The Overseas Service Pensions (Scheme and Fund) Regulations 1966

General Account and Investment Account

7.—(1) Two accounts shall be maintained for the Fund, to be called the General Account and the Investment Account.

(2) There shall be paid into or transferred to the General Account—

(a) all contributions, and

(b) such sum or sums as may be required to prevent a deficiency from arising on the General Account and which may be authorised by the Minister to be transferred from the Investment Account.

(3) There shall be paid into or transferred to the Investment Account from time to time during each accounting year—

(a) a sum or sums equal to the aggregate of the net proceeds of all contributions paid under the provisions of the Scheme, less such sums as are necessary to pay the pensions and any sums payable under the provisions of the Scheme;

(b) the net proceeds of all dividends, interest and other income arising out of the investment or use of the Investment Account or any part thereof; and

(c) any other sums relating to the Fund received by the Crown Agents.

(4) Subject to the provisions of regulation 8, there shall be paid out of the General Account the pensions and any sums payable under the provisions of the Scheme.

(5) There shall be paid by or on behalf of the Crown Agents from the Investment Account such sums as are required to negotiate the investment of securities and such sum or sums as may be required to prevent a deficiency from arising on the General Account.