HC Deb 23 October 1990 vol 178 cc181-2W
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 bodies 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.