The trustees or managers of a relevant scheme to which this provision applies must, at intervals of no more than one year, calculate the percentage of relevant scheme assets allocated to each of the asset classes in paragraph (3).
This provision applies to a relevant scheme unless it is a collective money purchase scheme which is not a qualifying collective money purchase scheme.
The asset classes are—
cash;
bonds creating or acknowledging indebtedness, issued by—
a company;
His Majesty’s Government in the United Kingdom; or
the government of any country or territory other than the United Kingdom;
shares listed on a recognised stock exchange;
shares not listed on a recognised stock exchange;
infrastructure comprising of physical structures, facilities, systems or networks that provide or support essential public services and including water, gas and electricity networks, roads, telecommunications facilities, schools, hospitals and prisons;
property which does not fall within sub-paragraph (e);
instruments creating or acknowledging indebtedness which do not fall within sub-paragraph (b); and
any other assets which do not fall within sub-paragraphs (a) to (g).
In making the calculation required under paragraph (1), the trustees or managers of the relevant scheme must have regard to any guidance issued by the Department by virtue of paragraph 2(2)(b) of Schedule 18 to the Pensions Act (Northern Ireland) 2015 (power to impose requirements relating to administration or governance).
Where relevant scheme assets are invested in a collective investment scheme, the trustees or managers of the relevant scheme must refer to the assets held by the collective investment scheme when making the calculation required by paragraph (1).
In this regulation—
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“ 2007 c. 3; section 1005 was substituted by paragraph 1 of Schedule 26 to the Finance Act 2007 (c. 11) and amended by paragraph 55 of Schedule 2 to the Taxation (International and Other Provisions) Act 2010 (c. 8)
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in relation to a relevant scheme which is not a qualifying collective money purchase scheme, the assets allocated to that scheme’s default arrangements; and
in relation to a qualifying collective money purchase scheme, the assets held for the purposes of the scheme.