Concentration of investments

(1) The aggregate amount of a pension fund that may be invested in the securities of or loaned to any single company, person or association shall be limited to twenty-five percent of the total market value of a pension fund’s assets at the time the investment or loan is made. Private Pensions 53 (2) The aggregate amount referred to in subregulation (1) does not apply to– (a) deposits held with a licensed bank or licensed deposit company in Belize; (b) government issues, bonds, or debentures; and (c) investments in mutual or pooled funds. (3) The total value of real estate in which a pension fund is invested shall not exceed twenty-five percent of the market value of the assets of the pension fund, with no single parcel of real estate exceeding five percent of the market value of the assets of the pension fund. (4) The total value of mortgages in which a pension fund is invested shall not exceed twenty-five percent of the market value of the assets of the pension fund, with no single mortgage exceeding five percent of the market value of the assets of the (5) The aggregate of all bonds, bills, commercial paper, bank certificates, guaranteed investment certificates invested with a single bank or insurance company or an affiliated group of banks and insurance companies shall not exceed 50% of the market value of the pension fund’s assets. (6) A mortgage, together with any prior or equal ranking indebtedness, shall not exceed sixty percent of the market value of the real estate at the time the mortgage was approved. (7) A loan, together with any other prior such loans, to a plan member or former member that is secured by the assets of the pension fund shall not exceed fifty percent of the member’s or former member’s account or the actuarial equivalent of the pension benefits, as applicable, at the time the loan is made. 54 Private Pensions