Member

Back in 2014 I argued the point with a then local government finance minister that mandatory pooling would have marginal gains and there were other ways to be more cost efficient—a joint procurement of investment management in a framework agreement within the LGPS was just one example. My word counted for nothing against the massed ranks of all the City of London. They knew a payday when they saw one. They won, and since then the proportion of assets invested in the UK market by the LGPS has fallen from a third to less than a sixth. The UK economy and British companies lost out. Those are the facts.