At the moment, we have 89 different local government pension funds with 89 sets of fees and costs.
It’s expensive and they invest little or nothing in our infrastructure.
So I can tell you today we’re going to work with councils to create instead half a dozen British Wealth Funds spread across the country.
It will save hundreds of millions in costs, and crucially they’ll invest billions in the infrastructure of their regions.
Monday, 5 October 2015
LGPS fund merger on the way
Blurb below from Osborne's conference speech today. Directly linked to infrastructure investment, not sure if the intention is to invest back in the local region, which might raise a few issues...