William Eichler 22 July 2016

Petition calling for debate on pension funds attracts 100,000 signatures

Petition calling for debate on pension funds attracts 100,000 signatures image

Proposals to pool local government pension funds in order to invest in infrastructure have prompted over 100,000 people to sign a petition calling for a parliamentary debate.

The former chancellor George Osborne announced last October the Government’s intention to combine local authority pension funds into six new British Wealth Funds worth an estimated £25bn to help increase investment in major infrastructure projects.

The trade union Unison supports the idea of pooling funds but argued at the time union-nominated representatives and not ministers should be appointed to the new pool governance structures.

Unison started an online petition calling for a debate on the subject and it has got more than 100,000 signatures which means Parliament must discuss it.

The petition stated: ‘Government wants powers over LGPS investment funds, but they could gamble away members’ money on infrastructure projects. This is not allowed in any other UK scheme, including the MPs'. The LGPS must be invested in members’ best interests.’

They also warn the new funds could be used to replace Government funding of national infrastructure projects.

UNISON general secretary Dave Prentis said: ‘It’s time ministers granted a debate in Parliament on the future of the local government pension scheme. No other pension fund in the UK has this level of interference, and it’s important that MPs can scrutinise proposals affecting one of the largest schemes in the UK.

‘There must be proper consultation on the introduction of the new wealth funds, one that must involve unions in any investment decisions.’

‘Ministers must allow council pension funds to make their own decisions on where they invest the current and future pension pots of care workers, teaching assistants and social workers, and allow them to get the best return,’ he added.

SIGN UP
For your free daily news bulletin
Highways jobs

Education, Health and Care (EHC) Co-ordinators

Buckinghamshire Council
£30,874 - £37,188 per annum
Interested in a career as an EHC Coordinator? Come along to our drop-in event to meet members of the SEND team and find out more about the role! England, Buckinghamshire, Aylesbury
Recuriter: Buckinghamshire Council

Group Leader x 3 jobs

Kirklees Metropolitan Council
£42,683 - £44,632 per year
We are looking for highly motivated and skilled individuals to support the development and delivery of an ambitious Greenspace service. Kirklees, West Yorkshire
Recuriter: Kirklees Metropolitan Council

Senior Technical Officer (Highway Assets & Infrastructure)

Newport City Council
£30,507 - £33,799 pa
The post holder will report directly to the Assets and Infrastructure Team Manager and will provide a technical lead on... Newport (Casnewydd)
Recuriter: Newport City Council

Apprentice Recovery Practitioner

Redbridge London Borough Council
£20,572.50 per annum
We are seeking to recruit a dynamic and passionate Apprentice Recovery Practitioner to contribute to the success of the R3 service. Ilford, London (Greater)
Recuriter: Redbridge London Borough Council

ASC Social Worker - Complex Behaviour Team

Essex County Council
£30300 - £41425 per annum
This is a county wide role, office base consideration given as main office closest to home address. Job PurposeECC Adult Social Care, through effectiv England, Essex, Colchester
Recuriter: Essex County Council

Local Government News

Latest issue - Local Goverrnemnt News

This issue of Local Government News explores how councils can tackle modern slavery and trafficking in their supply chains, finds out more about Cambridge's first cohousing scheme and the launch of a new project to build a shared service pattern library for local government.

This issue also contains a special focus on children's services and how councils are protecting children following local safeguarding children boards being abolished.

Register for your free magazine