Regulation 9 Investment of contributions

(1)

In paragraphs (2) to (5) “invested” means invested with the Company in one or more of the following funds:

(a)

the Cash Accumulation Fund;

(b)

the Pensions Deposit Fund;

(c)

the Pensions Managed Fund;

(d)

the Pensions UK Equity Fund;

(e)

the Pensions International Fund;

(f)

the Pensions Fixed Interest Fund;

(g)

the Pensions Index Linked Fund.

(2)

Subject to paragraph (3), regular contributions are to be invested by the Secretary of State in accordance with any election for the time being having effect under regulation 4(1) or 6(a)(ii).

(3)

In investing a regular contribution no amount smaller than £20 may be invested in any one of the funds mentioned in paragraph (1)(c) to (g).

(4)

Subject to paragraph (5), any lump sum contribution paid is to be invested by the Secretary of State–

(a)

in accordance with any notification given by the person concerned, or

(b)

if no such notification was given, in the fund mentioned in paragraph (1)(a).

(5)

In investing a lump sum contribution–

(a)

no amount smaller than £50 may be invested in either of the funds mentioned in paragraph (1)(a) and (b), and

(b)

no amount smaller than £240 may be invested in any one of the funds mentioned in paragraph (1)(c) to (g).

(6)

Death benefit contributions and further contributions under regulation 5(5) are to be invested by the Secretary of State with the Company so as to secure death benefit cover of the amount required by any election for the time being having effect under regulation 5(1) or (5) or 6(2) or (3).