'Northern Pool' proposals submitted to the Government
Submitted by Administrator on July 21, 2016 - 5:26pm
On 25 November 2015, the Government invited Local Government Pension Scheme (LGPS) administering authorities to come forward with proposals to invest their assets through pools of at least £25 billion to achieve cost savings and the benefits of scale.
Agreement has been reached between the following LGPS pension funds to form a Collective Asset Pool, called the 'Northern Pool’, which meets the criteria set out by the Government:
Greater Manchester Pension Fund administered by Tameside Metropolitan Borough Council, and
Merseyside Pension Fund administered by Wirral Metropolitan Borough Council, and
West Yorkshire Pension Fund administered by City of Bradford Metropolitan District Council
The 'Northern Pool' proposals were submitted to the Government on 15 July 2016 setting out how the Pool will achieve:
- a £1 billion plus infrastructure pot;
- a 10% commitment to infrastructure investment;
- cost savings to emerge from Summer 2016 onwards, with estimated annual savings of £28 million - representing an ongoing saving of 25%;
- clear recognition as the lowest cost pool in the LGPS on a like-for-like basis; and
- simple democratic governance arrangements, which deliver the Government’s aims of accountability for the tax payer.
You can read a copy of the covering letter dated 15 July 2016 here.
You can read a copy of the 'Proposal for asset pooling in the LGPS' dated 15 July 2016 here.