Regulation 51 Directions

Section 134 of the Act (directions) shall be modified in its application to a segregated part to which regulation 45 applies so that it shall be read as if—

(a)

in subsection (2)—

(i)

for the words “the scheme's protected liabilities do not exceed its assets”, there were substituted the words “ the protected liabilities of the segregated part do not exceed its assets ”;

(ii)

for the words “in relation to the scheme” there were substituted the words “ in relation to the non-segregated scheme in question ”;

(iii)

for the words “the investment of the scheme's assets” in paragraph (a), there were substituted the words “ the investment of the assets of the segregated part ”; and

(b)

for subparagraph (i) of paragraph (a) of subsection (3), there were substituted the following paragraph—

“(i)
any trustees or managers of the scheme in relation to which the segregated part relates,”.