The government wants to use the money in your pension funds to invest in their pet infrastructure projects. This potentially puts at risk the money that should be used to pay your pensions. There has been no debate in Parliament over this issue and we need to try and make sure it gets debated.
5 million people rely on the LGPS to pay their pensions. Government wants powers over LGPS investment funds, but they could gamble away members’ money on infrastructure projects. This is not allowed in any other UK scheme, including the MPs’. The LGPS must be invested in members’ best interests.
Parliament must debate this issue and make the government accountable for these powers of intervention as any such direction may breach the law. Specifically Article 18 paragraph 3 of the EU Directive 41/2003 Institutions for Occupational Retire Provision: “Member States shall not require institutions located in their territory to invest in particular categories of assets.”
We have established a Parliamentary petition which requires 100,000 signatures to get a debate in the House of Commons.
You can sign it by clicking here
You don’t have to be a union member to sign it and we hope the other joint unions get behind this too.