Ministerial response: A shared vision for the LGPS

Posted on July 23rd, 2024

On behalf of its 11 Partner Funds, Border to Coast Pensions Partnership has written to the Ministry of Housing, Communities and Local Government on matters raised by Simon Hoare MP, then Minister for Local Government, in his letter to Local Government Pension Scheme Funds in May 2024. 

We shared a vision of ensuring the LGPS has a strong and resilient framework in which we can continue to deliver the pensions of our members in a cost effective and sustainable manner.

The letter shares collective views in three areas: 

Completing the pooling journey 

The letter draws on the experience of Partner Funds in building Border to Coast through partnership based on shared principles, the respective responsibilities of Border to Coast and Funds, and the progress made against the original policy intent. 

Ensuring the sustainability of the Funds 

Addressing questions raised on the sustainability of individual funds, the letter evidences the significant value delivered by the LGPS, draws attention to the recommendations of the Good Governance Report and explains how pooling is delivering collective capacity, capability and resilience for the partnership. 

Investing in the UK 

The letter sets out that c.£10bn of the c.£45bn directly pooled through Border to Coast is currently invested in the UK and highlights the launch of the £0.5bn UK Opportunities strategy directing long-term high quality investment into ‘productive finance’. It stresses that UK investment must be supportive of pension fund objectives and requires suitable investment opportunities. 

The full text of the letter is available to read here.

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