The Local Government Pension Scheme (Pooling, Management and Investment of Funds) Regulations 2026
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Change 1
3 Investments
(1) In these Regulations, “investment” includes— (a) a contract entered into in the course of dealing in financial futures, traded options or derivatives; (b) a contribution to a limited partnership in an unquoted securities investment partnership; (c) a contract of insurance if it is a contract of a relevant class, and is entered into with a person within paragraph (2) for whom entering into the contract constitutes the carrying on of a regulated activity within the meaning of section 22 of the 2000 Act (regulated activities). (2) A person within this paragraph, for the purposes of paragraph (1)(c), is a person who has permission under Part 4A of the 2000 Act (permission to carry on regulated activities) to effect or carry out contracts of insurance of a relevant class. (3) A contract of insurance is a contract of a relevant class for the purposes of paragraphs (1)(c) and (2) if it is— (a) a contract of insurance on human life or a contract to pay an annuity on human life where the benefits are wholly or partly to be determined by reference to the value of, or income from, property of any description (whether or not specified in the contract) or by reference to fluctuations in, or an index of, the value of property of any description (whether or not so specified), or (b) a contract to manage the investments of pension funds, whether or not combined with a contract of insurance covering either conservation of capital or payment of minimum interest. (4) For the purposes of this regulation— “limited partnership” has the meaning given by section 3(1) of the Limited Partnerships Act 1907 (interpretation of terms); “recognised stock exchange” has the same meaning as in section 1005 of the Income Tax Act 2007 (meaning of “recognised stock exchange” etc); “traded option” means an option quoted on a recognised stock exchange; “unquoted securities investment partnership” means a partnership for investing in securities which are not quoted on a recognised stock exchange when the partnership buys them.
3 Investments
(1) In these Regulations, “investment” includes— (a) a contract entered into in the course of dealing in financial futures, traded options or derivatives; (b) a contribution to a limited partnership in an unquoted securities investment partnership; (c) a contract of insurance if it is a contract of a relevant class, and is entered into with a person within paragraph (2) for whom entering into the contract constitutes the carrying on of a regulated activity within the meaning of section 22 of the 2000 Act (regulated activities). (2) A person within this paragraph, for the purposes of paragraph (1)(c), is a person who has permission under Part 4A of the 2000 Act (permission to carry on regulated activities) to effect or carry out contracts of insurance of a relevant class. (3) A contract of insurance is a contract of a relevant class for the purposes of paragraphs (1)(c) and (2) if it is— (a) a contract of insurance on human life or a contract to pay an annuity on human life where the benefits are wholly or partly to be determined by reference to the value of, or income from, property of any description (whether or not specified in the contract) or by reference to fluctuations in, or an index of, the value of property of any description (whether or not so specified), or (b) a contract to manage the investments of pension funds, whether or not combined with a contract of insurance covering either conservation of capital or payment of minimum interest. (4) For the purposes of this regulation— “limited partnership” has the meaning given by section 3(1) of the Limited Partnerships Act 1907 (interpretation of terms); “recognised stock exchange” has the same meaning as in section 1005 of the Income Tax Act 2007 (meaning of “recognised stock exchange” etc); “traded option” means an option quoted on a recognised stock exchange; “unquoted securities investment partnership” means a partnership for investing in securities which are not quoted on a recognised stock exchange when the partnership buys them.
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