1995 No. 214 (S.7)
The Local Government Superannuation (Scotland) Amendment Regulations 1995
Made
Laid before Parliament
Coming into force
The Secretary of State, in exercise of the powers conferred on him by section 7 of the Superannuation Act 19721 and of all other powers enabling him in that behalf, after consultation with such associations of local authorities as appeared to him to be concerned, and such representatives of other persons likely to be affected by the Regulations as appeared to him to be appropriate in accordance with section 7(5) of that Act, and not having considered consultation with any individual local authority desirable, hereby makes the following Regulations:
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
Regulation P6 of the Local Government Superannuation (Scotland) Regulations 19872 shall be amended—
a
by adding after paragraph (2)(d)—
and
e
entering as a limited partner into a partnership.
b
by adding after paragraph (4)(f)—
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.
c
by adding in paragraph (10)—
i
after the definition of “investment manager” the following definition:—
“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;
ii
after the definition of “local authority” the following definition:—
“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);
(This note is not part of the Regulations)