The LGPS Investment Regulations - out with the old, in with the new

The new Local Government Pension Scheme (LGPS) Investment Regulations^[1] came into force on 1 January 2010. The Regulations replace a whole raft of existing statutory instruments dating back to 1998 and also introduce several new requirements which warrant attention.

The principle changes administering authorities in England and Wales should be mindful of are:

• prohibition on an administering authority's "use of LGPS fund money"
• separate bank account for LGPS funds
• an administering authority's power to borrow money in certain circumstances
• changes to the Statement of Investment Principles requirements.

Wragge & Co's public sector pensions experts provide a detailed analysis of the new provisions.

Footnotes

[1] The Local Government Pension Scheme (Management and Investment of Funds) Regulations 2009 No. 3093. The Regulations apply in relation to England and Wales.