Explanatory Note
(This note is not part of the Regulations)
These regulations amend the Local Government Pension Scheme (Management and Investment of Funds) Regulations (Northern Ireland) 2000 (“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.
Regulation 3 takes effect from 1st August 2000, the date the principal Regulations came into operation. Article 14 of the Superannuation (Northern Ireland) Order 1972 provides that regulations made under Article 9 of that Order may have retrospective effect.
Regulation 4 makes a minor amendment.
Regulation 5 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.