The Scotland Act 1998 (Transitory and Transitional Provisions) (Scottish Parliamentary Pension Scheme) Order 1999

Investment of contributions

5.—(1) Each contributor’s contributions shall be invested in such investments as the Parliamentary corporation may from time to time determine, save that such contributions may not be used for the purpose of making any loan whatsoever.

(2) Without prejudice to the generality of sub-paragraph (1) above, the Parliamentary corporation, in accordance with a contributor’s instructions, may invest the contributor’s contributions–

(a) in an insurance policy or policies taken out with an insurance company, being a United Kingdom office or branch of an insurance company to which Part II of the Insurance Companies Act 1982(1) applies and which is authorised under section 3 or 4 of that Act to carry on ordinary long-term insurance business; or

(b) in a deposit account or accounts with a building society authorised by virtue of Part II of the Building Societies Act 1986(2).

(3) The Parliamentary corporation shall, as soon as practicable, invest the contributions, with the institution and in the manner chosen by the contributor, in order to provide benefits which fall within the scope of paragraph 6.

(4) The investments made in respect of a contributor with an institution may be realised and reinvested at the request of the contributor with that or any other institution determined by the Parliamentary corporation, in such amounts, at such times and in such manner as may be specified by the Parliamentary corporation, with the approval of the institutions concerned.

(1)

1982 c. 50.

(2)

1986 c. 60.