Regulation P1 Superannuation funds
The superannuation fund, other than any further fund established under the Local Government Superannuation (Funds) (Scotland) Regulations 1986f1, maintained immediately before 21st December 1987 under the 1974 Regulations—
by each regional council,
by the Orkney Islands Council, and
by the Shetland Islands Council,
shall be maintained by those bodies for the purposes of these Regulations and for the purposes of regulations P2, P3, P4 and P10 shall be known as “the fund”.
Any further fund established under the Local Government Superannuation (Funds) Scotland) Regulations 1986 by a council mentioned in paragraph (1) immediately before 21st December 1987 shall subject to regulation P4 be maintained by those bodies for the purposes of these Regulations.
Every regional council and islands council who by virtue of paragraph (1) is administering a superannuation fund and who enters into an admission agreement under regulation B6 may establish and administer for the purposes of these Regulations a further superannuation fund or funds which shall be known as the further fund or further funds respectively.