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2005 No. *
pensions, england and wales
The Local Government Pension Scheme and Management and Investment of Funds (Amendment) Regulations 2005
Made - - - - * 2005
Laid before Parliament * 2005
Coming into force - - 1st April 2005
The First Secretary of State, in exercise of the powers conferred on him by sections 7 and 12 of the Superannuation Act 1972() 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, the local authorities with whom consultation appeared to him to be desirable and such representatives of other persons likely to be affected by the Regulations as appeared to him to be appropriate, hereby makes the following Regulations:
1.— These Regulations may be cited as the Local Government Pension Scheme and Management and Investment of Funds (Amendment) Regulations 2005.
(1) These Regulations shall come into force on 1st April 2005, but regulations 3, 6 and 7 shall have effect from 1st October 2004 and regulation 8 shall have effect from 1st February 2005.
(2) These Regulations extend to England and Wales().
2. The Local Government Pension Scheme Regulations 1997() shall be amended in accordance with regulations 3 to 8.
3. In regulation 6(9) (further restrictions on eligibility), for "as a member of a fire brigade maintained in pursuance of the Fire Services Act 1947" substitute "by a fire and rescue authority (within the meaning of the Fire and Rescue Services Act 2004())".
4. In regulation 97(14) (first instance decisions)(), for sub-paragraph (b) substitute—
“
(b) "qualified in occupational health medicine" means—(i) holding a diploma in occupational medicine (D Occ Med) or an equivalent qualification issued by a competent authority in an EEA State (and for the purposes of this definition, "competent authority" has the meaning given by the General and Specialist Medical Practice (Education, Training and Qualification) Order 2003()); or
(ii) being an Associate, a Member or a Fellow of the Faculty of Occupational Medicine() or an equivalent institution of an EEA State.”.
5. After regulation 106A (annual benefit statements)(), insert—
“
Statements of policy concerning communications with members and employing authorities106B.—(1) An administering authority must prepare, maintain and publish a statement setting out their policy concerning communications with—
(a) members;
(b) representatives of members;
(c) prospective members; and
(d) employing authorities.
(2) The statement must set out their policy on—
(a) the provision of information and publicity about the Scheme to members, representatives of members and employing authorities;
(b) the format, frequency and method of distributing such information or publicity; and
(c) the promotion of the Scheme to prospective members and their employers.
(3) The first such statement must be published by 1st April 2006.
(4) The statement must be revised and published by the administering authority following a material change in their policy on any of the matters referred to in paragraph (2).”.
6. In Schedule 1 (interpretation), in the definition of "Scheme managers", after "fire" insert "or rescue".
7. In Schedule 2 (Scheme employers), for the words "A fire authority" to "by section 27 of that Act" substitute—
“
A fire and rescue authority within the meaning of the Fire and Rescue Services Act 2004”.8. In Schedule 2 (Scheme employers), add at the end—
“
A conservation board established under section 86 of the Countryside and Rights of Way Act 2000().”.9.— The Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998() shall be amended in accordance with this regulation.
(1) In regulation 2(1) (general definitions), after the definition of "administering authority", insert—
“
"employing authority" has the same meaning as in the 1997 regulations;”(2) In regulation 9A (statement of investment principles)()—
(a) after paragraph (3A)(), insert—
“
(3B) A statement published on or after 3rd October 2005 must also—(a) state whether the administering authority delegates their functions in relation to maintaining a pension fund to a committee (including a sub-committee), and
(b) if so, state—
(i) the frequency of committee meetings;
(ii) the committee’s terms of reference, structure and operational procedures; and
(iii) whether the committee includes representatives of employing authorities or members, and if so, whether those representatives have voting rights.”; and
(b) in paragraph (4), for "paragraphs (2) and (3A)" substitute "paragraphs (2), (3A) and (3B)".
(3) In Schedule 1 (limits on investments), in Part I, for the contents of the box at row 11 (all securities transferred (or agreed to be transferred) by the authority under stock lending arrangements) and column (2) (increased limits under regulation 11(2A)) of the table substitute "35%".
10. Nothing in these Regulations requires an administering authority, which has published a statement under regulation 9A of the Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 (as in force immediately before 1st April 2005), to prepare a new statement, but they must revise the statement which they have published so as to include the matters referred to in regulation 9A(3B) of those Regulations (as inserted by these Regulations) and publish the revised statement by 3rd October 2005.
Signed by authority of the First Secretary of State
* March 2005 Parliamentary Under Secretary of State,
Office of the Deputy Prime Minister
EXPLANATORY NOTE
(This note is not part of the Regulations)
These Regulations amend the Local Government Pension Scheme Regulations 1997 ("the 1997 Regulations") and the Local Government Pension Scheme (Management and Investment of Funds) Regulations 1998 ("the 1998 Regulations").
The changes to the 1997 Regulations are as follows—
– Regulations 3, 6 and 7 of these Regulations update references to fire authorities.
– Regulation 4 of these Regulations updates the definition of "qualified in occupational health medicine" in regulation 97 of the 1997 Regulations.
– Regulation 5 of these Regulations inserts a new provision, regulation 106B, into the 1997 Regulations to require administering authorities to prepare, maintain and publish a statement concerning their policy on communicating with members, members’ representatives, prospective members and employing authorities. Administering authorities must publish the first statements by 1st April 2006 and must revise and publish their statements following any material change in their policy.
– Regulation 8 of these Regulations inserts "conservation boards" into the list of Scheme employers in Schedule 2 to the 1997 Regulations.
Regulation 9 of these Regulations amends the 1998 Regulations to:
– add a provision to regulation 9A of the 1998 Regulations to require that, by 3rd October 2005 (see regulation 10 of these Regulations), each administering authority must state in their statement of investment principles whether they delegate their functions in relation to maintaining a pension fund to a committee or sub-committee; and
– amend Part I of Schedule 1 to the 1998 Regulations to allow administering authorities to increase the limit on their investments in securities transferred by the authority under stock lending arrangements from 25% to 35% of the total of their pension fund investments.
These Regulations come into force on 1st April 2005, but regulations 3, 6 and 7 have effect from 1st October 2004 and regulation 8 has effect from 1st February 2005. Section 12 of the Superannuation Act 1972 provides that regulations made under section 7 of that Act may have retrospective effect.
A full regulatory impact assessment has not been produced for this instrument, as it has no impact on the costs of businesses, charities or voluntary bodies; neither does it have significant financial impact on any public bodies.