# The Occupational Pension Schemes (Investment) Regulations 2005, Regulation 13: Investments to which restrictions do not apply


(1) Regulation 12(1) shall not restrict or prohibit investments to which this regulation applies.
(2) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(4) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(5) 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 (appointment of trustees) such as is permitted by section 8(1) of that Act (orders appointing trustees may provide that certain sums are to be treated as a debt due from the employer to the trustees).
(6) 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—
(a) section 75(2) and (4) of the 1995 Act (deficiencies in the assets);
(b) section 88(2) of the 1995 Act (schedules of payments to money purchase schemes: supplementary – amounts not paid in accordance with the payment schedule); ...
(c) section 228(3) of the 2004 Act (failure to make payments);
(d) section 59(2) of the 1995 Act (determination of contributions: supplementary); or
(e) section 60(5) of the 1995 Act (serious underprovision),
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.
(7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(8) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(10) 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 and 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.
(11) Paragraph (10) does not apply to permit the retention of—
(a) employer-related investments which were, prior to the commencement of the winding up, held in contravention of these Regulations or of the Occupational Pension Schemes (Investment) Regulations 1996 ; or
(b) employer-related loans to which regulation 14(2)(c) applies.
(12) 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—
(a) the scheme provides benefits for directors of a company which is the employer, or such directors and others;
(b) there is a qualifying insurance policy taken out under the scheme which is specifically allocated to the provision of benefits under the scheme and the directors' interests under which are used as security for the loan;
(c) Her Majesty's Revenue and Customs' requirements concerning the loan have been satisfied;
(d) the directors agreeing to the interests under the policy concerned being used as security for the loan have so agreed in writing, and
(e) the loan was made and the security given before 9th August 1999.
(13) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

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Source: https://www.legislation.gov.uk/uksi/2005/3378/regulation/13 (the official version)
Page: https://openlegislation.uk/occupational-pension-schemes-investment-regulations-2005/regulation-13
Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives.