Martin Ford 02 February 2022

Council pension schemes urged to invest in local economies

Council pension schemes urged to invest in local economies image
Image: Duncan Andison / Shutterstock.com

Local government pension funds will be targetted to pump billions of pounds into regional economies as part of the new levelling up White Paper.

The Government will ask Local Government Pension Scheme (LGPS) funds to devote at least 5% of investment to ‘local projects’.

It is estimated the move would unlock £16bn of investment for infrastructure, housing, regeneration and small business finance.

The Government will ask LGPS funds to formally ‘publish plans for increasing local investment’.

However, the move has been criticised by CIPFA who argued local government pensions should not be used to fund levelling up schemes.

CIPFA CEO, Rob Whiteman, said: 'The plan to use £16bn from the Local Government Pension Scheme to invest in local levelling up initiatives should be dropped. The key workers who pay into the LGPS should not have their pensions used to pay for government priorities.

'It is important that proper funding is made available for levelling up schemes that doesn’t risk pressures to the pension scheme that would fall on the council tax payer.'

SIGN UP
For your free daily news bulletin
Highways jobs

Highways Development Management Engineer

West Northamptonshire Council
£41,816 - £45,175
At West Northamptonshire Council, we’re looking for a motivated and enthusiastic Highways Development Management Engineer to join our Highways and Transport Service. You’ll be at the heart of shaping how new developments across the area impact our tra Northampton
Recuriter: West Northamptonshire Council

Transport Project Officer

West Northamptonshire Council
£34,203 - £37,067
We are seeking an enthusiastic and motivated project officer to work in our Highways and Transport Service. You will play a key role in translating our transport plans and strategies into reality, improving connectivity and encouraging travel by sustainab Northampton
Recuriter: West Northamptonshire Council

Project Officer - Family Help - WMF2248e

Westmorland and Furness Council
£34,434 - £35,412
We have an exciting opportunity for an experienced Project Officer to work across our Family Help and Family Hub services. Cumbria / Various
Recuriter: Westmorland and Furness Council

Programme Control Officer - WMF2247e

Westmorland and Furness Council
£38,220- £39,152
The Capital Programme team is responsible for the core delivery of the Council’s c. £80-100m/year Capital Programme Cumbria / Various
Recuriter: Westmorland and Furness Council

Occupational Therapist (Oxford City)

Oxfordshire County Council
£38220 - £45091
About UsDo you ... Oxford City, Horspath Driftway
Recuriter: Oxfordshire County Council
Linkedin Banner