What is the Northern LGPS pension fund deadline?

The Northern LGPS pension fund must overhaul its board and appoint new FCA-approved management by the end of March.

Why is Northern LGPS changing its management team?

Northern LGPS is changing its management team to comply with new government 'pooling' rules designed to create larger, more efficient pension funds.

How much money does the Northern LGPS manage?

The Northern LGPS manages approximately £70 billion in assets for close to 900,000 council workers.

Home / Business and Economy / Pension Fund Scramble: Government Deadline Looms

Pension Fund Scramble: Government Deadline Looms

11 Jan

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Summary

Northern LGPS must overhaul its board by March.
New FCA-approved management team is urgently sought.
The fund manages £70 billion for nearly 900,000 workers.

Pension Fund Scramble: Government Deadline Looms

The Northern LGPS, one of Britain's largest town hall pension funds with £70 billion in assets for nearly 900,000 employees, is urgently seeking a new management team. A government-imposed deadline of March is fast approaching, requiring the fund to comply with new 'pooling' regulations.

These rules mandate the creation of six larger 'mega-funds' from the existing eight Local Government Pension Scheme (LGPS) pools. The goal is to enhance investment growth through economies of scale, mirroring successful models in countries like Canada and Australia. All new leadership must be approved by the Financial Conduct Authority (FCA).

The Northern LGPS, which previously resisted the changes due to concerns about increased costs, is now actively recruiting for key roles. This includes a new chairman, chief executive, chief risk officer, chief investment officer, and non-executive directors, replacing the current oversight board of councillors and union officials.