Statutory Instrument 1999 No. 1849

The Occupational Pension Schemes (Investment, and Assignment, Forfeiture, Bankruptcy etc.) Amendment Regulations 1999

---

© Crown Copyright 1999

Statutory Instruments printed from this website are printed under the superintendence and authority of the Controller of HMSO being the Queen's Printer of Acts of Parliament.

The legislation contained on this web site is subject to Crown Copyright protection. It may be reproduced free of charge provided that it is reproduced accurately and that the source and copyright status of the material is made evident to users.

It should be noted that the right to reproduce the text of Statutory Instruments does not extend to the Queen's Printer imprints which should be removed from any copies of the Statutory Instrument which are issued or made available to the public. This includes reproduction of the Statutory Instrument on the Internet and on intranet sites. The Royal Arms may be reproduced only where they are an integral part of the original document.

The text of this Internet version of the Statutory Instrument which is published by the Queen's Printer of Acts of Parliament has been prepared to reflect the text as it was Made. A print version is also available and is published by The Stationery Office Limited as the The Occupational Pension Schemes (Investment, and Assignment, Forfeiture, Bankruptcy etc.) Amendment Regulations 1999 , ISBN 0 11 082861 5. The print version may be purchased by clicking here. Braille copies of this Statutory Instrument can also be purchased at the same price as the print edition by contacting TSO Customer Services on 0870 600 5522 or e-mail:customer.services@tso.co.uk.

Further information about the publication of legislation on this website can be found by referring to the Frequently Asked Questions.

To ensure fast access over slow connections, large documents have been segmented into "chunks". Where you see a "continue" button at the bottom of the page of text, this indicates that there is another chunk of text available.

Amendment of the Occupational Pension Schemes (Investment) Regulations 1996
     2.  - (1) The Occupational Pension Schemes (Investment) Regulations 1996[3] shall have effect with the following amendments.

    (2) In regulation 2(2) (schemes to which regulation 5 does not apply) for sub-paragraph (a) substitute - 

" (a) in which each of the members is a trustee of the scheme;".

    (3) In regulation 6 (investments to which restrictions do not apply) - 

(a) in paragraph (8) - 


(i) after sub-paragraph (d) delete "and"; and

(ii) after sub-paragraph (e) insert - 


     " and

(f) the loan was made and the security given before 9 August 1999.";



(b) after paragraph (8) insert - 

    " (8A) This regulation applies to any security given over a policy of insurance to secure obligations of the employer, or of any person who is connected with, or an associate of, the employer, where - 


(a) the scheme provides benefits for any director of a company which is the employer;

(b) the policy is specifically allocated to the provision of benefits under the scheme for that director;

(c) the policy concerned is effected with an insurance company such as is mentioned in paragraph (2)(b)(i), (ii) or (iii) and the obligations secured are to the same insurance company;

(d) Inland Revenue requirements concerning the loan and the giving of the security have been satisfied; and

(e) the director mentioned in sub-paragraph (b) has agreed in writing to the security being given.".

    (4) In Part III - 

(a) in the heading to that Part delete "EXEMPTIONS FROM AND MODIFICATION OF REQUIREMENT TO OBTAIN";

(b) after regulation 11 insert - 

" Additional content of statement of investment principles
     11A. The matters prescribed for the purposes of section 35(3)(f) of the 1995 Act (other matters on which trustees must state their policy in their statement of investment principles) are - 


(a) the extent (if at all) to which social, environmental or ethical considerations are taken into account in the selection, retention and realisation of investments; and

(b) their policy (if any) in relation to the exercise of the rights (including voting rights) attaching to investments.".

Amendment of the Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regulations 1997
     3.  - (1) The Occupational Pension Schemes (Assignment, Forfeiture, Bankruptcy etc.) Regula tions 1997[4] shall have effect with the following amendments.

    (2) In regulation 8(1) (exemptions from the inalienability and forfeiture provisions) - 

(a) delete "or wish to make";

(b) for "section 91(1)(b)" substitute "section 91(1)";

(c) for "prevent the directors' interest" to the end substitute - 

" prevent enforcement of the security referred to in sub-paragraph (b) of that regulation 6(8).".

    (3) After regulation 8(1) insert - 

    " (1A) If a scheme is one the trustees of which have given or wish to give security in respect of which the conditions of regulation 6(8A) of the Occupational Pension Schemes (Investment) Regulations 1996 are met (investments to which restrictions do not apply), section 91(1) of the 1995 Act shall not apply to the extent that it would prevent that security being given or enforced.".

Signed by authority of the Secretary of State for Social Security.


Stephen C. Timms
Minister of State, Department of Social Security

29 June 1999

[2] See section 120 of the Pensions Act 1995.back

[3] S.I. 1996/3127; S.I. 1997/819 inserted regulation 1A to extend the meaning of "employer" for, among other things, the purposes of section 35 of the Pensions Act 1995, and substituted regulation 6(8).back

[4] S.I. 1997/785.back