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The Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 1996

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Restrictions on employer-related investments

5.—(1) Subject to regulations 6 to 9—

(a)not more than 5 per cent. of the current market value of the resources of a scheme may at any time be invested in employer-related investments; and

(b)none of the resources of a scheme may at any time be invested in any employer-related loan.

(2) None of the resources of a scheme may at any time be invested in any employer-related investment the making of which involves the entering by the trustees or managers into a transaction at an undervalue where the agreement to enter into that transaction is made on or after the commencement date.

(3) In this regulation and in regulations 7 and 8 “employer-related loan” means—

(a)a loan mentioned in paragraph (d) of the definition of “employer-related investments” in Article 40(2) (including, for the purposes of this regulation only, one which falls within the said paragraph (d) by virtue of Article 40(3));

(b)a security mentioned in paragraph (a) of the definition of “employer-related investments” in Article 40(2) which falls within paragraph 2 of Schedule 1 to the Financial Services Act 1986 (investments and investment business), except any such security which is listed on a recognised stock exchange; and

(c)an employer-related investment prescribed as such by regulation 4(b) or (c).

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