Explanatory note

These Regulations amend regulation P3 of the Local Government Superannuation Regulations 1986 (use and investment of local government superannuation fund’s moneys). They permit local authorities, as part of the investment of fund moneys, to enter as limited partners into partnerships so as to invest in shares and securities not quoted on a stock exchange, subject to a limit of 2 per cent. of the value of the superannuation fund being contributed to any one partnership and 5 per cent. to all such partnerships.