The Director of Pensions presented this report, which provided Members with details of a consultation until 15 January 2025 by the Ministry of Housing, Communities and Local Government in relation to the investments of the Local Government Pension Scheme. There were three elements to the consultation – reform of asset pools with investment strategy carried out by the pool; boosting investment locally; strengthening governance.

Member discussed the transfer of legacy assets and the power to decide on investments. It was noted that if an entity was created regulated by the Financial Conduct Authority, it may be feasible for some assets to be managed on a segregated basis.   

Resolved – That:

(1)  the report and the implications of the consultation on MPF and the Northern LGPS be noted.

(2)  the Director of Pensions, in consultation with party spokespersons, be authorised to respond to the consultation on behalf of Merseyside Pension Fund.

(3)  the Director of Pensions, in consultation with party spokespersons, be authorised to work with the Northern GPS (NLGPS) Investment Pool to prepare a report by 1 March setting out how NLGPS proposed to deliver the requirement for an FCA regulated investment manager.