§ Mr. Summerson
To ask the Secretary of State for the Environment if he will clarify the position of local authorities who delegate superannuation fund investment decisions to external fund managers.
§ Mr. Portillo
Government officials have had discussions with local government representatives, regulatory bodies182W and those representing fund managers. I intend to propose amendments to the Local Government Superannuation Regulations expressly to authorise authorities to delegate superannuation fund investment decisions to outside managers subject to certain conditions. I am circulating proposals to local authorities in England and Wales and other interested parties for their comments. Subject to the necessary statutory and parliamentary procedures I would intend the amended regulations to come into force before the end of the year.