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19.—(1) The Occupational Pension Schemes (Investment) Regulations 2005(1) are amended in accordance with this regulation.
(2) In regulation 12 (restrictions on employer-related investments)—
(a)for paragraph (2), substitute—
“(2) Subject to regulations 13 and 16, not more than five per cent. of the current market value of the resources of a scheme may at any time be invested in employer-related investments.
(2A) Subject to regulations 14, 15, 15A and 16, none of the resources of a scheme may at any time be invested in any employer-related loan.
(2B) Subject to regulation 16, employer-related loans under regulations 14, 15 and 15A are to be regarded as employer-related investments for the purposes of determining the percentage of a scheme’s resources invested in employer-related investments under paragraph (2).”, and
(b)in paragraph (4), for “14 and 15” substitute “14, 15 and 15A”.
(3) In regulation 13 (investments to which restrictions do not apply)—
(a)omit paragraph (2),
(b)in paragraph (3)(b)(2), insert at the end—
“; or
(c)the Bank of England.”,
(c)omit paragraphs (3), (4), (8) and (9),
(d)in paragraph (10), after “of these Regulations” insert “and where it would not be reasonably practicable to otherwise dispose of them”, and
(e)omit paragraph (13).
(4) After regulation 15 (loans that become employer-related), insert—
15A.—(1) Regulation 12(2A) shall not prohibit an investment in paragraph (2) of this regulation to the extent that it can be construed as an employer-related loan mentioned in regulation 12(4) of these Regulations.
(2) This regulation applies to any employer-related investment of resources in an account (including a current, deposit or shared account) with—
(a)a person who has permission under Part 4 of the FSM Act (permission to carry on regulated activities) to accept deposits;
(b)an EEA firm of the kind mentioned in paragraph 5(b) of Schedule 3 to that Act, which has permission under paragraph 15 of that Schedule (as a result of qualifying for authorisation under paragraph 12 of that Schedule) to accept deposits; or
(c)the Bank of England.”.
(5) In regulation 16 (multi-employer schemes)—
(a)in paragraphs (1), (2) and (3), for “15” substitute “15A”, and
(b)in paragraph (5)(a), for “12(2)(a)” substitute “12(2)”.
(6) In regulation 17 (scheme undertaking cross-border activities)—
(a)in paragraph (c), after “;” insert “and”,
(b)for paragraph (d), substitute—
“(d)regulation 13(12).”, and
(c)omit paragraphs (e) and (f).
Regulation 13(3) is amended by this sub-paragraph from 6th April 2009. Regulation 13(3) is omitted by sub-paragraph (c) from 23rd September 2010. See regulation 1(3) of these Regulations.
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