions Act 2004 (c.35), Pt. 3 construed as one with Pt. I of this Act (4.12.2005 for specified purposes, 30.12.2005 in so far as not already in force) by Pensions Act 2004 (c. 35), ss. 233, 322(1) (with s. 313); S.I. 2005/3331, art. 2(1)(a)(b), Sch. Pt. 1

Functions of trustees

I1I2C332 Decisions by majority.

1

Decisions of the trustees of a trust scheme may, unless the scheme provides otherwise, be taken by agreement of a majority of the trustees.

2

Where decisions of the trustees of a trust scheme may be taken by agreement of a majority of the trustees—

a

the trustees may, unless the scheme provides otherwise, by a determination under this subsection require not less than the number of trustees specified in the determination to be present when any decision is so taken, and

b

notice of any occasions at which decisions may be so taken must, unless the occasion falls within a prescribed class or description, be given to each trustee to whom it is reasonably practicable to give such notice.

3

Notice under subsection (2)(b) must be given in a prescribed manner and not later than the beginning of a prescribed period.

4

This section is subject to sections 8(4)(b) F1and 25(2) of this Act and section 241(6) of the Pensions Act 2004.

5

If subsection (2)(b) is not complied with, F2section 10 applies to any trustee who has failed to take all such steps as are reasonable to secure compliance.