Regulation 13 Schedule 10

Schedule 10 to the 1994 Regulations^f1 (permitted links) shall be amended as follows.

For paragraph 1, substitute—

“1

Listed securities which are readily realisable, not being securities which are—

(a)

approved securities;

(b)

loans or deposits of the kinds mentioned in paragraphs 4 and 7 below;

(b)

units or other beneficial interests in a collective investment fund; or

(d)

derivative contracts.”.

For paragraph 2, substitute—

“2

Unlisted securities which are readily realisable, not being securities which are—

(a)

approved securities;

(b)

loans or deposits of the kinds mentioned in paragraphs 4 and 7 below;

(b)

units or other beneficial interests in a collective investment fund; or

(d)

derivative contracts.”.

In paragraph 15(1)(b), for the words “the reference in regulation 55(7)(a)(i)”, substitute “the references in regulation 55”.

After paragraph 15 insert—

“15A

In this Schedule—

• “collective investment fund” includes a collective investment scheme; and

• “readily realisable”, in respect of an investment, has the meaning set out in paragraph 2 of Schedule 12 to these Regulations.”.

In paragraph 16(a), after the words “fluctuations in the value of” insert “or fluctuations in the income from,”

In paragraph 16(b), for the words “unless these securities are realisable in the short term without any diminution in value”, substitute “in excess of 10 per cent. of the aggregate property linked benefits under the contract”.