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The Local Government Pension Scheme (Scotland) Amendment Regulations 2007

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Explanatory Note

(This note is not part of the Regulations)

These Regulations amend the Local Government Pension Scheme (Scotland) Regulations 1998 (“the 1998 Regulations”) and the Local Government Pension Scheme (Management and Investment of Funds) (Scotland) Regulations 1998 (“the Investment Regulations”).

The changes to the 1998 Regulations are as follows–

Regulations 3 and 17 update references made by the Fire (Scotland) Act 2005. Regulations 3 to 17 also make minor amendments to ensure that the 1998 Regulations comply with the requirements of the Finance Act 2004 and other legislation regulating registered pension schemes.

Regulation 4 inserts provision to enable civil partners to buy back pre-1988 service in accordance with the Schedule. Regulation 18 inserts the Schedule into the 1998 Regulations.

The changes to the Investment Regulations are as follows:

Regulation 20(a) inserts a provision as regulation 11A(3A), to require an administering authority prior to making a decision to increase the limit on their investments in securities transferred by the authority under stock lending arrangements to take into account the additional risks of the increased limit. Regulation 20(b) makes a consequential amendment to regulation 11A(6)(a) where, following a review, an administering authority has decided to continue to use the increased limit on their investments in securities transferred under stock lending arrangements.

Regulation 21 amends Part I of Schedule 1 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.

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.

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