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Local Government Pension Scheme (Management and Investment of Funds) Regulations (Northern Ireland) 2000

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Terms of appointment of investment managers

7.—(1) Investment managers must, if appointed, be appointed on the terms set out in paragraphs (2) to (7).

(2) The Committee must be able to terminate the appointment by not more than one month’s notice.

(3) The investment manager must report to the Committee at least once every three months on the action he has taken for it.

(4) The investment manager must comply with all the Committee’s instructions.

(5) Subject to paragraph (6) the investment manager in managing the fund must take into account—

(a)that fund money must be invested in a wide variety of investments,

(b)the suitability of those types of investment for the fund,

(c)the suitability of any particular investment of that type, and

(d)the Committee’s statement of investment principles.

(6) Paragraph (5)(a) does not apply where the investment manager only manages part of the fund and the terms of his appointment provide that it does not apply.

(7) The investment manager must not make investments which would contravene the Committee’s statement of investment principles, regulation 12 or the Schedule.

(8) In determining the investment manager’s terms of appointment, the Committee must take proper advice.

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