Section 67E — Pensions Act 2004: The trustee approval requirement

The trustee approval requirement 67E 1 For the purposes of section 67(2)(b), the trustee approval requirement is satisfied in relation to the exercise of a power to make a regulated modification if—

a the trustees of the scheme have determined to exercise the power to make the modification, or b if the power is exercised by another person, the trustees have consented to the exercise of the power to make the modification, and the making of the determination, or giving of consent, complies with subsections (2) and (3).

2 The trustees must not make a determination, or give their consent, for the purposes of subsection (1) unless, in the case of each affected member—

a if the modification is a protected modification, the informed consent requirement is satisfied (within the meaning of section 67B), or b if it is not a protected modification—

i the informed consent requirement is satisfied, or ii the information and actuarial value requirements are satisfied (within the meaning of section 67C), in respect of the modification.

3 The trustees must not make a determination, or give their consent, for the purposes of subsection (1) more than a reasonable period after the first consent given by an affected member under section 67B(4)(b) in respect of the modification was given.