The Local Government Pension Scheme (Pooling, Management and Investment of Funds) Regulations 2026
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Change 1
4 Management of a pension fund
(1) In addition to any sum otherwise required to be credited by virtue of the 2013 Regulations or the 2014 Regulations, an authority must credit to its pension fund— (a) the amounts payable by it or payable to it under regulations 15(3)(b), 67 and 68 of the 2013 Regulations (employer’s contributions and further payments), (b) all amounts received under regulation 69(1)(a) of the 2013 Regulations (payment by Scheme employers to administering authorities: member contributions), (c) all amounts received under regulation 69(1)(e) of the 2013 Regulations (payment by Scheme employers to administering authorities: members on reserve forces service leave), (d) all income arising from investment of the fund, and (e) all capital money deriving from such investment. (2) In the case of an authority which maintains more than one pension fund, as respects sums which relate to specific members, the references in this regulation to the authority’s pension fund are to be read as references to the fund which is the appropriate fund for the member in question in accordance with the 2013 Regulations. (3) Interest under regulation 71 of the 2013 Regulations (interest on late payments by Scheme employers) must be credited to the pension fund to which the overdue payment is due. (4) An authority must pay from its pension fund— (a) any benefits to which any person is entitled by virtue of the 2013 Regulations or the 2014 Regulations, and (b) any interest to which any person is entitled by virtue of regulation 14 of the Local Government Pension Scheme (Amendment) (No. 3) Regulations 2023 (interest on payments under the statutory underpin). (5) Any costs, charges and expenses incurred in administering a pension fund may be paid from the fund, except for charges prescribed by regulations made under sections 23 (supply of pension information in connection with divorce etc), 24 (charges by pension arrangements in relation to earmarking orders) or 41 (charges in relation to pension sharing costs) of the Welfare Reform and Pensions Act 1999.
4 Management of a pension fund
(1) In addition to any sum otherwise required to be credited by virtue of the 2013 Regulations or the 2014 Regulations, an authority must credit to its pension fund— (a) the amounts payable by it or payable to it under regulations 15(3)(b), 67 and 68 of the 2013 Regulations (employer’s contributions and further payments), (b) all amounts received under regulation 69(1)(a) of the 2013 Regulations (payment by Scheme employers to administering authorities: member contributions), (c) all amounts received under regulation 69(1)(e) of the 2013 Regulations (payment by Scheme employers to administering authorities: members on reserve forces service leave), (d) all income arising from investment of the fund, and (e) all capital money deriving from such investment. (2) In the case of an authority which maintains more than one pension fund, as respects sums which relate to specific members, the references in this regulation to the authority’s pension fund are to be read as references to the fund which is the appropriate fund for the member in question in accordance with the 2013 Regulations. (3) Interest under regulation 71 of the 2013 Regulations (interest on late payments by Scheme employers) must be credited to the pension fund to which the overdue payment is due. (4) An authority must pay from its pension fund— (a) any benefits to which any person is entitled by virtue of the 2013 Regulations or the 2014 Regulations, and (b) any interest to which any person is entitled by virtue of regulation 14 of the Local Government Pension Scheme (Amendment) (No. 3) Regulations 2023 (interest on payments under the statutory underpin). (5) Any costs, charges and expenses incurred in administering a pension fund may be paid from the fund, except for charges prescribed by regulations made under sections 23 (supply of pension information in connection with divorce etc), 24 (charges by pension arrangements in relation to earmarking orders) or 41 (charges in relation to pension sharing costs) of the Welfare Reform and Pensions Act 1999.
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