David Anderson – 2016 Parliamentary Question to the Department for Communities and Local Government

The below Parliamentary question was asked by David Anderson on 2016-02-09.

To ask the Secretary of State for Communities and Local Government, what steps he has taken to ensure the powers of intervention over Local Government Pension Scheme funds’ non-financial investment policies do not conflict with (a) Article 18 of EU Directive 41/2003 and (b) Occupational Pension Scheme Investment Regulations 2005.

Mr Marcus Jones

The Department is currently consulting on proposals to amend the scheme’s investment regulations to allow the Secretary of State to make a proportionate intervention in the investment function of an administering authority if it has not had regard to best practice, guidance or regulations. The consultation was published on the basis that the scheme is consistent with the way in which Directive 41/2003 on the Institutions for Occupational Retirement Provision Directive was transposed into national law, including the Occupational Pension Scheme (Investment) Regulations 2005. The consultation closes on 19 February.