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The Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 2010

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Terms of appointment of investment managers

9.—(1) An investment manager must be appointed on the terms set out in paragraphs (2) to (7).

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

(3) The investment manager must report to the authority at least once every three months on the action the investment manager has taken on behalf of the authority.

(4) The investment manager must comply with all of the authority’s instructions, except in circumstances permitted by the investment manager’s terms of appointment.

(5) In managing the fund the investment manager must take into account—

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

(b)the suitability for the fund of particular types of investment, or of any particular investment; and

(c)the administering authority’s statement of investment principles.

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

(7) The investment manager must not make investments which would contravene the authority’s statement of investment principles or regulation 14.

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

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