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

General definitions

2.  In these Regulations—

“the 1997 regulations” means the Local Government Pension Scheme Regulations 1997(1);

“administering authority” means a body required to maintain a pension fund under the 1997 regulations;

“European authorised institution” and “European institution” have the same meanings as in the Banking Co-ordination (Second Council Directive) Regulations 1992(2);

“FSAVC scheme” is a scheme approved by virtue of section 591(2)(h) of the Taxes Act;

“fund money” means money in the pension fund maintained by an administering authority;

“home-regulated investment business” has the same meaning as in the Banking Co-ordination (Second Council Directive) Regulations 1992;

“limited partner” means a person who is not liable for the debts or obligatons of a partnership beyond the amount he contributed at the time he became a partner;

“member” has the same meaning as in section 124(1) of the Pensions Act 1995(3);

“proper advice”, in relation to an administering authority, means the advice of a person who is reasonably believed by them to be qualified by his ability in and practical experience of financial matters (including any suitable officer of theirs);

“recognised stock exchange” has the same meaning as in section 84(1) of the Taxes Act;

“relevant institution” means—

(a)

the Bank of England,

(b)

an institution authorised under Part I of the Banking Act 1987(4) (regulation of deposit-taking business),

(c)

a person to whom the restriction on acceptance of deposits in section 3 of that Act does not apply because he is specified in Schedule 2 to that Act (central banks etc.), or

(d)

a European authorised institution which has lawfully established a branch in the United Kingdom for the purpose of accepting deposits;

“securities” includes shares, stock and debentures;

“stock lending arrangement” means an arrangement such as is mentioned in section 263B of the Taxation of Chargeable Gains Act 1992(5);

“sub-underwriting contract” means a contract with a person who is underwriting a share issue to acquire the shares from him if he requires it;

“Taxes Act” means the Income and Corporation Taxes Act 1988(6);

“traded option” means an option quoted on a recognised stock exchange or on the London International Financial Futures Exchange;

“Transitional Regulations” means the Local Government Pension Scheme (Transitional Provisions) Regulations 1997(7);

“unquoted securities investment partnership” means a partnership for investing in securities which are normally not quoted on a recognised stock exchange when the partnership buys them.

(1)

S.I. 1997/1612, to which there are amendments not relevant to these Regulations.

(2)

S.I. 1992/3218.

(3)

1995 c. 26.

(4)

1987 c. 22.

(5)

1992 c. 12.

(6)

1988 c. 1.

(7)

S.I. 1997/1613.