Investments in affiliates

(1) Except as permitted by subregulation (2), the assets of a pension fund shall not be loaned to or, invested in the securities of– (a) the administrator of the pension plan; (b) an officer, employee or agent of the (c) a person responsible for holding or investing the pension fund or any officer or employee of that person, the custodian or investment manager of the fund or any officer or employee of that person, custodian or manager; Private Pensions 51 (d) except with respect to a multi-employer pension plan or a financial institution pension plan, an employer or an officer or director of the employer who contributes to the plan; (e) a company that is an affiliate of an employer or person described under paragraphs (a) to (d); or (f) a company wholly owned or controlled directly or indirectly by a person or company referred to in paragraphs (a) to (d). (2) An administrator of a pension fund may invest the assets of the pension fund in investments listed in subregulation (1) on the condition that– (a) the consent in writing of the Supervisor to the investment has been obtained and such consent has not been withdrawn; (b) the investments and amount of the investments are disclosed on the annual information report in the statement of net assets; and (c) the fact that the investments are invested in affiliates is disclosed on the annual statement provided to members and former members and on any investment materials provided under regulation 39(5).