The Local Government Superannuation (Scotland) Amendment Regulations 1995
Citation and commencement1.
These Regulations may be cited as the Local Government Superannuation (Scotland) Amendment Regulations 1995 and shall come into force on 1st March 1995.
Use and investment of superannuation funds' moneys2.
(a)
“and
(e)
entering as a limited partner into a partnership.”;
(b)
“or
(g)
contribute to a partnership so as to cause the total value of contributions by the administering authority to that partnership to exceed 2% of the value at the time of all investments of fund moneys, or so as to cause the total value of all contributions by the administering authority to such partnerships to exceed 5% of the value at the time of all investments of fund moneys.”; and
(c)
by adding in paragraph (10)—
(i)
““limited partner” means a person who is not liable for the debts or obligations of a partnership beyond the amount contributed at the time of entering into that partnership;”; and
(ii)
““partnership” means a partnership whose purpose is to invest in shares in, or securities of, companies which, at the date of purchase by the partnership, are normally not quoted on a recognised stock exchange (within the meaning of section 841(1) of the Income and Corporation Taxes Act 19883);”.
St Andrew’s House,
Edinburgh
These Regulations amend regulation P6 of the Local Government Superannuation (Scotland) Regulations 1987 (use and investment of superannuation funds' moneys). They permit local authorities, as part of the investment of fund moneys, to enter as limited partners into partnerships so as to invest in shares and securities normally not quoted on a stock exchange. The amount which a local authority may invest in this manner is however limited. The maximum amount which an authority may invest in any one partnership shall not exceed 2%, and the maximum amount which it may invest in such partnerships generally shall not exceed 5%, of the value at the time of all investments made by the authority with money held in the superannuation fund.