AI Summary of 64AC. Governance: requirements in respect of number of trustees
The provisions outlined stipulate that a scheme or trust RAC must have a minimum of two appointed trustees, ensuring effective governance. However, in instances where a body corporate serves as the sole trustee, the governance requirement can be met if the body corporate maintains at least two directors capable of effectively managing the scheme or trust RAC.
Additionally, transitional measures have been introduced for compliance by 31 December 2021. This mandates the appointment of necessary trustees or directors where existing structures do not meet the stipulated requirements prior to the enactment of the European Union (Occupational Pension Schemes) Regulations 2021, thereby ensuring continued regulatory adherence.
64AC. Governance: requirements in respect of number of trustees
(1) A scheme or a trust RAC shall, subject to subsection (2), have at least 2 persons appointed as trustees of the scheme or trust RAC who effectively run that scheme or trust RAC.
(2) Where a body corporate is appointed as the sole trustee of a scheme or trust RAC, the requirement under subsection (1) to appoint at least 2 trustees who effectively run the scheme or trust RAC shall, in the case of such body corporate, be deemed to be satisfied where the body corporate, subject to subsection (3), has at least 2 directors who effectively run that scheme or trust RAC and the requirements of section 59A(1B) are satisfied.
(3) Where immediately before the coming into operation of the European Union (Occupational Pension Schemes) Regulations 2021 -