Close to no growth for LGPS investments
Local Government Pension Scheme made a net return on investments of just 0.1% in the year to March 2016, according to the scheme’s annual report. The document also showed that total assets of the LGPS held steady at £21.7bn. Roger Phillips, chair of the LGPS Advisory Board, said that the stagnation “was reflective of the difficult market conditions during the year and set against the FTSE All Share Total Return of -3.9%.”
Sefton spends £32.5m shopping centre
A Bootle shopping centre has beeb acquired by Sefton Council for £32.5m. The council said the move had been made to help regenerate the town centre, safeguard local jobs and generate revenue. The council had refused to say how much it had spent, but the figure was released by a property adviser.
LGPS board launches transparency code
The LGPS Advisory Board has also launched its new transparency code. The voluntary code will be open to asset managers who demonstrate their commitment to transparent reporting of costs. Asset managers who sign up will be listed on the board’s website and will be able to use the code logo on marketing literature.
Blockchain “could transform pensions administration”
Pensions administration could be transformed through the use of blockchain technology, according to consultancy KPMG. The firm said that it has worked with Dutch IT firm Cegka to create a system allowing an overall view of somebody’s pension income and assets. This would help create a “true financial passport”, it said.
Call for business rates reform modelling
Ministers should publish modelling of differing scenarios for business rates reform, according to the Local Government Association. In a report, it said: “As we get further into the detail of the design of the new system there is now a need for the government to publish modelling of differing scenarios , so that local authorities can properly assess the various aspects of the scheme.” The LGA also said that it opposes proposals to allow the secretary of state to direct local authorities to pool rates.