This note is not part of the Order)
This Order gives effect, with modifications, to proposals of the London Residuary Body for the transfer of the superannuation fund maintained by it under the Local Government Superannuation Regulations 1986 (S.I. 1986/24) (“the 1986 Regulations”) and of associated matters to a new body corporate to be called the London Pensions Fund Authority (“the Authority”). The main modifications are:—
a
certain compensation functions are not transferred;
b
different provision is made about consultation by the Secretary of State;
c
the provisions of Schedule 12 to the Local Government Act 1972 (c. 70) (meetings and proceedings) are not applied to the Authority; and;
d
a levying power (as explained below) is provided instead of a right to recover expenses.
Article 2 provides for the establishment of the Authority on 31st October 1989 to receive the functions and property transferred by the Order. Schedule 1 contains provisions as to the constitution and powers of the Authority and provides for the application to it of certain statutory provisions.
Article 3 provides for the transfer to the Authority on 1st April 1990 of the functions, property, rights and liabilities specified in Schedule 2, including, principally, the superannuation fund maintained by the London Residuary Body under the 1986 Regulations.
Article 4 empowers the Authority to make levies on London Borough Councils and the Common Council of the City of London in order to enable it to meet its net expenditure in respect of financial years beginning on or after 1st April 1990.
Article 5 empowers the Authority to borrow by way of temporary loan or overdraft in order to meet its expenditure before 1st April 1990.
Article 6 makes provision for the continuity of the exercise of functions and article 7 amends the 1986 Regulations and certain other statutory provisions to take account of the establishment of the Authority.