Member

There are loads of examples of big being bad: the Ontario scheme and Thames Water—I have mentioned that one before—the Swedish state scheme and the Northvolt disaster, and the poor returns on the Universities Superannuation Scheme. There is too much politics and too little return. There is no evidence that this pooling has saved money or improved performance in the LGPS over what could otherwise have been achieved. In essence, the enforced uniformity means that the star strikers in investment management have been replaced by the subs from the reserve team, as all the schemes try to bulk up and recreate and duplicate what the City has spent 200 years creating.