Member

The final report provides a clear direction towards greater consolidation, efficiency and impact, and signals the Government’s ambition for the LGPS to play a more active role in supporting economic growth. That ambition is understandable, but it must be matched by cohesion, clarity and a credible plan that works for funds, employers and schemes alike. As anticipated, the Government have also confirmed that the LGPS pools are to become the principal providers of investment advice, with external advice permitted only on an exceptional basis. Although I appreciate the Minister’s response on this point today, concerns remain about how this new model will be monitored and assessed to ensure that it is delivering value and not increasing risk.