The Mansion House speeches are increasingly becoming nerve racking occasions for the LGPS. This one particularly so, with government’s announcement of “megafunds” setting hares racing late on Wednesday night.

As was widely expected, last night’s speech saw the Chancellor, Rachel Reeves, deliver announcements impacting the LGPS, covering pooling, UK investment and, at last, the Good Governance Review. They also released the interim Pension Investment Review report, providing support for their plans.

A consultation has now launched, with a deadline of 16 January 2025 to respond.

In this briefing note, Iain Campbell and Susan Black explore:

• How we got to this point;
• What the consultation covers;
• How this develops the issue; and
• What's next?

If you would like to discuss any of the issues raised, please do get in touch.