William Eichler 16 January 2025

Councils challenge Chancellor over pension ‘megafunds’

Councils challenge Chancellor over pension ‘megafunds’ image
Image: PeopleImages.com - Yuri A / Shutterstock.com.

Councils in England and Wales have spoken out against the Government’s plans for pension ‘megafunds’, warning they could lead to conflicts of interest.

Twenty-six local government pension funds, which collectively manage £145bn of assets, have urged Chancellor Rachel Reeves to remove a requirement for town halls to take their ‘principal advice’ on asset allocation from the pools that manage their assets, according to a report seen by the Financial Times.

The report, which was co-ordinated by independent consultancy Hymans Robertson, also found that councillors warned the Chancellor that such as requirement could make it difficult for them to hold pools to account and could lead to conflicts of interest between the pool and the council.

The Society of Pension Professionals (SPP) recently urged ministers to ‘seriously reconsider' the fast pace of their reform to the Local Government Pension Scheme (LGPS).

What’s happening inside the LGPS? image

What’s happening inside the LGPS?

Get the most informed take on the challenges and opportunities that substantial reform will bring at this year’s PLSA Local Authority Conference.
SIGN UP
For your free daily news bulletin
Highways jobs

Senior Project Manager (Regeneration)

West Yorkshire Combined Authority
£49,359 to £56,057 per annum (pay award pending) – Grade 9
With ambitious goals ahead, we need dedicated individuals who are ready to make a real impact as part of our expanding Housing team Leeds / Hybrid
Recuriter: West Yorkshire Combined Authority

Information Governance Officer

Essex County Council
£28349.00 - £33351.00 per annum + pension
Information Governance OfficerPermanent, Full Time£28,349 to £33,351 per annumLocation
Recuriter: Essex County Council

Information Governance Officer

Essex County Council
£28349.00 - £33351.00 per annum + pension
Information Governance OfficerFixed Term, Full Time£28,349 to £33,351 per annumLocation
Recuriter: Essex County Council

HR Advisor - Pay & Policy (Career Grade)

Wakefield Council
Grade 9 - Grade 10, Career Grade, 24 hours, Permanent
Are you ready to make a difference and shape policies that foster a high performing and inclusive workplace? Wakefield, West Yorkshire
Recuriter: Wakefield Council

Leisure Support Assistant

Wakefield Council
£12,013.50 - £12,202.00, Grade 3, 18.5 hours, Permanent
Are You Ready to Make a Difference in Your Community? Wakefield, West Yorkshire
Recuriter: Wakefield Council
Linkedin Banner