Ministers must respond to LGPS pooling petition

5 Apr 16

The government will need to make a formal response to a petition calling for a parliamentary debate on plans to merge council pension scheme assets, after it reached 10,000 signatures.

The petition, backed by the trade union Unison, called on MPs to debate the proposed merger of assets into six British Wealth Funds, which are intended by chancellor George Osborne to boost infrastructure investment.

A total of seven proposals were submitted to ministers in February, with final details of pools required by July.

However, the Unison-backed petition said this could lead to pension savings being “gambled” on infrastructure projects.

Under the parliamentary petition system, once a petition passes 10,000 signatories, the government needs to make a formal response. It had 14,639 signatories at the time of publication, and needs 100,000 to be considered for a debate in parliament.

The union said it was “not against LGPS funds investing in infrastructure”, but added that investment decisions must “be made in the best interests of scheme members when these conflict with those of employers or government”.

Did you enjoy this article?