The Occupational Pension Schemes (Investment) Regulations 2005

Modification of regulation 2 in respect of wholly-insured schemes

8.—(1) Where, on the preparation or revision of a statement of investment principles under regulation 2, a scheme is a wholly-insured scheme and the trustees do not consider that it should cease to be such a scheme—

(a) sub-paragraphs (b) and (c) of regulation 2(3) shall not apply; and

(b) the statement of investment principles must cover the reasons for the scheme being a wholly-insured scheme.

(2) In this regulation, “wholly-insured scheme” means a trust scheme, other than a stakeholder pension scheme within the meaning of section 1 of the Welfare Reform and Pensions Act 1999(1) (meaning of “stakeholder pension scheme”), which has no investments other than specified qualifying insurance policies.

(3) For the purposes of paragraph (2), “investments” shall not include—

(a) cash held on deposit by the trustees or managers pending payment to the insurer or to members of the scheme;

(b) cash held on deposit by the trustees or managers to meet accrued liabilities or administrative expenses; or

(c) any investments arising from voluntary contributions.

(1)

1999 c. 30.