The European Parliamentary (United Kingdom Representatives) Pensions (Additional Voluntary Contributions Scheme) (No. 2) Order 1995

Investment of contributions

6.—(1) Where a contributor has specified that all or any of his contributions are to be invested to provide retirement benefits, the Managers shall, as soon as practicable and subject to article 5(2)(b), direct the institution appointed under article 3(4) to invest those contributions in the type of investment chosen by the contributor.

(2) Without prejudice to the generality of (1) above, the contributor’s contributions may be invested—

(a) in an insurance policy or policies taken out with an insurance company, being either—

(i) 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

(ii) an EC company as defined by section 2(6) of the Insurance Companies Act 1982(2) which is lawfully carrying on ordinary long-term insurance business in the United Kingdom; or

(b) in a deposit account or accounts with a building society authorised by virtue of Part II of the Building Societies Act 1986(3).

(3) 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 appointed under article 3(4), in such amounts, at such times and in such manner as may be specified by the Managers, with the approval of the institutions concerned.

(1)

1982 c. 50.

(2)

Section 2(6) was added by the Insurance Companies (Third Insurance Directives) Regulations 1994 (S.I. 1994/1696).

(3)

1986 c. 60.