(This note is not part of the Regulations.)
These Regulations amend regulation 12 of, and Parts I and III of the Schedule to, the Local Government Pension Scheme (Management and Investment of Funds) Regulations (Northern Ireland) 2000 (the ‘principal Regulations’), which set down the limits for the different types of pension fund investments.
The amendments allow the Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC) to increase those limits up to the specified amounts. When deciding to increase limits, or reviewing previously increased limits, NILGOSC must take account of proper advice and of the factors in regulation 9(3) of the principal Regulations (the advisability of investing fund money in a wide variety of investments and the suitability of particular investments and types of investments). A decision to increase limits, or to continue to use previously increased limits, must specify certain matters and those matters must be published in a revised statement of investment principles before the increased limits can take effect.
The Regulations also amend the definition of “local authority”.