Explanatory note

These Regulations amend regulation P6 of the Local Government Superannuation (Scotland) Regulations 1987 (use and investment of superannuation funds' 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 normally not quoted on a stock exchange. The amount which a local authority may invest in this manner is however limited. The maximum amount which an authority may invest in any one partnership shall not exceed 2%, and the maximum amount which it may invest in such partnerships generally shall not exceed 5%, of the value at the time of all investments made by the authority with money held in the superannuation fund.