James Evison 17 October 2016

Welsh Local Government Pension Schemes to pool assets worth £13bn

Welsh Local Government Pension Schemes to pool assets worth £13bn image

All eight of the Local Government Pension Scheme (LGPS) funds in Wales have called on central government to enable them to pool investments worth a total of £13bn.

According to the Welsh Local Government Association (WLGA), the Welsh LGPS funds have taken part in the submittal to reduce management costs and create joint-governance to ensure best practice on investments, with the aim of improving returns for the funds.

But the groups also made clear that decisions on where money will be allocated will continue to differ between funds, and remain the responsibility of each LGPS fund.

Additionally, not all of the £13bn worth of assets will be pooled at the start of the process.

The new joint arrangements will provide a range of sub-funds that will be ‘building blocks’ for individual funds to implement their investment strategy.

A formal tender will be issued before the end of 2016 to find an operator to establish and run the range of collective investment vehicles (CIVs) for the new strategy with preferred bidders announced in spring next year.

The aim is for the CIVs to be operation within 2017 – ahead of the government proposals for LGPS investment pools by the end of the financial year in April 2018.

A WLGA spokesperson said: 'The primary objectives behind this initiative are to achieve savings on investment management costs through economies of scale and also to provide access for funds to a wider range of potential investment opportunities.'

For your free daily news bulletin
Highways jobs

Social Worker - Early Interventions

Essex County Council
£32065 - £43839 per annum
Social Worker - Early Interventions Permanent, Full Time £32,065 - £43,839 per annum Location
Recuriter: Essex County Council

Social Worker - Local Linked Support Team

Essex County Council
£32065 - £43839 per annum
This is a full time fixed term contract for 12 month or a 12 month Secondment.About the RoleThis is a community-based role within the Harlow area. You England, Essex, Epping
Recuriter: Essex County Council

Property and Projects Lawyer

Brent Council
£43,860 - £49,827 p.a. inc.(pro rata)
The successful candidate will have the opportunity to supervise junior staff and deputise in the absence of the Senior Property Lawyer. Wembley, London (Greater)
Recuriter: Brent Council

Training and Quality Assurance Specialist

Essex County Council
Up to £26801 per annum
The OpportunityEssex Registration Service is one of the largest authorities in the Country, serving thousands of customers in the Registration of Bir England, Essex, Chelmsford
Recuriter: Essex County Council

Business Support Officer

Camden London Borough Council
We have recently changed the way that we work so that we are more responsive to... Camden, London (Greater)
Recuriter: Camden London Borough Council

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