The Personal Pension Schemes (Restriction on Discretion to Approve) (Permitted Investments) Regulations 2001

Regulation 6

SCHEDULE LIST OF INVESTMENTS THAT MAY BE HELD DIRECTLY OR INDIRECTLY FOR THE PURPOSES OF A SELF-INVESTED PERSONAL PENSION SCHEME

1.  Stocks and shares listed or dealt in on a recognised stock exchange.

2.  Futures and options, relating to stocks and shares, traded on a recognised futures exchange.

3.  Depositary interests.

4.  Units in an authorised unit trust scheme.

5.  Units in a unit trust scheme which—

(a) is an unauthorised unit trust whose gains are not chargeable gains by virtue of section 100(2) of the Taxation of Chargeable Gains Act 1992, and

(b) does not hold any freehold or leasehold interest in residential property other than that specified in paragraph 13 or 14 of this Schedule.

6.  Eligible shares within the meaning of section 638(11) received by the self-invested personal pension scheme as contributions to the scheme.

7.  Shares in an open-ended investment company.

8.  Interests (however described) in a collective investment scheme that is either a recognised scheme or a designated scheme within the meaning of section 86 or 87 of the Financial Services Act 1986.

9.  Contracts or policies of insurance linked to insurance company managed funds, unit-linked funds or investment funds of an insurance company resident in the United Kingdom or authorised in accordance with Article 6 of Council Directive 79/267 (First Council Directive on Direct Life Assurance)(1).

10.  Traded endowment policies transacted with a person regulated by the Financial Services Authority.

11.  Deposits in any currency held in deposit accounts with any deposit-taker.

12.  A freehold or leasehold interest in commercial property where the interest is acquired from any person other than a member of the scheme or a person connected with him, or the interest is acquired from a member of the scheme or a person connected with him in circumstances in which regulation 9(3) applies.

13.  A freehold or leasehold interest in any residential property which is—

(a) property which is, or is to be, occupied by an employee, whether or not a member of the self-invested personal pension scheme or connected with a member of the scheme, who is not connected with his employer and is required as a condition of his employment to occupy the property, and

(b) property which is, or is to be, occupied by a person who is neither a member of the self-invested personal pension scheme nor connected with a member of the scheme in connection with the occupation by that person of business premises held as an investment by the scheme.

14.  Ground rents, rent charges, ground annuals, feu duties or other annual payments reserved in respect of, or charged on or issuing out of, property, except where the property concerned is occupied by a member of the scheme or a person connected with him.

(1)

O.J. 1979, L63/1. Article 6 was substituted by Article 3 of Directive 92/96 (O.J. 1992, L360(1)).