Schedule 2, Part 1, paragraph 2A(2)

The conditions are— that more than 80% of the activities of the company are investment management activities carried out for or on behalf of local government pension scheme managers acting in their capacity as local government pension scheme managers; that no person exercises a decisive influence on the activities of the company (either directly or indirectly) other than— the participating scheme managers in the company, acting in their capacity as local government pension scheme managers, and where the only shareholder in the company is another company (see section 1(9)(a) of the Pension Schemes Act 2026), that other company; that the company does not carry out any activities that are contrary to the interests of— the participating scheme managers in the company, in their capacity as local government pension scheme managers, or where the only shareholder in the company is another company, that other company.

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Source: legislation.gov.uk · retrieved 2026-09-04