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The Local Government Pension Scheme and Management and Investment of Funds (Amendment) Regulations 2005

S.I. 2005/2004 · Made 19 July 2005

Original text. legislation.gov.uk does not revise statutory instruments, so later amendments are not shown here. Changes made to it are listed under each provision when known.

PENSIONS, ENGLAND AND WALES

Made 19th July 2005

Laid before Parliament 27th July 2005

Coming into force 17th August 2005

The First Secretary of State, in exercise of the powers conferred by sections 7 and 12 of the Superannuation Act 1972f1, and after consultation with (a) such associations of local authorities as appeared to him to be concerned, (b) the local authorities with whom consultation appeared to him to be desirable and (c) such representatives of other persons likely to be affected by the Regulations as appeared to him to be appropriate, makes the following Regulations:

Annotations to the whole text

Footnotes

f1

1972 c. 11; section 12 was amended by section 10 of the Pensions (Miscellaneous Provisions) Act 1990 (c. 7).

Contents

  1. 1Citation, commencement and extent
  2. 2The Local Government Pension Scheme Regulations 1997
  3. 3Further restrictions on eligibility
  4. 4First instance decisions
  5. 5Interpretation
  6. 6Scheme employers: fire and rescue authorities
  7. 7Scheme employers: conservation boards
  8. 8The Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998
  9. 9The Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998
  10. 10The Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998
  11. 11The Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998
  12. Signature
  13. Explanatory note

1Citation, commencement and extent

(1)

These Regulations may be cited as the Local Government Pension Scheme and Management and Investment of Funds (Amendment) Regulations 2005.

(2)

These Regulations extend to England and Walesf1.

(3)

These Regulations shall come into force on 17th August 2005, but the amendment made by regulation 7 shall have effect from 1st February 2005; the amendments made by regulations 3, 5 and 6 shall have effect from 1st October 2004 in England and 10th November 2004 in Wales.

2The Local Government Pension Scheme Regulations 1997

The Local Government Pension Scheme Regulations 1997f1 shall be amended in accordance with regulations 3 to 7.

3Further restrictions on eligibility

In regulation 6 (further restrictions on eligibility), in paragraph 9, for the words “Part-time employment as a member of a fire brigade maintained in pursuance of the Fire Services Act 1947 on terms under which the employee is or may be required to engage in fire fighting does not entitle the employee to be a member of the Scheme.” substitute—

  • “Retained or volunteer membership with a fire and rescue authority (within the meaning given to that term by section 1 of the Fire and Rescue Services Act 2004) on terms under which the retained or volunteer member is or may be required to engage in fire-fighting does not entitle the retained or volunteer member to be a member of the Scheme.”.

4First instance decisions

In regulation 97(14) (first instance decisions)f1, for sub-paragraph (b) substitute—

“(b)

“qualified in occupational health medicine” means—

(i)

holding a diploma in occupational medicine (D Occ Med) or an equivalent qualification issued by a competent authority in an EEA State; and for the purposes of this definition, “competent authority” has the meaning given by the General and Specialist Medical Practice (Education, Training and Qualification) Order 2003f2; or

(ii)

being an Associate, a Member or a Fellow of the Faculty of Occupational Medicinef3 or an equivalent institution of an EEA State.”.

5Interpretation

In Schedule 1 (interpretation), in the definition of “Scheme managers”, insert “and rescue” after “fire”.

6Scheme employers: fire and rescue authorities

In Schedule 2 (Scheme employers), for the words from “A fire authority” to “by section 27 of that Act” substitute—

  • “A fire and rescue authority within the meaning of the Fire and Rescue Services Act 2004.”.

7Scheme employers: conservation boards

In Schedule 2 (Scheme employers), add at the end—

  • “A conservation board established under section 86 of the Countryside and Rights of Way Act 2000f1.”.

8The Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998

The Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998f1 shall be amended in accordance with regulations 9 to 11.

9The Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998

After regulation 11A(3) (requirements for increased limits)f1 insert—

“(3A)

Where there is a decision to use the increased limits under regulation 11(2A) in relation to row 11 of Schedule 1, Part I, the additional risks of the increased limit must have been taken into account in addition to those factors set out in regulation 11A(3).”.

10The Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998

In regulation 11A(6)(a) (requirement for increased limits), replace “(2) and (3)” with “(2), (3) and (3A)”.

11The Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998

In Schedule 1 (limits on investments), in Part I, for the contents of the box at row 11 (all securities transferred (or agreed to be transferred) by the authority under stock lending arrangements) and column (2) (increased limits under regulation 11(2A)) of the table substitute “35%”.

Signature

Signed by authority of the First Secretary of State

Phil Woolas

Minister of State Office of the Deputy Prime Minister

19th July 2005

Explanatory note

(This note is not part of the Regulations)

These Regulations amend the Local Government Pension Scheme Regulations 1997 (“the 1997 Regulations”) and the Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 (“the 1998 Regulations”).

These Regulations apply to England and Wales. The amendment made by regulation 7 has effect from 1st February 2005. The amendments made by regulations 3, 5 and 6 have effect from 1st October 2004 in England and 10th November 2004 in Wales. Section 12 of the Superannuation Act 1972 provides that regulations made under section 7 of that Act may have retrospective effect.

The changes to the 1997 Regulations are as follows—

Regulations 3, 5 and 6 of these Regulations update references made by the Fire and Rescue Services Act 2004.

Regulation 4 updates the definition of “qualified in occupational health medicine” in regulation 97 of the 1997 Regulations.

Regulation 7 inserts “conservation boards” into the list of Scheme employers in Schedule 2 to the 1997 Regulations.

The changes to the 1998 Regulations are as follows—

Regulation 9 of these Regulations inserts a provision, regulation 11A(3A), to be addressed by administering authorities prior to making a decision to increase the limit on their investments in securities transferred by the authority under stock lending arrangements.

Regulation 10 makes a consequential amendment where, following a review, an administering authority has decided to continue to use the increased limit on their investments in securities transferred under stock lending arrangements.

Regulation 11 amends Part I of Schedule 1 to allow administering authorities to increase the limit on their investments in securities transferred by the authority under stock lending arrangements from 25% to 35% of the total of their pension fund investments.

A full regulatory impact assessment has not been produced for this instrument, as it has no impact on the costs of businesses, charities or voluntary bodies; neither does it have significant financial impact on any public bodies.