London Council to invest £150m from pension scheme in social housing
- 16 Dec
Islington has plans to use £150m from its pension fund to build hundreds of new social housing.
It is thought to be the first London borough to invest its pension scheme in housing.
Richard Greening, chair of the Islington Council pension sub-committee stated, ‘Our analysis confirms that these assets can offer good investment returns while helping to provide the investment in homes and jobs that our economy needs'. Reports Inside Housing.
Currently, the Islington pension scheme is worth £1bn and has 19,000 members. It has also expressed its interests in working with a ‘collective investment vehicle' (CIV) with other London boroughs to invest pension funds together. Jointly, the 33 London borough pension schemes have more than £24bn in assets under management.
Susan Kane, a partner at consultancy Altair stated, ‘Property is a sensible investment for a pension scheme, and with such a severe housing need in many parts of London, it would make a good deal of sense for others to follow Islington's lead.'
An Islington Council spokesperson explained that the homes would not all be in Islington as this would ‘concentrate risk too much from an investment perspective'.
Though, the borough is interested in a London wide social housing fund which Islington tenants could be nominated to. However, the borough is interested in a London wide social housing fund which Islington tenants could be designated to. These homes would be at social rents as these ‘deliver inflation linked returns over a long period' and ‘have a low void rate because of demand'.
What do you think of this? Tweet us your comments @suppsolutions
Image source: http://www.freeimages.com/assets/183385/1833845416/old-doors-1446216-m.jpg
- 08 Nov
NHS BOSS SETS OUT A CASE FOR CASH BOOST
The speech by Mr Stevens at the NHS Providers' annual conference of health managers is being made at the time when three reputable health think-thanks- the Health Foundation, the King's Fund and the...
- 09 Jun
THERESA MAY PLEDGES TO REPLACE THE MENTAL HEALTH ACT 1983
According to Ms May, the new bill would introduce the following:According to the Tories, the proposals were described as the biggest change to mental health treatment law in over 30 years.Ms May...
- 30 May
THE PRESENT FIRST PRIME MINISTER OF SCOTLAND IS TO PLEDGE AGAINST ANY PLANS TO PRIVATISE THE NHS
It is also expected that Sturgeon will do the following as proof of her party's commitment to fighting against further austerity:Sturgeon said this before Tuesday's manifesto launch:"While the polls...
- 17 Mar
402 MILLION POUNDS WILL BE INVESTED IN COUNCILS WITH THE GREATEST HOMELESSNESS DEMAND FROM APRIL 2017
Presently, funding is only used for homeless households and not for the prevention of homelessness in the first instance.The funding by the Department for Communities and Local Government is set to...
- 15 Mar
RULES AROUND PERSONAL INDEPENDENCE PAYMENTS MAY CHANGE ON THURSDAY
Ministers have advised chief executives of over 30 charities which claimed that people will be left without vital financial support, to restrict access to a disability benefit.The Disability Benefits...
- 06 Mar
THE GOVERNMENT HAS BEEN URGED BY THE BMA TO INCREASE HEALTH SPENDING BY 10 BILLION POUNDS
This increase in health spending to a proportion of GDP that matched that of the 10 leading economies across Europe could pay for at least 35,000 extra beds a day and many more GP's, according to the...
- 05 Sep
MANY DOMESTIC VIOLENCE REFUGES AT RISK OF CLOSING DUE TO HOUSING BENEFIT CAP
Women who have been victims of domestic violence as well as their children are at risk of falling into the hands of their violent partners if the government caps housing benefit in the social sector...
- 03 Sep
Data on disability benefits refused by DWP
DWP officials have refused a second request for basic information on disability benefits using the “Section 22” exemption they used previously, reports The Independent.The Department had been...
- 02 Sep
UN to investigate how welfare reforms will affect disability rights
A disability charity in Scotland has said it’s been contacted by the UN’s Committee on the Rights of Persons with Disabilities as part of an inquiry into Britain’s treatment of people with...
- 01 Sep
Benefit cuts affecting 48,500 families in Liverpool
Analysis from Liverpool City Council has found that around 48,500 households are likely to lose their benefits due to new government reforms, reports the Liverpool Echo. Councillor Jane Corbett has...
Responding to the DWP Consultation: Housing Benefit Reform - Supported Housing "Found the seminar very informative and gave an interesting and full insight into current thinking about the consultation. Michael was a very engaging and knowledgeable presenter and encouraged interaction with the audience which led to further relevant points being shared with the room. I shall certinaly look out for future events!" M.E. - Care Housing Association