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The Pensions (Northern Ireland) Order 1995

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This is the original version (as it was originally made).

Restriction on employer-related investments

40.—(1) The trustees or managers of an occupational pension scheme must secure that the scheme complies with any prescribed restrictions with respect to the proportion of its resources that may at any time be invested in, or in any description of, employer-related investments.

(2) In this Article—

“employer-related investments” means—

(a)

shares or other securities issued by the employer or by any person who is connected with, or an associate of, the employer,

(b)

land which is occupied or used by, or subject to a lease in favour of, the employer or any such person,

(c)

property (other than land) which is used for the purposes of any business carried on by the employer or any such person,

(d)

loans to the employer or any such person, and

(e)

other prescribed investments,

“securities” means any asset, right or interest falling within paragraph 1,2,4 or 5 of Schedule 1 to the Financial Services Act 1986(1).

(3) To the extent (if any) that sums due and payable by a person to the trustees or managers of an occupational pension scheme remain unpaid—

(a)they shall be regarded for the purposes of this Article as loans made to that person by the trustees or managers, and

(b)resources of the scheme shall be regarded as invested accordingly.

(4) If in the case of a trust scheme paragraph (1) is not complied with, Articles 3 and 10 apply to any trustee who fails to take all such steps as are reasonable to secure compliance.

(5) If any resources of an occupational pension scheme are invested in contravention of paragraph (1), any trustee or manager who agreed in the determination to make the investment is guilty of an offence and liable—

(a)on summary conviction, to a fine not exceeding the statutory maximum, and

(b)on conviction on indictment, to a fine or imprisonment, or both.

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