Latest Public Sector News

11.07.16

Local authority pension funds APPG to discuss development of British wealth funds

Clive Betts MP, chair of the Communities and Local Government (CLG) Committee, is to head a new All Party Parliamentary Group (APPG) on local authority pension funds.

The APPG, sponsored by the Local Authority Pension Fund Forum (LAPFF), has been established to discuss, amongst other things, the development of British wealth funds.  The vice-chairs of the group include Lord Kerslake, Ian Blackford MP, Mark Prisk MP and Lord Goddard.

Betts said: “Local authority pension funds are off the radar for most parliamentarians, yet their role as pension providers and investors in the UK in new British wealth funds is critical.

“Parliament needs to better understand what local authority pension funds can offer the country. They also need to be aware of what planned changes to the investment regulations mean, not least for local constituents.”

The new APPG will provide a forum for local authority pension fund members to talk to Parliament and government about making greater use of pension fund money for infrastructure, local growth and housing. The APPG’s future work programme includes discussions with the minister for local government, Marcus Jones MP, and Lord Adonis, chair of the National Infrastructure Commission.

In the latest edition of PSE, Joanne Segars, chief executive of the Pensions and Lifetime Savings Association (PLSA), discussed the biggest concerns for the Local Government Pension Scheme (LGPS).

Cllr Kieran Quinn, chair of LAPFF, leader of Tameside MBC and chair of the Greater Manchester Pension Fund, the largest fund in the LGPS, said: “Local authority pension funds are undergoing a period of significant change.

“Government plans around pooling, attempts to strengthen local government funds and drive greater investment in UK infrastructure, place a whole new set of requirements and responsibilities on the sector – requirements and responsibilities that must be effectively negotiated and managed in order to be successful. This is why a new All Party Parliamentary Group is essential.”

The current membership of the APPG is:

-              Julian Knight MP

-              Bob Blackman MP

-              Kevin Hollinrake MP

-              Ruth Cadbury MP

-              John Healey MP

-              Steve Reed MP 

-              Alan Brown MP

-              Mary Robinson MP

-              Jeff Smith MP

-              John McNally MP

-              Lord Larry Whitty

-              David Anderson MP

-              Lord Jonathan Mendelsohn

-              Lord Richard Best

-              Lord Jeremy Beecham 

-              Roger Godsiff MP

-              Richard Burden MP

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