Discussion – LGPS pooling


POOLING: FIVE YEARS ON


In 2015, Chancellor of the Exchequer George Osborne announced that local government pension schemes were to be reformed. He wanted to use the £260bn of capital they collectively managed to benefit society by upgrading the UK’s infrastructure. The revolution was also designed to support members by cutting their costs. To do this, all 89 local authority pension schemes in England and Wales had to pool their assets in one of six groups that were to be created. It turned out that six was not enough, so we now have eight.


Five years after Osborne’s announcement, we brought the leaders of four of these pools together to discuss how their plans are progressing.


48 | portfolio institutional December–January 2021 | issue 99


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