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The Occupational Pension Schemes (Investment, and Assignment, Forfeiture, Bankruptcy etc.) (Amendment) Regulations (Northern Ireland) 1999

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Amendment of the Occupational Pension Schemes (Investment) Regulations

2.—(1) The Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 1996(1) shall be amended in accordance with paragraphs (2) to (4).

(2) In regulation 2(2) (schemes to which regulation 5 does not apply) for sub-paragraph (a) there shall be substituted the following sub-paragraph—

(a)in which each of the members is a trustee of the scheme;.

(3) In regulation 6 (investments to which restrictions do not apply)—

(a)in paragraph (8)(2)—

(i)after sub-paragraph (d) the word “and” shall be omitted; and

(ii)after sub-paragraph (e) there shall be inserted—


(f)the loan was made and the security given before 9th August 1999.;

(b)after paragraph (8) there shall be inserted the following paragraph—

(8A) This regulation applies to any security given over a policy of insurance to secure obligations of the employer, or of any person who is connected with, or an associate of, the employer, where—

(a)the scheme provides benefits for any director of a company which is the employer;

(b)the policy is specifically allocated to the provision of benefits under the scheme for that director;

(c)the policy concerned is effected with an insurance company such as is mentioned in paragraph (2)(b) and the obligations secured are to the same insurance company;

(d)Inland Revenue requirements concerning the loan and the giving of the security have been satisfied; and

(e)the director mentioned in sub-paragraph (b) has agreed in writing to the security being given..

(4) In Part III—

(a)in the heading to that Part, the words “EXEMPTIONS FROM, AND MODIFICATION OF, REQUIREMENT TO OBTAIN” shall be omitted;

(b)after regulation 11 there shall be inserted the following regulation—

Additional content of statement of investment principles

11A.  The matters prescribed for the purposes of Article 35(3)(f) (other matters on which trustees must state their policy in their statement of investment principles) are—

(a)the extent (if at all) to which social, environmental or ethical considerations are taken into account in the selection, retention and realisation of investments; and

(b)the trustees' policy (if any) in relation to the exercise of the rights (including voting rights) attaching to investments..


S.R. 1996 No. 584; relevant amending regulations are S.R. 1997 No. 162


Paragraph (8) was substituted by regulation 4(3) of S.R. 1997 No. 162

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