Member

The devolution White Paper made some intriguing references to the Local Government Pension Scheme. How do the Government plan to ensure that administering local authorities possess the necessary fiduciary, governance and advisory pension expertise to invest surpluses in local infrastructure to cover any investments made that not only are suitable for pension funds but deliver an optimum level of return? Can the Minister be specific about operational aspects, including the constraints? Does she anticipate recruiting extra expertise—I suspect the answer is yes—and, if so, how many specialists will be needed countrywide? What is the timing for this? Does she agree that clearer advice and guidance is needed to help local authorities and councils make investment decisions, including potential contribution reductions, which could release money for key council priorities such as potholes, et cetera? Guidance on the timing and decision-making for when councils should have a review of contribution rates is also highly desirable.