Regulation 9 Investment of contributions

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

reg. 9(1)(2) word substituted by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 247(2)
reg. 9(3) substituted by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 247(3)
reg. 9(4) inserted by Financial Services and Markets Act 2000 (Consequential Amendments and Repeals) 2001 art. 247(4)

(1)

Any contributions paid by a contributor for investment under this regulation shall be invested by the Secretary of State, in accordance with any notice under regulation 4(2), 6(1) or 6(2) in one or more of the funds authorised by him for the purposes of these Regulations managed by an insurance company selected by him.

(2)

Regular contributions to provide for a lump sum death benefit shall be invested by the Secretary of State with an insurance company selected by him so as to assure the payment of a lump sum death benefit of the amount determined in accordance with notice of election made under regulation 4(1) and (2) and, as appropriate, regulation 6(3).

(3)

In this regulation “insurance company” means a body authorised under section 3 or 4 of the Insurance Companies Act 1982^f1 to carry on long-term business.

Annotations

Footnotes

f1: 1982 c. 50.