The Local Government Pension Scheme (Pooling, Management and Investment of Funds) Regulations 2026
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Change 1
16 Directions by the Secretary of State - investment strategy
(1) Paragraph (2) applies where the Secretary of State is satisfied that an authority has failed to comply with guidance issued under regulation 10(2)(b) in formulating its investment strategy. (2) Where this paragraph applies, the Secretary of State may make a direction— (a) requiring that authority to make such specified changes to its investment strategy as the Secretary of State considers appropriate, within the time period specified in the direction, or (b) requiring that authority to carry out a review of its investment strategy and, if necessary, to revise the strategy— (i) in relation to the matters specified in the direction, and (ii) within the time period specified in the direction. (3) Where the Secretary of State makes a direction under paragraph (2), the direction must specify the date of issue, and the contents, of the guidance with which the authority is required to comply. (4) Where the Secretary of State makes a direction under paragraph (2)(b), the direction must also specify— (a) whether the authority is required to consult on any proposed revisions to the strategy, and (b) if applicable, the matters in the investment strategy in respect of which the authority must consult. (5) Before making a decision whether to make a direction under this regulation, and as to the contents of any direction, the Secretary of State must consult the authority that the Secretary of State intends to specify in the direction. (6) Where the Secretary of State considers that additional information is required in order to decide whether to make a direction under this regulation, or what the direction should require, the Secretary of State may carry out such enquiries as the Secretary of State considers appropriate to obtain that information. (7) An authority must comply with any request from the Secretary of State intended to facilitate the obtaining of information under paragraph (6).
16 Directions by the Secretary of State - investment strategy
(1) Paragraph (2) applies where the Secretary of State is satisfied that an authority has failed to comply with guidance issued under regulation 10(2)(b) in formulating its investment strategy. (2) Where this paragraph applies, the Secretary of State may make a direction— (a) requiring that authority to make such specified changes to its investment strategy as the Secretary of State considers appropriate, within the time period specified in the direction, or (b) requiring that authority to carry out a review of its investment strategy and, if necessary, to revise the strategy— (i) in relation to the matters specified in the direction, and (ii) within the time period specified in the direction. (3) Where the Secretary of State makes a direction under paragraph (2), the direction must specify the date of issue, and the contents, of the guidance with which the authority is required to comply. (4) Where the Secretary of State makes a direction under paragraph (2)(b), the direction must also specify— (a) whether the authority is required to consult on any proposed revisions to the strategy, and (b) if applicable, the matters in the investment strategy in respect of which the authority must consult. (5) Before making a decision whether to make a direction under this regulation, and as to the contents of any direction, the Secretary of State must consult the authority that the Secretary of State intends to specify in the direction. (6) Where the Secretary of State considers that additional information is required in order to decide whether to make a direction under this regulation, or what the direction should require, the Secretary of State may carry out such enquiries as the Secretary of State considers appropriate to obtain that information. (7) An authority must comply with any request from the Secretary of State intended to facilitate the obtaining of information under paragraph (6).
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