{
  "url": "https://openlegislation.uk/local-government-superannuation-investments-regulations-1990/note",
  "json_url": "https://openlegislation.uk/local-government-superannuation-investments-regulations-1990/note.json",
  "legislation": "uksi/1990/2480",
  "legislation_title": "The Local Government Superannuation (Investments) Regulations 1990",
  "legislation_url": "https://openlegislation.uk/local-government-superannuation-investments-regulations-1990",
  "path": "note",
  "kind": "note",
  "number": null,
  "heading": "Explanatory note",
  "text": "(This note is not part of the Regulations)\nThese Regulations amend regulation P3 of the Local Government Superannuation Regulations 1986, which regulates the manner in which superannuation funds may be invested.\nThe new paragraph (5A) expressly authorises administering authorities to appoint investment managers (as defined in the amended paragraph (10)) to manage and invest superannuation fund moneys on their behalf, provided that the appointment satisfies the conditions set out in paragraph (5B). Paragraphs (5C) and (6A) impose requirements for reviews of the appointment and investments made by the investment manager, and specify matters to be taken into account when determining the terms of appointment and conducting such reviews.\nParagraph (4) is amended to permit up to 20% of the value of a fund to be invested in unit trust schemes managed by any one person, but the existing 5% limit on any individual unit trust scheme is retained. The Regulations also make consequential amendments.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1990/2480/note",
    "retrieved_at": "2026-10-29T14:55:27.146163+00:00"
  },
  "licence": "Open Government Licence v3.0",
  "licence_url": "https://www.nationalarchives.gov.uk/doc/open-government-licence/version/3/",
  "attribution": "Contains public sector information licensed under the Open Government Licence v3.0. Source: legislation.gov.uk, The National Archives."
}