The Occupational Pension Schemes (Investment) Regulations (Northern Ireland) 1996

Loans that become employer-related

8.—(1) If either a loan or a security falling within paragraph 2 of Schedule 1 to the Financial Services Act 1986 becomes an employer-related loan on or after the commencement date as a result of a change in the ownership of the employer or the person to whom the loan was made, the loan or security may be retained until whichever is the latest of—

(a) the date falling 2 years after the date on which it became an employer-related loan;

(b) 6th April 2002; or

(c) where repayment cannot by virtue of contractual or other legal obligations be required or, in the case of securities, disinvestment effected before the latest of the dates mentioned in sub-paragraphs (a) and (b), the earliest date on which repayment can be enforced, or disinvestment effected.

(2) In paragraph (1)—

• “loan” does not include any sum regarded as a loan under Article 40(3); and

• “retained” means left undischarged.