News Roundup: Pensions partnership, Icelandic losses recovered, Northern Ireland finances, coal investments
0O’Higgins to chair pensions partnership
Former Pensions Regulator chairman Michael O’Higgins, has been appointed as chair the Lancashire County Pension Fund and London Pension Fund Authority’s investment partnership. The partnership is set to pool more than £10bn of assets. LPFA chairman Sir Merrick Cockell, said: “Michael is highly respected in the public and private sectors as well as academia. His experience is invaluable as we develop this unique and ground-breaking partnership and we look forward to working with him.”
Councils recover more Icelandic losses
Councils have recovered another tranche of money lost in the wake of the collapse of the Icelandic banking system in 2008. According to Public Finance, more than a dozen authorities have got back more than £5m between them.
CIPFA analyses Northern Ireland public finances
The Chartered Institute of Public Finance and Accountancy has published the first ever comprehensive study of the net financial position of devolved public sector services in Northern Ireland. Using the financial statements of devolved public sector bodies, it estimates that the country currently owns £51.8bn of assets and owes £51.3bn in liabilities.
LGPS schemes ‘lose millions in coal investment’
Local Government Pension Scheme funds have lost up to £683m due to a collapse in share prices for coal firms, according to campaigners. Divestment campaign group Platform studies investments by 61 local authority pension funds into BHP Billiton, Rio Tinto, Glencore and Anglo American over the past18 months. It said that the value of Greater Manchester’s coal investments have fallen by £148m.
Government ‘to review infrastructure levy’
A review of the community infrastructure levy is being considered by government according to a senior civil servant. Reports in the press this week that Michael Bingham, deputy head of development for plans and performance at the Department for Communities and Local Government, said that an announcement on a review could be made soon. He also said that reforms to planning fees could be made as part of the forthcoming spending review.
