Regulation 30 Use and investment of superannuation funds' moneys

by adding after paragraph (2)(b) the following sub-paragraph:–

“(c)

any contract the effecting of which constitutes the carrying on of insurance business being long term business within class VII in Schedule 1 to the Insurance Companies Act 1982^f1 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.”;

in paragraph (4)(b)–

by adding after paragraph (4)(d) the following sub-paragraph:–

“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.”;

by adding 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.”; and

by inserting in paragraph (10)–

after the words ““investment manager” means” the word “(1)” and

at the end the following sub-paragraph:–

“or

(2)

an institution which is a European institution carrying on home-regulated investment business in the United Kingdom and which is reasonably believed by the administering authority to be suitably qualified to make investment decisions on their behalf.”.