Section 2 — Pensions Act 2004: Membership of the Regulator

Membership of the Regulator 2 1 The Regulator is to consist of the following members—

a a chairman appointed by the Secretary of State, b the Chief Executive of the Regulator, and c at least five other persons appointed by the Secretary of State after consulting the chairman.

2 The chairman must not be appointed from the staff of the Regulator or be the chairman of the Board of the Pension Protection Fund (see section 108).

3 At least two of the members appointed under subsection (1)(c) must be appointed from the staff of the Regulator.

4 In appointing persons under subsection (1)(c) the Secretary of State must secure that a majority of the members of the Regulator are non-executive members.

5 No member of the staff of the Board of the Pension Protection Fund is eligible for appointment as a member of the Regulator.

6 In this Part—

a references to executive members of the Regulator are to—

i the Chief Executive, and ii the members appointed under subsection (1)(c) from the staff of the Regulator, and b references to non-executive members of the Regulator are to members who are not executive members.