There shall be a body corporate called the Pensions Regulator (in this Act referred to as “the Regulator”).
(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.
Schedule 1 makes further provision about the Regulator, including provision as to—
the terms of appointment, tenure and remuneration of members,
the appointment of the Chief Executive and other staff,
the proceedings of the Regulator,
its funding and accounts, and
the status and liability of the Regulator, its members and staff.