Member

In thinking about the debate that we are having on the effect of these measures on the LGPS as a whole, I am getting some mixed messages. On the one hand, we are dead against any sort of mandation; on the other hand, we want to dictate what locally managed and accountable funds should do. I am very much on the side of devolution in general, and these are locally administered and managed funds. There are plenty of safeguards in place, as we have been discussing, to ensure that they stay within the prudential straight and narrow. If individual funds want to be what the noble Baroness, Lady Altmann, would call super-prudent, that would ultimately be a matter for them—subject to the conditions and criteria that I have set out.