Regulation 13 Investments to which restrictions do not apply

Regulation 12(1) shall not restrict or prohibit investments to which this regulation applies.

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This regulation applies to sums due from the employer to the trustees by virtue of a provision in an order under section 7 of the 1995 Act M1 (appointment of trustees) such as is permitted by section 8(1) of that Act M2 (orders appointing trustees may provide that certain sums are to be treated as a debt due from the employer to the trustees).

This regulation applies to sums which fall or fell to be treated as debts due from the employer to the trustees or managers by virtue of—

and to sums which would fall to be so treated by virtue of any of those sections were they not already debts due from the employer to the trustees or managers.

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Subject to paragraph (11), where the disposal of assets on the winding up of a scheme would otherwise result in a contravention of these Regulations F9and where it would not be reasonably practicable to otherwise dispose of them, any employer-related investments held before the commencement of the winding up may be retained while the scheme is being wound up, but there shall be no new investment in employer-related investments while the resources retained under this paragraph exceed five per cent. of the current market value of the resources of the scheme.

Paragraph (10) does not apply to permit the retention of—

This regulation applies to a loan to the employer or a company associated with the employer, if the scheme has fewer than 100 members, and—

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