(1) For the purposes of this regulation
(a)“member-nominated trustee” includes 'member-nominated directors';
(b)“requirements” means the requirements for trustees to put in place and implement arrangements to provide that at least one-third of the trustees are member-nominated trustees; and
(c)“trustees” means trustees of an occupational pension scheme or provident fund scheme or a group personal pension scheme registered by the Authority;
(2) A trustee shall ensure that arrangements are put in place to provide for at least one-third of the total number of trustees to be member-nominated trustees within six months after the registration of a scheme and implement the arrangements.
(3) For schemes where all the trustees are individuals or individuals and companies, the member-nominated trustees’ requirements rather than the member- nominated director’s requirements apply.
(4) Where a trustee body comprises both individuals and companies, each company counts as a single trustee for the purpose of determining the total number of trustees.
(5) For schemes where all the trustees are companies, the member-nominated director’s requirements apply.
(6) Where a company is the sole trustee then the member-nominated director’s requirements apply to the total number of company directors.
(7) Where a trustee body has more than one company as trustee then the member-nominated director’s requirements apply separately to each company.