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

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.