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The Retirement Benefits Schemes (Restriction on Discretion to Approve) (Small Self-administered Schemes) Regulations 1991

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Provisions as to lending and the acquisition of shares

7.—(1) The description of provision specified in this regulation is a provision to the effect that at the time that any money is lent, or any shares in an employer or any company associated with that employer are acquired, the aggregate of—

(a)the total amount outstanding of money lent to an employer and any company associated with him in accordance with regulation 6(2) and (3), and

(b)the market value of shares in an employer and any company associated with him held by the trustees in their capacity as such,

shall not, where that time is during the period of two years from the date on which the scheme was established, exceed the figure specified in paragraph (2) or, where that time is after the end of that period, exceed the figure specified in paragraph (3).

(2) The figure specified in this paragraph is 25 per cent. of the market value of the assets of the scheme which are derived from contributions made by an employer and by employees since the scheme was established.

(3) The figure specified in this paragraph is 50 per cent. of the market value of all the assets of the scheme.

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