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The Occupational Pension Schemes (Investment) Regulations 1996

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Schemes to which regulation 5 applies

2.—(1) Subject to paragraph (2), regulation 5 applies to schemes—

(a)which are either—

(i)approved for the purposes of Chapter I of Part XIV of the Taxes Act (retirement benefit schemes) or are the subject of an application for such approval which has not been determined, or

(ii)exempt from income tax by virtue of section 608 of that Act (exemption for superannuation funds approved before 6th April 1980); and

(b)which have at least one member in the United Kingdom and either—

(i)are established in the United Kingdom, or

(ii)have one or more trustees resident in the United Kingdom.

(2) Regulation 5 does not apply to schemes—

(a)which have fewer than twelve members each of whom is a trustee of the scheme; and

(b)the rules of which provide that, before any investment of the resources of the scheme is made in employer-related investments, each member shall agree in writing to the making of that investment.

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