1999 No. 1849
The Occupational Pension Schemes (Investment, and Assignment, Forfeiture, Bankruptcy etc.) Amendment Regulations 1999
Made
Laid before Parliament
Coming into force
—except for the purposes of regulation 2(4)
— for the purposes of regulation 2(4)
The Secretary of State for Social Security, in exercise of powers conferred by sections 35(3), 40(1), 94(1), 124(1) and 174(1) and (2) of the Pensions Act 19951, and of all other powers enabling him in that behalf, having consulted such persons as he considered appropriate2, hereby makes the following Regulations:
Citation and commencement1
These Regulations may be cited as the Occupational Pension Schemes (Investment, and Assignment, Forfeiture, Bankruptcy etc.) Amendment Regulations 1999 and shall come into force—
a
except for the purposes of regulation 2(4), on 9 August 1999; and
b
for the purposes of regulation 2(4), on 3 July 2000.
Amendment of the Occupational Pension Schemes (Investment) Regulations 19962
1
The Occupational Pension Schemes (Investment) Regulations 19963 shall have effect with the following amendments.
2
In regulation 2(2) (schemes to which regulation 5 does not apply) for sub-paragraph (a) substitute—
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)—
i
after sub-paragraph (d) delete “and”; and
ii
after sub-paragraph (e) insert—
and
f
the loan was made and the security given before 9 August 1999.
b
after paragraph (8) insert—
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)(i), (ii) or (iii) 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 delete “EXEMPTIONS FROM AND MODIFICATION OF REQUIREMENT TO OBTAIN”;
b
after regulation 11 insert—
Additional content of statement of investment principles11A
The matters prescribed for the purposes of section 35(3)(f) of the 1995 Act (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
their policy (if any) in relation to the exercise of the rights (including voting rights) attaching to investments.
Amendment of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 19973
1
The Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regula tions 19974 shall have effect with the following amendments.
2
In regulation 8(1) (exemptions from the inalienability and forfeiture provisions)—
a
delete “or wish to make”;
b
for “section 91(1)(b)” substitute “section 91(1)”;
c
for “prevent the directors' interest” to the end substitute—
prevent enforcement of the security referred to in sub-paragraph (b) of that regulation 6(8).
3
After regulation 8(1) insert—
1A
If a scheme is one the trustees of which have given or wish to give security in respect of which the conditions of regulation 6(8A) of the Occupational Pension Schemes (Investment) Regulations 1996 are met (investments to which restrictions do not apply), section 91(1) of the 1995 Act shall not apply to the extent that it would prevent that security being given or enforced.
Signed by authority of the Secretary of State for Social Security.
(This note is not part of the Regulations)