Explanatory note

These Regulations implement the requirements of Article 18(1)(f) of the Directive 2003/41/EC (OJ L235, 23.09.2003 p 10) of the European Parliament and of the Council on the activities and supervision of institutions for occupational retirement provision as it applies to investments by an operator of collective investment schemes and to investments subject to certain transitional protection. A Transposition Note setting out how these Regulations transpose the requirements of Article 18(1)(f) of the Directive into UK law has been prepared by the Department for Work and Pensions and may be obtained from Private Pensions, Department for Work and Pensions, 7th floor, Caxton House, Tothill Street, London SW1H 9NA.

Regulation 2(2) omits regulation 13(7) of the Occupational Pension Schemes (Investment) Regulations 2005 (S.I. 2005/3378) to bring certain investments by operators of a collective investment scheme within the meaning of employer-related investments as defined by regulation 11 of those Regulations.

Regulation 2(3) removes transitional protection from schemes to which regulation 5(2)(d) of the Occupational Pension Schemes (Investment of Scheme’s Resources) Regulations 1992 (S.I. 1992/246) applied immediately before 6th April 1997.

An assessment of the impact of these Regulations on the private and voluntary sectors has been made. Copies of the Impact Assessment are available in the libraries of both Houses of Parliament. They may also be obtained from the Better Regulation Unit of the Department for Work and Pensions, 6th floor, Caxton House, Tothill Street. London SW1H 9NA or from the DWP website: http://www.dwp.gov.uk/resourcecentre/ria.asp.