LGPS pooling plans submitted to ministers

LGPS pooling plans submitted to ministers

Friday 19th February, 2016

Local authority pension schemes will today submit plans to government to pool their assets into so-called British Wealth Funds, with seven proposals now set to be submitted for approval.

At the Conservative Party conference last October, chancellor George Osborne first called for the assets of the 89 Local Government Pension Scheme funds in England and Wales to be merged into six wealth funds, each containing at least £25bn of scheme assets.

Following the November Spending Review, the government told administering authorities that they would have to suggest initial pooling proposals by today.

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