By early next year, the pooling of assets from the 90 local government pensions schemes (LGPS) will have begun into what previous chancellor George Osborne called British Wealth Funds.
Full details of how the new funds will operate are yet to be aired, but the principles behind the move are clear – drive down costs and share best practice to maintain overall investment performance.
Across the funds, there are likely to be several different structures and operating practices in relation to the investment pooling arrangements, but for each administrating authority, demonstrating strong governance will be crucial.
