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The Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998

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  1. Introductory Text

  2. Preliminary

    1. 1.Citation and commencement

    2. 2.General definitions

    3. 3.Definition of “investment”

    4. 4.Definition of “investment manager”

  3. Management of pension fund

    1. 5.Management of pension fund

  4. Investment managers

    1. 6.Choice of investment managers

    2. 7.Terms of appointment of investment managers

    3. 8.Review of investment managers' performance

  5. Investments

    1. 9.Use and investment of fund money

    2. 10.Investments under s.11 of the Trustee Investments Act 1961

    3. 11.Limits on investments

    4. 12.Use of fund money by an administering authority

  6. Supplementary

    1. 13.Consequential amendments and revocations

  7. Signature

    1. SCHEDULE 1

      LIMITS ON INVESTMENTS

      1. PART I

        1. 1% limit

          1. 1.Any single sub-underwriting contract.

        2. 2% limit

          1. 2.All contributions to any single partnership.

        3. 5% limit

          1. 3.All contributions to partnerships.

        4. 10% limit

          1. 4.All deposits with a person specified in paragraph 12 or...

          2. 5.All investments in unlisted securities of companies.

          3. 6.Any single holding (but see paragraphs 13 and 14).

          4. 7.All deposits with any single bank, institution or person (other...

        5. 15% limit

          1. 8.All sub-underwriting contracts.

        6. 25% limit

          1. 9.All investments in– (a) units or other shares of the...

          2. 10.All insurance contracts.

          3. 11.All securities transferred (or agreed to be transferred) by the...

      2. PART II EXCEPTIONS TO LIMITS IN PART I

        1. 12.The limit in paragraph 4 does not apply to a...

        2. 13.The limit in paragraph 6 does not apply if–

        3. 14.The limits in paragraphs 6 and 9 do not apply–...

      3. PART III INTERPRETATION

        1. 15.In this Schedule– “collective investment scheme” has the meaning given...

    2. SCHEDULE 2

      CONSEQUENTIAL AMENDMENTS

      1. 1.In regulation 2(1) of the Local Government Pension Scheme (Transitional...

  8. Explanatory Note

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