Clause 17 - External funds
Local Government Bill
2:30 pm
Mr Robert Syms (Poole, Conservative)
The explanatory notes make it clear that the clause deals with local authority pension funds, and there is a separate regime for dealing with that. Subsection (1)(b) says that a local authority can borrow from a pension fund on a temporary basis. Could the Minister say a little more about that because I did not appreciate that local authorities could borrow from their pension funds? Could he define ''temporary''? Is it days, weeks or months? For what purpose would a local authority borrow from its pension fund?