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<p>Most regulators participate in the unfunded public service pension schemes, which
do not invest monies in order to generate returns. Those that do have funded schemes
are subject to DWP occupational pension scheme legislation, with investments separated
from the organisation and trustees responsible for scheme investments, or, in the
case of the Environment Agency, participate in the Local Government Pension Scheme
(LGPS). Trustees and LGPS administering authorities have specific legal and fiduciary
duties.</p><p>LGPS administering authorities, including the Environment Agency Pension
Fund, are required to act in the interest of the fund and not the employer in setting
and implementing their investment strategy. DLUHC guidance sets out that it is good
practice for administering authorities to have robust policies to manage any potential
conflicts of interest. The EAPF conflicts of interest policy is available online.<sup><sup>[1]</sup></sup></p><p>
</p><p>[1] <a href="https://gbr01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.eapf.org.uk%2F~%2Fmedia%2Fdocument-libraries%2Feapf2%2Fpolicies%2F2023%2Fconflicts-of-interest-policy-agreed-at-june--23-pc--final_v2.pdf%3Fla%3Den%26hash%3D73A3192F28D6418F742FA515277EE97CA00E8542&data=05%7C02%7Cliam.claughton%40hmtreasury.gov.uk%7Cd1f5cbd49b934f2e54fe08dc27043b27%7Ced1644c505e049e6bc39fcf7ac51c18c%7C0%7C0%7C638428146718896084%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C0%7C%7C%7C&sdata=6NtMfv0A8FIJd%2BvNxeF5MDIS8LjTIz8IR8hIB0SQnMc%3D&reserved=0"
target="_blank">https://www.eapf.org.uk/~/media/document-libraries/eapf2/policies/2023/conflicts-of-interest-policy-agreed-at-june--23-pc--final_v2.pdf?la=en&hash=73A3192F28D6418F742FA515277EE97CA00E8542</a></p>
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