WHAT IS LGPS CENTRAL
POOLING – LGPS CENTRAL
Five years ago, the government instructed council pension funds to work together and form regional “Pools”. Eight regional “Pools” were set up under those new arrangements.
• The main objective was to to invest sustainably in UK infrastructure, and also to reduce the disparity in overheads and management costs.
• LGPS Investment issues are summarised in CBP 7309 (May 2019) which points out that LGPS is the largest “Defined Benefit” scheme in England and Wales:
• Cheshire formed LGPS Central with council funds from Derbyshire, Leicestershire, Nottinghamshire, Shropshire, Staffordshire, West Midlands, WMITA, and Worcestershire.
• Council funds own these pooled investing companies; they also just manage their local day-to-day membership, administration, collection and payments.
• Pools were specifically set up to manage investing by council funds, so councils would not use other finance companies with shareholders and profit motives.
The six monthly LGPS Central Joint Consultative Committee answers questions from members on a variety of questions.
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