At 17.15, Rachel Elwell, CEO, Border to Coast Pensions Partnership was a witness to Parliament’s Government Committee.
She was asked to speak on the intention of Government to mandate investments in her occupational scheme- the LGPS.
She spoke on the use of surpluses, pointing to the running through of surpluses previously when pension schemes took “holidays”.
She tried to keep the balance between investing locally with investing globally , with LGPS one of the largest funding schemes in he world.
She enthused about local investment for individual funds and to local people. She stressed that local investment is “crowding in”
She stressed her sense of purpose, running events, getting people onto investment boards including unions, members and employers.
The LGPS is moving towards FCA regulated. She recognised that Borders will be looking after over £100bn for others and welcomed the FCA’s offer to regulate.
She is working with Australians, Canadians and other countries in terms of understanding what the Government’s intentions are, the detail will be in the legislation – which she’d like to see details from her minister as soon as possible. This echoes comments from Roger Phillips (speaking as a local Government Councillor, earlier in the day.
For Elwell, the mergers of investment and administration between funds was spoken of warmly. Her pool – Border and Coast has been a beneficiary of mandatory consolidation.
Rachel Elwell was the last witness, Roger Phillips, as well as Councillor the Chair of Advisory to LGPS the first. I do not think this was meant as a political statement but it certainly made a political point to me.
The clarity of both Phillips and Elwell on what LGPS was about came at a time when it has been criticised by Reform for not delivering. You can make your own decisions about how it represents itself but in my view LGPS witnessed a confident organisation that was not complacent and was showing every intention of improving not just the pensions of its members but the lives of those who paid Council Tax and kept the LGPS moving forward.
I have said it a lot recently, but LGPS can and should learn from the wider issues of Britain, especially the gap between those lucky enough to have LGPS index linked pensions and those dependent on pension pots. I ask leaders such as Phillips and Elwell to make the best use of advantage that LGPS has in terms of its funding and its improved administration.
John Hamilton of Stagecoach and others (me included) have pointed to the capacity of LGPS to fulfill many of the aims of the Pension Schemes Bill, not least in providing pots as well as pots. If this blog gets to Rachel Elwell and indeed to Roger Philipps, I hope they will accept my congratulations for book ending the witnessing.
With only the Pension Minister after her, Rachel Elwell provided a good end to practitioner evidence!
