The Local Government Pension Scheme (Pooling, Management and Investment of Funds) Regulations 2026
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Change 1
11 Contents of investment strategy
(1) An investment strategy must include— (a) a requirement to invest fund money in a wide variety of investments, (b) the authority’s high-level financial objectives, (c) the authority’s approach to risk, including the ways in which risks are to be assessed and managed, (d) the authority’s priorities and preferences regarding responsible investment, including how social, environmental and corporate governance considerations are to be taken into account in the selection, non-selection, retention and realisation of investments, (e) the authority’s policy on the exercise of the rights (including voting rights) attaching to investments, (f) subject to paragraph (5), a high-level objective on local investments, including a target range for those investments as a proportion of the total value of the pension fund, and (g) a high-level strategic asset allocation. (2) For the purposes of paragraph (1)(b), the authority’s high-level financial objectives must have regard to— (a) that authority’s funding strategy statement, and (b) the matters specified in regulation 62(6)(d) of the 2013 Regulations (actuarial valuations of pension funds: requirement to secure the solvency of the pension fund and the long term cost efficiency of the Scheme, so far as relating to the pension fund). (3) Subject to paragraph (4), in setting the high-level objective specified in paragraph (1)(f), an authority must have regard to the local economic priorities of the relevant strategic authority (including any local growth plan, if applicable). (4) Paragraph (3) does not apply in a case where the local economic priorities have not been published, or made available, by the relevant strategic authority. (5) Paragraph (1)(f) does not apply to an investment strategy formulated by the Environment Agency. (6) Formulation of the high-level strategic asset allocation referred to in paragraph (1)(g) may be delegated by the authority to the relevant asset pool company. (7) An investment strategy may not permit more than 5% of the total value of all investments of fund money to be invested in entities which are connected with that authority, within the meaning of section 212 of the Local Government and Public Health Involvement in Health Act 2007 (entities controlled etc by local authorities). (8) In this regulation— “combined authority” means an authority established under section 103(1) of the Local Democracy, Economic Development and Construction Act 2009 (“the 2009 Act”) (combined authorities and their areas); “combined county authority” means an authority established under section 9(1) of the Levelling-up and Regeneration Act 2023 (“the 2023 Act”) (combined county authorities and their areas); “funding strategy statement” means the statement required by regulation 58 of the 2013 Regulations (funding strategy statement); “local growth plan” means— in respect of a combined authority, a local growth plan under section 107L of the 2009 Act (Local Growth Plans); in respect of a combined county authority, a local growth plan under section 32A of the 2023 Act (Local Growth Plans).
11 Contents of investment strategy
(1) An investment strategy must include— (a) a requirement to invest fund money in a wide variety of investments, (b) the authority’s high-level financial objectives, (c) the authority’s approach to risk, including the ways in which risks are to be assessed and managed, (d) the authority’s priorities and preferences regarding responsible investment, including how social, environmental and corporate governance considerations are to be taken into account in the selection, non-selection, retention and realisation of investments, (e) the authority’s policy on the exercise of the rights (including voting rights) attaching to investments, (f) subject to paragraph (5), a high-level objective on local investments, including a target range for those investments as a proportion of the total value of the pension fund, and (g) a high-level strategic asset allocation. (2) For the purposes of paragraph (1)(b), the authority’s high-level financial objectives must have regard to— (a) that authority’s funding strategy statement, and (b) the matters specified in regulation 62(6)(d) of the 2013 Regulations (actuarial valuations of pension funds: requirement to secure the solvency of the pension fund and the long term cost efficiency of the Scheme, so far as relating to the pension fund). (3) Subject to paragraph (4), in setting the high-level objective specified in paragraph (1)(f), an authority must have regard to the local economic priorities of the relevant strategic authority (including any local growth plan, if applicable). (4) Paragraph (3) does not apply in a case where the local economic priorities have not been published, or made available, by the relevant strategic authority. (5) Paragraph (1)(f) does not apply to an investment strategy formulated by the Environment Agency. (6) Formulation of the high-level strategic asset allocation referred to in paragraph (1)(g) may be delegated by the authority to the relevant asset pool company. (7) An investment strategy may not permit more than 5% of the total value of all investments of fund money to be invested in entities which are connected with that authority, within the meaning of section 212 of the Local Government and Public Health Involvement in Health Act 2007 (entities controlled etc by local authorities). (8) In this regulation— “combined authority” means an authority established under section 103(1) of the Local Democracy, Economic Development and Construction Act 2009 (“the 2009 Act”) (combined authorities and their areas); “combined county authority” means an authority established under section 9(1) of the Levelling-up and Regeneration Act 2023 (“the 2023 Act”) (combined county authorities and their areas); “funding strategy statement” means the statement required by regulation 58 of the 2013 Regulations (funding strategy statement); “local growth plan” means— in respect of a combined authority, a local growth plan under section 107L of the 2009 Act (Local Growth Plans); in respect of a combined county authority, a local growth plan under section 32A of the 2023 Act (Local Growth Plans).
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