675. Transitional provisions.

Where on 6 April 1997 the resources of an occupational pension scheme were invested in certain employer-related loans1 which were in being on 18 December 1996 and which are not excepted from the prescribed restrictions on employer-related investments2, those investments may be retained in accordance with the following provisions3. To the extent that those employer-related investments consist of:

  1.  

    (1)     certain employer-related loans4 they may, where by virtue of contractual or other legal obligations repayment cannot be required immediately, be retained until the earliest date on which repayment can be enforced5;

  2.  

    (2)     certain securities of a prescribed type6 which, immediately

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