Laura Sharman 02 December 2014

Pension funds to pool £10bn assets

Pension funds to pool £10bn assets image

Two Local Government Pension Scheme (LGPS) funds are to pool their combined assets of over £10bn.

Lancashire County Pension Fund and the London Pensions Fund Authority have begun talks to create a joint an Asset and Liability Management Partnership. The partnershi, aims to deliver cost savings and improved performance, while demonstrating new ways to manage LGPS assets.

Each pension fund will retain its own identity and local accountability, with a commonly managed, jointly invested pool of assets.

Cllr Jennifer Mein, leader of Lancashire County Council, said: ‘Taking a more proactive approach to managing the assets and liabilities of the Lancashire County Pension Fund has really paid off in recent years and this new partnership will enable us to build on the expertise we have developed.

‘Facing the challenges of supporting an ageing population, the government should be using the good practice of funds like our own and the London Pension Fund Authority to drive up the performance of the Local Government Pensions Scheme, rather than dumbing down to the average.’

Edi Truell, chairman of the London Pensions Fund Authority, said: ‘We are delighted to be working on the development of this partnership and believe, with a greater pool of assets, both pension funds will gain access to a wider range of investments.

‘It is especially important to compete for desirable illiquid investments against the enormous international Sovereign Wealth Funds and pension investors.’

Participatory budgeting image

Participatory budgeting

Evgeny Barkov explains what participatory budgeting means and how it can reveal what citizens need.
SIGN UP
For your free daily news bulletin
Highways jobs

Assistant Director Practice Improvement and Development

Birmingham Children's Trust
Up to £92,681 plus market supplement and relocation allowance (subject to terms and conditions)
We have developed an environment where learning, development and practice improvement are underpinning principles service wide. Birmingham, West Midlands
Recuriter: Birmingham Children's Trust

Social Worker (Safeguarding Adults Team)

Sandwell Metropolitan Borough Council
£29,636 - £33,799 per annum
The safeguarding team have an excellent opportunity for an experienced qualified Social Worker who... Sandwell, West Midlands
Recuriter: Sandwell Metropolitan Borough Council

Occupational Therapist (Short Breaks- Residential and Community)

City of York Council
£30,500 to £34,797 per annum
Looking to recruit an Occupational Therapist who is able to meet the needs of children and young people with... York, North Yorkshire
Recuriter: City of York Council

Social Worker - SGO & Connected Person Assessment Team

Essex County Council
Negotiable
Special Guardianship Order (SGO) & Connected Person Assessment Team The SGO and Connected Person's Assessment Team first started in April 2019 and due England, Essex, Chelmsford
Recuriter: Essex County Council

Programme Support Officer

Royal Borough of Greenwich
£29.766 - £30.711
This role is a programme support officer which will assist the delivery of vital monitoring, control and governance work to... Greenwich, London (Greater)
Recuriter: Royal Borough of Greenwich

Public Property

Latest issue - Public Property News

This issue of Public Property examines how how flexible workspaces can lead the way in regeneration for local authorities, Why local authority intervention is key to successful urban regeneration schemes and if the Government’s challenge of embracing beauty is an opportunity for communities.

The March issue also takes a closer look at Blackburn with Darwen Council's first digital health hub to help people gain control over health and care services.

Register for your free digital issue