WMPF welcomes commitment from government to accelerate scheme-wide reform and governance

The Chancellor of the Exchequer recently delivered her first Mansion House speech on the evening of Thursday 14 November 2024.

The UK Government has set out proposals for LGPS investments in three areas:

• Reforming asset pools
• Boosting local investment
• Strengthening governance

West Midlands Pension Fund is well aligned to the aspirations of Government in all these areas.

We have made significant progress with our pooling journey to date. The model created by us, in collaboration with Partner Funds, achieves the Government’s requirements for a FCA regulated entity.

We have sought to contribute to the regional growth environment and economy working in partnership with the West Midlands Combined Authority and other stakeholders in the region.

We welcome the approach to strong governance and accountability, and we have been recognised as a market leader in this regard. We believe that the finer details of future governance arrangements will be best refined locally, in context of, and building on the effective practices developed in dialogue with regional stakeholders and representatives.

Having operated with scale and a more delegated decision-making model with expert oversight for some time, we see the additional value add from good governance. We welcome the opportunity to engage in further dialogue with colleagues to further enhance the sustainability of the LGPS.

“The LGPS has a long and successful history of serving its members, ensuring they are able to effectively plan for retirement and secure a sustainable retirement. We welcome the commitment from government to enable and enhance governance scheme-wide and support the move to facilitate informed consolidation in our sector where changes can deliver greater value and sustainability for our members over the long term.”  - Rachel Brothwood, Executive Director

To view the consultation on a package of proposed reforms to the structure, investments, and governance of the LGPS, which closes on 16 January 2025, please visit Local Government Pension Scheme (England and Wales): Fit for the future