The Local Government Pension Scheme (Pooling, Management and Investment of Funds) Regulations 2026
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Change 1
6 Separate bank account
(1) An authority must hold all fund money that is not otherwise invested or held by the asset pool company in a separate account kept by it with a deposit-taker. (2) An authority must secure that the deposit-taker may not exercise a right of set-off in relation to the account referred to in paragraph (1) in respect of any other account held by the authority or any party connected to the authority. (3) In this regulation, “deposit-taker” means— (a) a person who has permission under Part 4A of the 2000 Act (permission to carry on regulated activities) to carry on the activities specified by Article 5 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (accepting deposits); (b) the Bank of England; (c) the National Savings Bank.
6 Separate bank account
(1) An authority must hold all fund money that is not otherwise invested or held by the asset pool company in a separate account kept by it with a deposit-taker. (2) An authority must secure that the deposit-taker may not exercise a right of set-off in relation to the account referred to in paragraph (1) in respect of any other account held by the authority or any party connected to the authority. (3) In this regulation, “deposit-taker” means— (a) a person who has permission under Part 4A of the 2000 Act (permission to carry on regulated activities) to carry on the activities specified by Article 5 of the Financial Services and Markets Act 2000 (Regulated Activities) Order 2001 (accepting deposits); (b) the Bank of England; (c) the National Savings Bank.
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