Local investment from Council pensions could double

  • Council pension funds could double the amount they are allowed to invest in local infrastructure by a further £22bn, a consultation launched by ministers today proposes.

    At present a 15% cap applies on how much the 89 Local Government Pension Scheme (LGPS) funds, holding combined assets worth £148bn, can invest in limited partnerships - the asset vehicle often used for major property, private equity and infrastructure projects.

    Under the terms of a consultation unveiled by communities secretary Eric Pickles today , this would be doubled to 30%, freeing up to £45bn of LGPS funds for house-building, transport or regeneration projects.

    Mr Pickles said:

    Unlocking town hall pension pots so they can be used to invest in vital infrastructure projects is a common sense decision that will help this country complete on a global scale and get Britain building.

    This is potentially a huge development and investment opportunity we simply cannot afford to ignore that also allows us to maintain long-term value for money for the taxpayer.

    Lord Heseltine's growth review, issued last week stated ‘there is a one off opportunity now to match the needs of pension funds with the urgent need to boost investment in the UK's key infrastructure'. A recent report by the Future Homes Commission said local authority pension funds could help finance 300,000 new homes every year and tackle Britain's housing crisis - were 15% of the assets held by the 15 largest LGPS funds pooled in a £10bn development fund.

    Source: Local Gov

    /images/Blogging.jpg

    /images/blog/support_solutions.gif

Related articles

  • Read More

    Housing association helps the environment and homeless at the same time

    Northward Housing and The Mustard Tree homeless charity have teamed up to help get people back into work. The charity's Standfirm enterprise sees properties left by Northward's tenants, who have...

  • Read More

    Trash to treasure scheme

    Mr Pearce, from Broughton, Salford, is launching a new social enterprise ‘Old to New Furnishings', with the help of a grant from social housing provider Salix Homes. This new enterprise renovates...

  • Read More

    WakeOrDonate app helps charity's gain donations

    WakeOrDonate is a mobile phone app which will make a donation to a charity each time the snooze button is pressed on someone's phone alarm. The app has been developed by Ronan Finnegan, a nineteen...

  • Read More

    A new approach to help people find care

    A peer-support model is a way of working that allows the sector to save money whilst also giving reliable support and care to those needing it.  Peer brokers will help other care-users manage their...

  • Read More

    Pilot Project Shows Social Enterprises Can Tackle Local Problems

    The JRF pilot project in Bradford shows the untapped potential that locally based social enterprises have to solve local problems.The report also says that local authorities should place a higher...

  • Read More

    Charities would rather trade as a Social Enterprise

    The results of the survey showed 92% said they would like to increase their income from trading and government contracts in the next three years.From asking 100 charities, the results shows that more...

  • Read More

    Charities and Businesses form New Social Enterprise

    New methods need to be found for funding new social enterprises to free them from traditional methods and generate new methods of spending as well as methods of funding.Foundations traditionally...

  • Read More

    Social Enterprise to help those with learning difficulties is expanding!

     Loddon Social Enterprise will from next month be able to provide facilities where cooking, artwork and computer skills can be learned to increase the work experience for adults who have learning...

  • Read More

    Social enterprise spending to reduce reoffending

     The process still seems to be a learning process at present, and the ministry have recently completed a consultation on the sector to gain helpful feedback.They will be giving out a second grant to...

  • Read More

    Remploy Workers want to buy Factory as Social Enterprise

    The factories that make components and assemble car parts in Birmingham, Coventry and Derby, will lose all funding from the government by September.They were left open when thirty four Remploy...

Support Solutions 5th National Housing Support & Social Care Conference 2014 The Social and Financial return seminar was very helpful, helped me think about our approach to bidding, negotiating for funding and keeping hold of what we have! The New Technology seminar was really an eye opener- really got me thinking about potential applications for older people. P.M - Four Housing

 

Briefing Signup