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Member-nominated trustees: Basics
Under the Pensions Act 2004 trustees must ensure that, within a reasonable period of the commencement date (6 April 2006), arrangements are in place to provide for at least one-third member nominated trustees (MNTs) and that those arrangements are implemented.
The arrangements must include a nomination process, a selection process and comply with other statutory requirements.
Trustees must be nominated as a result of a process in which at least all the active members (or an organisation which adequately represents them) and all the pensioner members (or an organisation which adequately represents them) are eligible to participate.
Trustees must be selected as a result of a process which involves some or all of the members of the scheme.
Author: Georgina Jones