By Daniel Hunter
The Local Government Association and Department for Communities and Local Government have jointly put out a call for evidence into ways to increase cooperation between Local Government Pension Scheme funds.
The call for evidence follows moves already put in place to increase transparency and standardise data across the schemes so that fund managers, pension holders and the public can compare performance between funds and identify possible savings. These steps will be introduced next year.
The call for evidence will help inform a consultation to be put forward later in the year which aims to set out a number of broad principles for updating the LGPS to improve efficiency and cost-effectiveness. All interested parties are invited to contribute their ideas.
Sir Merrick Cockell, Chairman of the LGA, said: "The funds work very hard on behalf of taxpayers and pension holders to deliver high-quality management, which is why the part-funded Local Government Pension Scheme is the lowest cost pension in the public sector. While the performance across the board is generally very high it is important that we continue to look at ways to improve efficiency and find new savings.
"This call for evidence is an opportunity to build on the excellent progress we have made in recent times, which has included the introduction of new governance rules next year which will make it easier to compare performance and identify possible savings. Local government has long been the most efficient and innovative part of the public sector and this is an opportunity to live up to and reinforce that reputation."
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