The Local Government Superannuation (Investments) Regulations 1994

• Citation: S.I. 1994/1909
• Sections: 2

Section 1 Citation and commencement

These Regulations may be cited as the Local Government Superannuation (Investments) Regulations 1994 and shall come into force on 17th August 1994.

Section 2 Use and investment of superannuation fund’s moneys

Regulation P3 of the Local Government Superannuation Regulations 1986 shall be amended—

(a) by adding at the end of paragraph (2) the words

and

(e) entering as a limited partner into a partnership.

(b) by adding at the end of paragraph (4) the words

or

(g) contribute to a partnership so as to cause the total value of contributions by the authority to that partnership to exceed 2% of the value at the time of all investments of fund moneys, or so as to cause the total value of all contributions by the authority to such partnerships to exceed 5% of the value at the time of all investments of fund moneys.

(c) in paragraph (10)—

(i) by inserting after the definition of “investment manager” the following definition—

“limited partner” means a person who is not liable for the debts or obligations of a partnership beyond the amount contributed at the time of entering into that partnership;

(ii) by inserting after the definition of “listed securities” the following definition—

“partnership” means a partnership whose purpose is to invest in shares in or securities of companies which at the date of purchase by the partnership are normally not quoted on a recognised stock exchange (within the meaning of section 841(1) of the Income and Corporation Taxes Act 1988 ).