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Statutory Instrument 2005 No. 2004
The Local Government Pension Scheme and Management and Investment of
Funds (Amendment) Regulations 2005
© Crown Copyright 2005
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STATUTORY INSTRUMENTS
2005 No. 2004
PENSIONS, ENGLAND AND WALES
The Local Government Pension Scheme and Management and Investment of Funds
(Amendment) Regulations 2005
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Made |
19th July 2005 |
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Laid before Parliament |
27th July 2005 |
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Coming into force |
17th August 2005 |
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The First Secretary of State, in exercise of the powers conferred by sections 7 and 12 of
the Superannuation Act 1972[1], and after consultation
with (a) such associations of local authorities as appeared to him to be concerned, (b)
the local authorities with whom consultation appeared to him to be desirable and (c) such
representatives of other persons likely to be affected by the Regulations as appeared to
him to be appropriate, makes the following Regulations:
Citation, commencement and extent
1. —(1) These Regulations may be cited as
the Local Government Pension Scheme and Management and Investment of Funds (Amendment)
Regulations 2005.
(2) These Regulations extend to England and Wales[2].
(3) These Regulations shall come into force on 17th August 2005,
but the amendment made by regulation 7 shall have effect from 1st February 2005; the
amendments made by regulations 3, 5 and 6 shall have effect from 1st October 2004 in
England and 10th November 2004 in Wales.
The Local Government Pension Scheme Regulations 1997
2. The Local Government Pension Scheme
Regulations 1997[3] shall be amended in
accordance with regulations 3 to 7.
Further restrictions on eligibility
3. In regulation 6 (further restrictions on
eligibility), in paragraph 9, for the words "Part-time employment as a member of a
fire brigade maintained in pursuance of the Fire Services Act 1947 on terms under which
the employee is or may be required to engage in fire fighting does not entitle the
employee to be a member of the Scheme." substitute—
First instance decisions
4. In regulation 97(14) (first instance
decisions)[4], for sub-paragraph (b)
substitute—
Interpretation
5. In Schedule 1 (interpretation), in the
definition of "Scheme managers", insert "and rescue" after
"fire".
Scheme employers: fire and rescue authorities
6. In Schedule 2 (Scheme employers), for
the words from "A fire authority" to "by section 27 of that Act"
substitute—
Scheme employers: conservation boards
7. In Schedule 2 (Scheme employers), add
at the end—
7].".
The Local Government Pension Scheme (Management and Investment of Funds) Regulations
1998
8. The Local Government Pension Scheme
(Management and Investment of Funds) Regulations 1998[8] shall be amended in
accordance with regulations 9 to 11.
9. After regulation 11A(3) (requirements for
increased limits)[9] insert—
" (3A) Where there is a decision to use the increased
limits under regulation 11(2A) in relation to row 11 of Schedule 1, Part I, the additional
risks of the increased limit must have been taken into account in addition to those
factors set out in regulation 11A(3).".
10. In regulation 11A(6)(a) (requirement
for increased limits), replace "(2) and (3)" with "(2), (3) and (3A)".
11. In Schedule 1 (limits on
investments), in Part I, for the contents of the box at row 11 (all securities transferred
(or agreed to be transferred) by the authority under stock lending arrangements) and
column (2) (increased limits under regulation 11(2A)) of the table substitute "35%
".
Signed by authority of the First Secretary of State
Phil Woolas
Minister of State Office of the Deputy Prime Minister
19th July 2005
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Local Government Pension Scheme Regulations 1997 ("the
1997 Regulations") and the Local Government Pension Scheme (Management and Investment
of Funds) Regulations 1998 ("the 1998 Regulations").
These Regulations apply to England and Wales. The amendment made by regulation 7 has
effect from 1st February 2005. The amendments made by regulations 3, 5 and 6 have effect
from 1st October 2004 in England and 10th November 2004 in Wales. Section 12 of the
Superannuation Act 1972 provides that regulations made under section 7 of that Act may
have retrospective effect.
The changes to the 1997 Regulations are as follows—
Regulations 3, 5 and 6 of these Regulations update references made by the Fire and Rescue
Services Act 2004.
Regulation 4 updates the definition of "qualified in occupational health
medicine" in regulation 97 of the 1997 Regulations.
Regulation 7 inserts "conservation boards" into the list of Scheme employers in
Schedule 2 to the 1997 Regulations.
The changes to the 1998 Regulations are as follows—
Regulation 9 of these Regulations inserts a provision, regulation 11A(3A), to be addressed
by administering authorities prior to making a decision to increase the limit on their
investments in securities transferred by the authority under stock lending arrangements.
Regulation 10 makes a consequential amendment where, following a review, an administering
authority has decided to continue to use the increased limit on their investments in
securities transferred under stock lending arrangements.
Regulation 11 amends Part I of Schedule 1 to allow administering authorities to increase
the limit on their investments in securities transferred by the authority under stock
lending arrangements from 25% to 35% of the total of their pension fund investments.
A full regulatory impact assessment has not been produced for this instrument, as it has
no impact on the costs of businesses, charities or voluntary bodies; neither does it have
significant financial impact on any public bodies.
Notes:
[1] 1972 c. 11; section 12 was amended by section 10 of the Pensions
(Miscellaneous Provisions) Act 1990 (c. 7).back
[2] The Secretary of State's functions under sections 7 and 12 of the
Superannuation Act 1972 in so far as they were exercisable in relation to Scotland were
devolved to Scottish Ministers by section 63 of the Scotland Act 1998 (1998 c. 46) and
article 2 of, and Schedule 1 to, the Scotland Act 1998 (Transfer of Functions to Scottish
Ministers etc) Order 1999 (S.I. 1999/1750).back
[3] S.I.1997/1612; the relevant amending instruments are S.I.
1999/1212, 2000/1164, 2001/1481, 2002/206, 2004/573 and 2004/3372.back
[4] Regulation 97(14) was inserted by S.I. 1999/1212.back
[5] S.I. 2003/1250; as amended by S.I. 2004/1947.back
[6] The Faculty of Occupational Medicine is a registered charity no.
1035415.back
[7] 2000 c. 37; section 86 was amended by sections 118(2) and 120 of,
and paragraph 23 of Schedule 7, and Schedule 9, to the Planning and Compulsory Purchase
Act 2004 (c. 5).back
[8] S.I. 1998/1831; relevant amending instruments are S.I. 1999/3259,
2000/2552, 2001/3649, 2002/1852 and 2003/2719.back
[9] Regulation 11A was inserted by S.I. 2003/2719.back
ISBN 0 11 073121 2
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