The Director of Pension introduced the report. The report provided Board Members with a copy of a report taken to Pensions Committee giving details of a consultation by the Department for Levelling Up, Housing & Communities seeking views on the Local Government Pension Scheme’s “next steps on investments” and sought comment on the proposed response which had been prepared by officers.

Members queried if there was a movement toward the further merging of LGPS funds. Officers responded that the focus was on merging pools and encouraging the use of pooling of investments. Members felt the response was positive on a local level but this did not necessarily reflect the effect on arrangements nationally. Members noted media coverage regarding the potential for Local Government Pension Funds to be investing in venture capital to be a concern.

Resolved – That the report be noted.