Jurisdiction(s):
United Kingdom

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Key definition

Employer-related investments definition

What does Employer-related investments mean? In pensions practice, employer-related investments are assets of an occupational pension scheme that involve the sponsoring employer or a person or entity connected with or an associate of the employer. The term is defined in legislation and used consistently across England & Wales, Scotland and Northern Ireland, with broadly equivalent “self-investment” rules in Ireland. It covers: - shares or other securities issued by the employer or any connected/associated person - land occupied or used by, or leased to, the employer (or any connected/associated person) - property (other than land) used for the purposes of any business carried on by the...

Employer-Related Investments: 5% Limit, Loan Prohibitions, SSAS and Master Trust Exemptions, Reporting, Penalties and Regulator Approach

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Practice notes

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THIS PRACTICE NOTE APPLIES TO REGISTERED OCCUPATIONAL PENSION SCHEMES

As a broad principle, and subject to the governing provisions contained in their trust deed and rules, registered occupational pension schemes may invest without limits on the nature of those investments. Nevertheless, practical departures from this broad principle do exist in practice. The most significant qualifications are the constraints set out in section 40 of the Pensions Act 1995 (PA 1995) and the Occupational Pension Schemes Act (Investment) Regulations 2005, SI 2005/3378 (the Investment Regulations), which significantly curb trustees’ scope to place scheme funds in employer-related investments.

These limits, which this Practice Note addresses, are intended to give clear statutory support to the general tenet that scheme assets should be kept strictly separate from the employer’s property so as to provide greater security for members. The Pensions Regulator has produced guidance concerning the limits applicable to employer-related investments. Please note that small self-administered schemes (SSASs) generally fall outside these limits—see: Which schemes are exempt? below.

What are employer-related investments?...

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Wyn Derbyshire

gunnercooke LLP

Wyn is a partner at gunnercooke LLP and specialises in pensions, trust and employment law in all industry sectors, dealing with the transactional, advisory and documentation aspects.He also has wide experience of the pensions implications of heavyweight corporate transactions and flotations, the issues arising from the establishment and merger of pension schemes, and sex equalisation and other discrimination issues in respect of benefits provided by pension schemes. In addition, he provides advice to pension scheme trustees generally.Recent transactions include advising Amcor on pension matters relating to the acquisition of Alcan business and the acquisition of Northern Foods PLC by Boparan Holdings.He is a co-author (with Stephen Hardy and Stephen Maffey) of TUPE: Law and Practice, published by Spiramus Press (now in its 4th edition), and co-author (with Stephen Hardy and David Wicks) of Money & Work, published by Spiramus Press in August 2007. He has also...

Web page updated on 21/05/2026

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