{
  "url": "https://openlegislation.uk/local-government-superannuation-scotland-amendment-regulations-1993/regulation-30",
  "json_url": "https://openlegislation.uk/local-government-superannuation-scotland-amendment-regulations-1993/regulation-30.json",
  "legislation": "uksi/1993/1593",
  "legislation_title": "The Local Government Superannuation (Scotland) Amendment Regulations 1993",
  "legislation_url": "https://openlegislation.uk/local-government-superannuation-scotland-amendment-regulations-1993",
  "path": "regulation/30",
  "kind": "regulation",
  "number": "30",
  "heading": "Use and investment of superannuation funds' moneys",
  "text": "Regulation P6 of the principal Regulations is amended–\n(a) by adding after paragraph (2)(b) the following sub-paragraph:–\n“(c) any contract the effecting of which constitutes the carrying on of insurance business being long term business within class VII in Schedule 1 to the Insurance Companies Act 1982 with a person who is permitted under that Act to carry on such business or, being an insurance company the head office of which is in a member State, is permitted under the law of a member State other than the United Kingdom to carry on insurance business of a corresponding class.”;\n(b) in paragraph (4)(b)–\n(i) by inserting after the words “single holding” the words “except where paragraph (4A) applies”;\n(ii) by substituting for the words “5%” and “20%” the words “10%” and “25%” respectively;\n(c) by adding after paragraph (4)(d) the following sub-paragraph:–\n“or\n(e) make any contract falling within paragraph (2)(c) whereby the total amount so contracted exceeds 25% of the value at the time of all investments of fund moneys.”;\n(d) by adding after paragraph (4) the following paragraph:–\n“(4A) An administering authority may make an investment so as to result in more than 10% of the value at the time of all investments of fund moneys being represented by a single holding where–\n(a) the investment is made by an investment manager appointed under paragraph (5A); and\n(b) the single holding is comprised of investments in units or other shares of the investments subject to the trusts of any one unit trust scheme.”; and\n(e) by inserting in paragraph (10)–\n(i) after the definition of “companies” the following definition–\n““European institution” and “home-regulated investment business” have the same meaning as in the Banking Co-ordination (Second Council Directive) Regulations 1992;”; and\n(ii) in the definition of “investment manager”–\n(a) after the words ““investment manager” means” the word “(1)” and\n(b) at the end the following sub-paragraph:–\n“or\n(2) an institution which is a European institution carrying on home-regulated investment business in the United Kingdom and which is reasonably believed by the administering authority to be suitably qualified to make investment decisions on their behalf.”.",
  "extent": null,
  "status": null,
  "version": "current",
  "annotations": [
    {
      "type": "footnote",
      "label": "f1",
      "text": "1982 c. 50."
    },
    {
      "type": "footnote",
      "label": "f2",
      "text": "S.I. 1992/3218."
    }
  ],
  "outstanding_effects": [],
  "provenance": {
    "source": "legislation.gov.uk",
    "source_url": "https://www.legislation.gov.uk/uksi/1993/1593/regulation/30",
    "retrieved_at": "2026-10-29T13:54:50.492103+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."
}