The Local Government Pension Scheme (Pooling, Management and Investment of Funds) Regulations 2026
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Change 1
5 Restriction on power to borrow
(1) Except as provided in this regulation, an authority must not borrow money where the borrowing is liable to be repaid out of its pension fund. (2) Subject to paragraph (3), an authority may borrow, by way of temporary loan or overdraft which is liable to be repaid out of its pension fund, any sums which it may require for the purpose of— (a) paying benefits due under the Scheme, or (b) meeting investment commitments arising from the implementation of a decision, which is required by its investment strategy, to change the balance between different types of investment. (3) An authority may only borrow money under paragraph (2) if, at the time of the borrowing, the authority reasonably believes that the sum borrowed, and interest charged in respect of that sum, can be repaid out of its pension fund within 90 days of the borrowing.
5 Restriction on power to borrow
(1) Except as provided in this regulation, an authority must not borrow money where the borrowing is liable to be repaid out of its pension fund. (2) Subject to paragraph (3), an authority may borrow, by way of temporary loan or overdraft which is liable to be repaid out of its pension fund, any sums which it may require for the purpose of— (a) paying benefits due under the Scheme, or (b) meeting investment commitments arising from the implementation of a decision, which is required by its investment strategy, to change the balance between different types of investment. (3) An authority may only borrow money under paragraph (2) if, at the time of the borrowing, the authority reasonably believes that the sum borrowed, and interest charged in respect of that sum, can be repaid out of its pension fund within 90 days of the borrowing.
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