The Occupational Pension Schemes (Investment) Regulations 1996

PART I GENERAL

Citation, commencement and interpretation

1.—(1) These Regulations may be cited as the Occupational Pension Schemes (Investment) Regulations 1996 and shall come into force on 6th April 1997.

(2) In these Regulations—

“the 1995 Act” means the Pensions Act 1995;

“collective investment scheme” has the same meaning as in section 75 of the Financial Services Act 1986(1) but shall include arrangements of the types described in section 75(6)(a) and (c) of that Act;

“commencement date” means the date of coming into force of these Regulations;

“employer-related loan” has for the purposes of regulations 5, 7 and 8 the meaning given in regulation 5(3);

“group of companies” means a group of companies consisting of a holding company and one or more subsidiaries where “holding company” and “subsidiary” have the same meaning as in section 736 of the Companies Act 1985(2);

“insurance company” has the same meaning as in section 96 of the Insurance Companies Act 1982(3);

“member” has the same meaning as in section 124(1) of the 1995 Act;

“policy of insurance” means a contract the effecting of which constitutes the carrying on of long term business within the meaning of section 1(1) of the Insurance Companies Act 1982;

“recognised stock exchange” has the same meaning as in section 841 of the Taxes Act;

“scheme” (except in the expression “collective investment scheme”) means an occupational pension scheme;

“Taxes Act” means the Income and Corporation Taxes Act 1988(4); and

“transaction at an undervalue” has the same meaning in relation to trustees and managers as it has in section 238(4) of the Insolvency Act 1986(5) in relation to a company to which that section applies.

(3) A reference in these Regulations to a policy of insurance the effecting of which constitutes the carrying on of long term business falling within Class I or Class III of Schedule 1 to the Insurance Companies Act 1982 (classes of long term business) shall not include any contract the effecting of which is insurance business for the purposes of that Act only by virtue of section 95(c)(ii) of that Act (insurance business—contracts to manage the investments of pension funds).

(4) In these Regulations, unless the context otherwise requires, a reference—

(a) to a numbered regulation is to the regulation in these Regulations bearing that number;

(b) in a regulation to a numbered paragraph is to the paragraph in that regulation bearing that number;

(c) in a paragraph to a lettered or numbered sub-paragraph is to the sub-paragraph in that paragraph bearing that letter or number.

(1)

1986 c. 60.

(2)

1985 c. 6. Section 736 was substituted, together with section 736A, by section 144(1) of the Companies Act 1989 (c. 40).

(3)

1982 c. 50.

(4)

1988 c. 1.

(5)

1986 c. 45.