The Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998

Management of pension fund

Management of pension fund

5.—(1) This regulation is about the sums which an administering authority must pay or credit to and may pay from the pension fund administered by them.

(2) They must pay or credit to their pension fund, in addition to any other sum which the 1998 Regulations specify must be paid or credited to the fund–

(a)the amounts payable by them or paid to them for the credit of the fund by any other authority under regulations 78 and 79 of the 1998 Regulations (employers' contributions) or by virtue of the Transitional Regulations;

(b)all members' contributions except contributions payable under regulations 60 and 67 of the 1998 regulations (additional voluntary contributions);

(c)all income arising during the year from investment of the fund;

(d)all capital money deriving from such investment; and

(e)all additional payments received by the authority under the 1998 Regulations or the Transitional Regulations.

(3) In the case of an administering authority which maintains more than one pension fund, as respects sums which relate to specific members the references in paragraph (2) to the authority’s fund are to the fund which is the appropriate fund for the members in question in accordance with Schedule 5 to the 1998 Regulations.

(4) Interest under regulation 12 must be credited and paid to the fund to which repayment is due.

(5) Interest under regulation 81(1) of the 1998 Regulations must be credited and paid to the fund to which the overdue payment is due.

(6) Any costs, charges and expenses incurred administering a pension fund (except those incurred in connection with a FSAVC scheme) may be paid from it.