The Local Government Pension Scheme (Management and Investment of Funds) (Amendment) Regulations 2003
These Regulations amend regulation 11 of, and Part I of Schedule 1 to, the Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 (the “principal Regulations”), which set down the limits for the different types of pension fund investments. The amendments allow an administering authority to increase those limits up to the specified amounts. When deciding to increase limits, or reviewing previously increased limits, the administering authority must take account of proper advice and of the factors in regulation 9(3) of the principal Regulations (the advisability of investing fund money in a wide variety of investments and the suitability of particular investments and types of investments). A decision to increase limits, or to continue to use previously increased limits, must specify certain matters and those matters must be published in a revised statement of investment principles before the increased limits can take effect.