Regulation 2 Use and investment of superannuation fund’s moneys

by adding at the end of paragraph (2) the words

“and

(c)

any contract the effecting of which constitutes the carrying on of insurance business within class VII in Schedule 1 to the Insurance Companies Act 1982 with a person who is permitted under that Act to carry on such business or, being an insurance company the head office of which is in a member State, is permitted under the law of a member State other than the United Kingdom to carry on insurance business of a corresponding class.” ^f1;

in paragraph (4)(b)—

by adding at the end of paragraph (4) the words

“or

(e)

make any contract falling within paragraph (2) (c) whereby the total amount so contracted exceeds 25% of the value at the time of all investments of fund moneys.”; and

by inserting after paragraph (4) the following paragraph—

“(4A)

An administering authority may make an investment so as to result in more than 10% of the value at the time of all investments of fund moneys being represented by a single holding where—

(a)

the investment is made by an investment manager appointed under paragraph (5A); and

(b)

the single holding is comprised of investments in units or other shares of the investments subject to the trusts of any one unit trust scheme.”.