Regulation 6 Investment of contributions

Changes not yet applied. Later legislation changes this provision in ways not yet written into the text below:

reg. 6(2)(a) substituted by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 451(1)
reg. 6(2)(b) words substituted by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 451(2)
reg. 6(5) inserted by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 451(3)
reg. 6(2) amended by Insurance Companies (Third Insurance Directives) 1994 reg. 68(1) Sch. 8 para. 37(a)

(1)

Each contributor’s contributions shall be invested in such investments as the Trustees may from time to time determine, save that such contributions may not be used for the purpose of making any loan whatsoever.

(2)

Without prejudice to the generality of (1) above, the Trustees, in accordance with a contributor’s instructions, may invest the contributor’s contributions—

(a)

in an insurance policy or policies taken out with an insurance company, being a United Kingdom office or branch of an insurance company to which Part II of the Insurance Companies Act 1982^f1 applies and which is authorised under section 3 or 4 of that Act to carry on ordinary long-term insurance business; or

(b)

in a deposit account or accounts with a building society authorised by virtue of Part II of the Building Societies Act 1986^f2 .

(3)

The Trustees shall, as soon as practicable, invest the contributions, with the institution and in the manner chosen by the contributor, in order to provide benefits which fall within the scope of regulation 7.

(4)

The investments made in respect of a contributor with an institution may be realised and reinvested at the request of the contributor with that or any other institution determined by the Trustees, in such amounts, at such times and in such manner as may be specified by the Trustees, with the approval of the institutions concerned.

Annotations

Footnotes

f1: 1982 c. 50.
f2: 1986 c. 60.