(1) A scheme or a trust RAC shall, subject to subsection (2), have at least 2 persons appointed as trustees of the scheme or trust RAC who effectively run that scheme or trust RAC.
(2) Where a body corporate is appointed as the sole trustee of a scheme or trust RAC, the requirement under subsection (1) to appoint at least 2 trustees who effectively run the scheme or trust RAC shall, in the case of such body corporate, be deemed to be satisfied where the body corporate, subject to subsection (3), has at least 2 directors who effectively run that scheme or trust RAC and the requirements of section 59A(1B) are satisfied.
(3) Where immediately before the coming into operation of the European Union (Occupational Pension Schemes) Regulations 2021 -
(a) a scheme or trust RAC referred to in subsection (1) had less than 2 persons appointed as trustees of the scheme or trust RAC who effectively run that scheme or trust RAC, another person shall be appointed as a trustee of that scheme or trust R
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