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STATUTORY INSTRUMENTS
2000 No. 2552
PENSIONS
The Local Government Pension Scheme (Management and
Investment of Funds) (Amendment) Regulations 2000
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Made |
19th September 2000 |
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Laid before Parliament |
26th September 2000 |
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Coming into force |
17th October 2000 |
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The Secretary of State, in exercise of the powers conferred on him by
sections 7 and 12 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 2000.
(2) These Regulations shall come into force on
17th October 2000, but regulation 3 shall have effect from 19th August
1998.
Amendment of Regulations
2. The Local Government
Pension Scheme (Management and Investment of Funds) Regulations 1998[2]
are amended in accordance with regulations 3 and 4 of these Regulations.
Definition of "investment"
3. In regulation 3(6)(b), for
"a member State" substitute "an EEA State (as defined in
that Act)[3]".
Schedule 1 - Limits on investments
4. In paragraph 10 of Part I
of Schedule 1, for "All insurance contracts" substitute
"Any single insurance contract".
Signed by authority of the Secretary of State
Hilary Armstrong
Minister of State, Department of the Environment, Transport and the
Regions
19th September 2000
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 ("the principal
Regulations").
Regulation 3 amends the description of an insurance company with whom an
insurance contract, which counts as an investment for the purposes of the
principal Regulations, may be made. The amendment refers to an insurance
company having its head office in a member State of the European Economic
Area rather than a member State of the European Communities. The amendment
takes effect from 19th August 1998, the date that the principal
Regulations came into force.
Section 12 of the Superannuation Act 1972 provides that regulations made
under section 7 of that Act may have retrospective effect.
Regulation 4 amends the limit on investments in insurance contracts from
25% for all such contracts to 25% for any one such contract, the limit
being calculated by reference to the total value of the fund at the date
that the investment is made.
Notes:
[1] 1972 c. 11; section 12 was amended by section 10
of the Pensions (Miscellaneous Provisions) Act 1990 (c. 7).back
[2] S.I. 1998/1831; amended by S.I. 1999/3259.back
[3] For the definition of "EEA State" see
section 96(1) of the Insurance Companies Act 1982 (c. 50), as amended by
S.I. 1994/1696, regulation 50(1)(g) and 1996/944, regulation 4(3)(a).back
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