The Local Authority Pension Fund Forum (LAPFF) has said that new guidance on investment regulations shows the UK government as having heeded local government pension scheme concerns about asset pooling.
The association praised the new guidance released last week by the Department for Communities and Local Government (DCLG) for local government pension schemes (LGPS), saying the government is in “listening mode”. Chair of the LAPFF and of the Greater Manchester Pension Fund (GMPF), Kieran Quinn said, “The real value of this new guidance is that it reflects many of the views submitted to the government by funds about the challenges facing their plans for pooling and the new investment frontiers for local authority pension funds.”
The LAPFF welcomed the guidance on pension fund governance, especially the focus on the autonomous role of pension funds and the requirement for pools to be accountable to their individual member funds. The role of the Scheme Advisory Board (SAB) and its new responsibilities were also praised.