Statutory Instrument 1999 No. 3259

      The Local Government Pension Scheme (Management and Investment of Funds) (Amendment) Regulations 1999

       



STATUTORY INSTRUMENTS


1999 No. 3259

PENSIONS

The Local Government Pension Scheme (Management and Investment of Funds) (Amendment) Regulations 1999

  Made 7th December 1999  
  Laid before Parliament 14th December 1999  
  Coming into force 4th January 2000  

The Secretary of State, in exercise of the powers conferred on him by section 7 of the Superannuation Act 1972[1] and of all other powers enabling him in that behalf, after consultation with such associations of local authorities as appeared to him to be concerned, the local authorities with whom consultation appeared to him to be desirable and such representatives of other persons likely to be affected by the Regulations as appeared to him to be appropriate, hereby makes the following Regulations:

Citation and commencement
     1.  - (1) These Regulations may be cited as the Local Government Pension Scheme (Management and Investment of Funds) (Amendment) Regulations 1999.

    (2) These Regulations shall come into force on 4th January 2000.

Amendment of Regulations
    
2. The Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998[2] are amended in accordance with regulations 3 to 6 of these Regulations.

General definitions
     3. In regulation 2, after the definition of "securities" insert - 

           " "statement of investment principles" means the statement referred to in regulation 9A(1) or any revision of it, as appropriate.".

     

Terms of appointment of investment managers
    
4. In regulation 7 - 

 

        " , and
      (d) the administering authority's statement of investment principles"; and

    (b) in paragraph (7), after "which would contravene" insert "the administering authority's statement of investment principles,".

Statement of investment principles
    
5. After regulation 9, insert the following regulation - 

Schedule 1
    
6.

    (1) In Part I of Schedule 1 - 

 

 

    (b) in paragraph 14, for "and 9" substitute ", 9 and 9B".

    (2) In Part III of Schedule 1 for the definition of "open-ended investment company" substitute the following - 



Signed by authority of the Secretary of State


Hilary Armstrong
Minister of State Department of the Environment, Transport and the Regions

7th December 1999



EXPLANATORY NOTE

(This note is not part of the Regulations)


These regulations amend the Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998.

Regulation 5 adds a new regulation which requires each administering authority to prepare, maintain and publish a written statement of the principles governing their policy on investments of pension fund moneys. The statement must cover the same matters as those the trustees of a trust scheme must include in the statement that they are required to prepare under section 35 of the Pensions Act 1995. The statement must also include the authority's policy on the extent to which social, environmental or ethical considerations are taken into account.

Regulations 3 and 4 contain consequential amendments.

Regulation 6 clarifies the limit on investments in unit trust schemes and collective investment schemes. It also amends the definition of open-ended investment companies to include companies registered outside the United Kingdom.


Notes:

[1] 1972 c. 11.back

[2] S.I. 1998/1831.back

[3] 1986 c. 60.back

[4] OJ No. L375, 31.12.1985, p. 3-18 as amended by Council Directive 88/220/EEC (OJ No. L100, 19.04.1988, p. 31-33).back

 

 



 

 

 
Crown copyright 1999