LGPS: Top stories 2021
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Photo by Markus Spiske on Unsplash
It’s been quite a year in LGPS. The scheme has been confronting climate, government’s desire for an investment “Big Bang”, cryptocurrencies, aiding placemaking and supporting the creation of national infrastructure.
But some LGPS stories attracted more attention than others. Here’s a run down of the top five.
1. McCloud consultation ends with “greater security” for LGPS members
The government’s consultation on LGPS, Catherine McFadyen argues, closes with a decision which avoids forcing members to make choices that could be “financially disadvantageous”. But there is still much work ahead for funds.
2. The risk of de-risking LGPS
Risk has become an increasingly narrow and technical area for defined benefit pension schemes. Ryan Boothroyd argues that embracing a holistic view of risk provides us with the greatest chance of meeting our ultimate long-term goal of paying pensions.
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3. Should LGPS divest from fossil fuels
Pressure remains on some investors to give up their shares in oil, gas and coal-related stock. Elizabeth Carey asks whether this is wise and what the Stewardship Code has to say.
4. Are we 100% funded yet
The future is looking rosey for funding but, argues Robert Bilton, there is still longevity, climate change and the future cost of benefits to worry about.
5. Making net zero add up to something real
Much hope rests on the COP 26 climate conference in Glasgow. But how does LGPS play a substantive role in achieving “net zero”. Elizabeth Carey writes how support for reporting schemes, such as TCFD, won’t be enough on their own. LGPS will need to back change in the real world too.
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