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The Local Government Pension Scheme (Management and Investment of Funds) Regulations 2009
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- 2009 No. 3093
- Explanatory Note
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EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations consolidate the Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 (S.I. 1998/1831) with subsequent amending instruments. In addition to minor and drafting amendments, the following changes of substance have been made.
Paragraph (4) of regulation 3 (definition of “investment”) provides that the use of pension fund money for any purpose for which the local authority may borrow money shall count as an investment for the purposes of these Regulations prior to 1st April 2010 whereupon it will cease to count as an investment.
Regulation 5 (power to borrow) sets out the circumstances in which the administering authority may borrow money for the purposes of its pension fund and the rules applying to the repayment of any such borrowing.
Regulation 6 (separate bank account) provides that pension fund money must be kept in a separate bank account held by the administering authority for that purpose by 1st April 2011.
Other provisions provide for: general definitions (regulation 2), what counts as an investment (regulation 3), the sums which an administering authority must pay to and may pay from its pension fund (regulation 4), the power to appoint an investment manager including the terms of such appointment and the requirement to keep the performance of any such manager under review (regulations 7-10), general provisions concerning investments (regulation 11) including the requirement to prepare and maintain an investment policy (regulation 12), the limits which apply to certain types of investments and the requirements which apply if such limits are to be increased (regulations 14 and 15) and the requirement to pay interest on fund money used by the administering authority (regulation 16). Regulation 17 and Schedule 2 revoke the instruments and provisions which these Regulations replace.
An impact assessment has not been produced for this instrument as it has no impact on the costs of businesses, charities or voluntary bodies and it does not have a significant financial impact on any public bodies.
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