The Local Government Pension Scheme (Pooling, Management and Investment of Funds) Regulations 2026
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Change 1
10 Formulation of investment strategy
(1) The relevant asset pool company must provide an authority with proper advice (whether directly or indirectly) about its investment strategy. (2) After considering the advice referred to in paragraph (1), an authority must formulate an investment strategy in accordance with the requirements set out in— (a) regulation 11, and (b) guidance issued from time to time by the Secretary of State. (3) Where exceptional circumstances apply (as specified in guidance issued from time to time by the Secretary of State), an authority may also take proper advice about its investment strategy from an independent person who is not connected with the relevant asset pool company. (4) In this regulation, “proper advice” means— (a) in a case where the giving of advice constitutes the carrying on of a regulated activity in the United Kingdom, advice given by a person who may give it without contravening the prohibition imposed by section 19 of the 2000 Act (prohibition on carrying on regulated activities unless authorised or exempt), or (b) in any other case, the advice of a person whom the authority reasonably believes to— (i) be qualified by their ability in, and practical experience of, financial matters, and (ii) have appropriate knowledge and experience of the management of the investments of pension schemes.
10 Formulation of investment strategy
(1) The relevant asset pool company must provide an authority with proper advice (whether directly or indirectly) about its investment strategy. (2) After considering the advice referred to in paragraph (1), an authority must formulate an investment strategy in accordance with the requirements set out in— (a) regulation 11, and (b) guidance issued from time to time by the Secretary of State. (3) Where exceptional circumstances apply (as specified in guidance issued from time to time by the Secretary of State), an authority may also take proper advice about its investment strategy from an independent person who is not connected with the relevant asset pool company. (4) In this regulation, “proper advice” means— (a) in a case where the giving of advice constitutes the carrying on of a regulated activity in the United Kingdom, advice given by a person who may give it without contravening the prohibition imposed by section 19 of the 2000 Act (prohibition on carrying on regulated activities unless authorised or exempt), or (b) in any other case, the advice of a person whom the authority reasonably believes to— (i) be qualified by their ability in, and practical experience of, financial matters, and (ii) have appropriate knowledge and experience of the management of the investments of pension schemes.
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