- Latest available (Revised)
- Point in Time (31/12/2020)
- Original (As made)
Point in time view as at 31/12/2020.
The Pensions (Northern Ireland) Order 1995, Section 40 is up to date with all changes known to be in force on or before 04 September 2024. There are changes that may be brought into force at a future date. Changes that have been made appear in the content and are referenced with annotations.
Changes and effects yet to be applied by the editorial team are only applicable when viewing the latest version or prospective version of legislation. They are therefore not accessible when viewing legislation as at a specific point in time. To view the ‘Changes to Legislation’ information for this provision return to the latest version view using the options provided in the ‘What Version’ box above.
40.—(1) The trustees or managers of an occupational pension scheme must secure that the scheme complies with any prescribed restrictions with respect to the proportion of its resources that may at any time be invested in, or in any description of, employer-related investments.
(2) In this Article—
“employer-related investments” means—
shares or other securities issued by the employer or by any person who is connected with, or an associate of, the employer,
land which is occupied or used by, or subject to a lease in favour of, the employer or any such person,
property (other than land) which is used for the purposes of any business carried on by the employer or any such person,
loans to the employer or any such person, and
other prescribed investments,
Definition rep. by SI 2001/3649
[F1(2A) In the definition of “employer-related investments” in paragraph (2), “securities” means—
(a)shares,
(b)instruments creating or acknowledging indebtedness,
(c)instruments giving entitlements to investments,
(d)certificates representing securities.
(2B) Paragraph (2A) must be read with—
(a)section 22 of the Financial Services and Markets Act 2000,
(b)any relevant order made under that section, and
(c)Schedule 2 to that Act.]
(3) To the extent (if any) that sums due and payable by a person to the trustees or managers of an occupational pension scheme remain unpaid—
(a)they shall be regarded for the purposes of this Article as loans made to that person by the trustees or managers, and
(b)resources of the scheme shall be regarded as invested accordingly.
(4) If in the case of a trust scheme paragraph (1) is not complied with,[F2 Article 10 applies] to any trustee who fails to take all such steps as are reasonable to secure compliance.
(5) If any resources of an occupational pension scheme are invested in contravention of paragraph (1), any trustee or manager who agreed in the determination to make the investment is guilty of an offence and liable—
(a)on summary conviction, to a fine not exceeding the statutory maximum, and
(b)on conviction on indictment, to a fine or imprisonment, or both.
Latest Available (revised):The latest available updated version of the legislation incorporating changes made by subsequent legislation and applied by our editorial team. Changes we have not yet applied to the text, can be found in the ‘Changes to Legislation’ area.
Original (As Enacted or Made): The original version of the legislation as it stood when it was enacted or made. No changes have been applied to the text.
Point in Time: This becomes available after navigating to view revised legislation as it stood at a certain point in time via Advanced Features > Show Timeline of Changes or via a point in time advanced search.
Geographical Extent: Indicates the geographical area that this provision applies to. For further information see ‘Frequently Asked Questions’.
Show Timeline of Changes: See how this legislation has or could change over time. Turning this feature on will show extra navigation options to go to these specific points in time. Return to the latest available version by using the controls above in the What Version box.
Access essential accompanying documents and information for this legislation item from this tab. Dependent on the legislation item being viewed this may include:
This timeline shows the different points in time where a change occurred. The dates will coincide with the earliest date on which the change (e.g an insertion, a repeal or a substitution) that was applied came into force. The first date in the timeline will usually be the earliest date when the provision came into force. In some cases the first date is 01/02/1991 (or for Northern Ireland legislation 01/01/2006). This date is our basedate. No versions before this date are available. For further information see the Editorial Practice Guide and Glossary under Help.