![]() ![]() The plans for the LGPS were announced alongside measures for the broader defined benefit (DB) space, with further plans for a call for evidence on the possible role of the Pension Protection Fund and the part DB schemes could play in productive investment.Ĭommenting on the plans, Hunt stated: “British pensioners should benefit from British business success. It is also proposing to make a technical change to the definition of investments within LGPS regulations. In addition to this, the government is seeking views about proposed amendments to the LGPS’s regulations to implement requirements on pension funds that use investment consultants. The consultation is also seeking views on plans to increase investment into high growth companies via unlisted equity, including venture capital and growth equity, suggesting that there are "real opportunities in this area for institutional investors with a long-term outlook, such as the LGPS". Given this, it has proposed a deadline for asset transition by March 2025, confirming that it will consider action if progress is not seen, including making use of existing powers to direct funds. In the consultation, the government suggested that while pooling has delivered "substantial benefits" so far, the pace of transition should accelerate to deliver further benefits, including improved net returns, more effective governance, increased savings and access to more asset classes. ![]() The consultation, announced in the Chancellor's Mansion House Speech yesterday (10 July) and launched today (11 July) also outlines a March 2025 deadline for all LGPS funds to transfer their assets into LGPS pools, suggesting that each pool should exceed £50bn of assets. Chancellor, Jeremy Hunt, has announced plans to consult the Local Government Pension Scheme (LGPS) on new targets to double their existing investments in private equity to 10 per cent, in a move that is expected to help unlock £25bn by 2030. ![]()
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