Local Government Pension Scheme (Management and Investment of Funds) (Amendment) Regulations (Northern Ireland) 2006

Statutory Rules of Northern Ireland

2006 No. 400

local government

Local Government Pension Scheme (Management and Investment of Funds) (Amendment) Regulations (Northern Ireland) 2006

Made

4th October 2006

Coming into operation

6th November 2006

The Department of the Environment, in exercise of the powers conferred by Article 9 of, and Schedule 3 to, the Superannuation (Northern Ireland) Order 1972(1) and now vested in it(2).

In accordance with Article 9 of that Order the Department has consulted with the Northern Ireland Local Government Association, the Northern Ireland Local Government Officers’ Superannuation Committee and such representatives of other persons likely to be affected by the Regulations as appeared to it to be appropriate:

Citation and commencement

1.—(1) These Regulations may be cited as the Local Government Pension Scheme (Management and Investment of Funds) (Amendment) Regulations (Northern Ireland) 2006 and shall come into operation on 6th November 2006.

Amendment

2.—(1) The Local Government Pension Scheme (Management and Investment of Funds) Regulations (Northern Ireland) 2000(3) shall be amended in accordance with paragraphs (2) to (4).

(2) After regulation 12A(3) (requirements for increased limits) there shall be inserted—

“(3A) Where there is a decision to use the increased limits under regulation 12(2A) in relation to row 13 of Part I of the Schedule, the additional risks of the increased limit must have been taken into account in addition to those factors set out in regulation 12A(3).”.

(3) In regulation 12A(6)(a) (requirements for increased limits) for the words “(2) and (3)” there shall be substituted “(2), (3) and (3A)”.

(4) In Part I of the Schedule (limits on investments), for the contents of the box at row 13 (all securities transferred (or agreed to be transferred) by the Committee under stock lending arrangements) and Column (2) (increased limits under regulation 12(2A)) of the table there shall be substituted “35%”.

Sealed with the Official Seal of the Department of the Environment on 4th October 2006.

J Ritchie

A senior officer of the Department of the Environment

EXPLANATORY NOTE

(This note is not part of the Regulations)

These Regulations amend the Local Government Pension Scheme (Management and Investment of Funds) Regulations (Northern Ireland) 2000.

Regulation 2(2) inserts a provision, regulation 12A(3A), to require the Northern Ireland Local Government Officers’ Superannuation Committee (“the Committee”) to consider the additional risks prior to making a decision to increase the limit on their investments in securities transferred under stock lending arrangements.

Regulation 2(3) makes a consequential amendment where, following a review, the Committee has decided to continue to use the increased limit on their investments in securities transferred under stock lending arrangements.

Regulation 2(4) amends Part I of the Schedule to allow the Committee to increase the limit on their investments in securities transferred 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 these Regulations as there is no impact on the costs of businesses, charities or voluntary bodies nor does it have significant financial impact on any public bodies.

(1)

1972/1073 ( 10); . 9 was amended by . 34 S.I. 2005/1968 (N.I. 18).

(2)

S.R. & O () 1973 No. 504 Article 7 (1); 1976/424 ( 6).

(3)

S.R. 2000 No. 178 as amended by S.R. 2001 No.62, S.R. 2003 No. 433 and S.R. 2004 No. 260.