The Local Government Pension Scheme(Management and Investment of Funds) Regulations 1998
These Regulations replace regulations L4 to L8 of the Local Government Pension Scheme Regulations 1995 (S.I. 1995/1019) which are now revoked.The only changes of substance are—the inclusion, as investments, of insurance contracts with persons for whom making an insurance contract is business within class III in Schedule 1 to the Insurance Companies Act 1982 (linked long term business);the inclusion of sub-underwriting as an investment with a limit on such investment in any single sub-underwriting contract of one per cent of the total value of the fund; andthe inclusion in the limit of 25 per cent of the total value of the fund of investments in open-ended investment company schemes.