Member

There are, of course, positive developments. Permitting cross-pool investment opens the door to greater specialisation and innovation, and the gradual strengthening of governance standards builds on what is already a robust framework. However, I continue to have a number of concerns. Most notably, issues relating to employers and the treatment of surpluses remain largely unaddressed. The LGPS is not a monolith. It comprises nearly 20,000 employers with very different funding positions and circumstances, and, while pooling can deliver scale, efficiency and opportunity, unless pools are able to look through funds to the employers they ultimately serve, there is a risk that some employers will be disadvantaged, even as others benefit.