Paragraph 17

Benefits payable under any contract to which regulation 51 applies shall not be determined by reference to—

• 1. (a)

     property of any of the descriptions specified in paragraphs 2, 5(b) and 7 above if the value of such property is determined, either wholly or partly, by reference to the value of, the income from, fluctuations in the value of or fluctuations in the income from, property other than property of the descriptions in Part I of this Schedule;

  2. (b)

     property of the description specified in paragraph 2 above in excess of 10 per cent. of the aggregate property linked benefits under the contract;

  3. (c)

     property of the description specified in paragraph 5(b) above which in aggregate value exceeds 10 per cent. of the property linked benefits, unless the contract under which the benefits are payable has been marketed in accordance with any legal restrictions which apply to the marketing of the corresponding collective investment fund; or

  4. (d)

     property of any of the descriptions specified in Part I of this Schedule which has the effect of a derivative contract other than a permitted derivative contract.