47. (1) The Agency shall make to the Exchequer from the Fund payments of such amounts, on such dates, as the Minister may direct following consultation with the Agency.

(2) The Minister may not direct the Agency to make any payment to the Exchequer from the Fund before 2025 (except under subsection (4) ).

(3) The payment, or the aggregate of payments, that the Minister directs to be made in any year (except under subsection (4) ) shall not exceed 4 per cent of the value of the assets of the Fund at the end of the immediately preceding year.

(4) Where the Minister directs the Agency to dispose of a directed investment, whether in whole or in part, the Minister may direct the Agency—

(a) to make a payment or payments to the Exchequer not exceeding the amount of the proceeds of the disposal,

(b) to invest, on terms and conditions specified in the direction, part or all of the proceeds in securities issued under section 54(1) of the Finance Act 1970 or securities guaranteed by the Minister, or

(c) to hold the proceeds pending a payment to the Exchequer under paragraph (a) or their investment under paragraph (b).