The Head of Pensions Administration introduced the report of the Director of Pensions which provided an overview of central government policy impacting the Local Government Pension Scheme. Members were advised of the new governments legislative programme and proposed bills such as the National Wealth Fund and the Government Landmark Pension Review.

Members discussed the implications of a draft bill on audit reform and governance for the reporting of the annual report and accounts for the pension fund in the future. Members also considered the impacts of the Government Landmark Pension Review. In response to queries, the Director of Pensions noted that the government had indicated that the review would consider several pooling models for pension funds with the aim of providing more uniformity across the sector. Members also considered the impact of the government’s proposed national wealth fund and the encouragement of investment in the UK. The Director noted that the government’s call for evidence provided the opportunity to make suggestions to government on measures to encourage pension funds to invest in the UK but that Members under their fiduciary duty should only agree to more investment in the UK if justified by the prospective financial returns.

Resolved – That the report be noted.